Korea Investment CORP Trims Holdings in Suncor Energy Inc. $SU

Korea Investment CORP trimmed its stake in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 16.7% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,101,308 shares of the oil and gas producer’s stock after selling 220,036 shares during the quarter. Korea Investment CORP owned 0.09% of Suncor Energy worth $46,098,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Artisan Partners Limited Partnership boosted its stake in Suncor Energy by 38.5% in the 2nd quarter. Artisan Partners Limited Partnership now owns 33,722,975 shares of the oil and gas producer’s stock worth $1,264,043,000 after purchasing an additional 9,378,552 shares during the period. Fisher Asset Management LLC increased its position in shares of Suncor Energy by 85.5% during the third quarter. Fisher Asset Management LLC now owns 15,530,965 shares of the oil and gas producer’s stock valued at $649,350,000 after buying an additional 7,158,953 shares during the period. Canada Pension Plan Investment Board lifted its holdings in shares of Suncor Energy by 29.5% in the second quarter. Canada Pension Plan Investment Board now owns 10,555,381 shares of the oil and gas producer’s stock worth $395,649,000 after buying an additional 2,406,000 shares in the last quarter. OMERS ADMINISTRATION Corp purchased a new stake in shares of Suncor Energy in the second quarter worth about $74,767,000. Finally, Vanguard Group Inc. boosted its position in shares of Suncor Energy by 3.1% in the second quarter. Vanguard Group Inc. now owns 54,631,516 shares of the oil and gas producer’s stock valued at $2,046,442,000 after acquiring an additional 1,632,247 shares during the period. Hedge funds and other institutional investors own 67.37% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Zacks Research cut shares of Suncor Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 20th. Wall Street Zen cut shares of Suncor Energy from a “buy” rating to a “hold” rating in a research note on Sunday, December 28th. JPMorgan Chase & Co. raised shares of Suncor Energy from a “neutral” rating to an “overweight” rating and raised their price target for the company from $46.15 to $54.00 in a report on Tuesday, January 20th. Weiss Ratings restated a “buy (b)” rating on shares of Suncor Energy in a research report on Monday, December 29th. Finally, The Goldman Sachs Group upped their price target on shares of Suncor Energy from $48.00 to $54.00 and gave the stock a “buy” rating in a report on Friday, January 23rd. Five equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $61.00.

Suncor Energy Stock Performance

Shares of NYSE SU opened at $56.87 on Monday. The stock’s 50-day moving average is $51.89 and its 200 day moving average is $45.47. The stock has a market cap of $67.67 billion, a price-to-earnings ratio of 16.39 and a beta of 0.42. Suncor Energy Inc. has a 1-year low of $30.79 and a 1-year high of $58.63. The company has a current ratio of 1.39, a quick ratio of 0.89 and a debt-to-equity ratio of 0.20.

Suncor Energy (NYSE:SU) (TSE:SU) last issued its quarterly earnings results on Tuesday, February 3rd. The oil and gas producer reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.02. Suncor Energy had a net margin of 11.99% and a return on equity of 12.51%. The business had revenue of $8.77 billion for the quarter, compared to analysts’ expectations of $8.79 billion. During the same period last year, the business earned $1.25 earnings per share. On average, sell-side analysts anticipate that Suncor Energy Inc. will post 3.42 EPS for the current fiscal year.

Suncor Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 25th. Stockholders of record on Wednesday, March 4th will be paid a $0.60 dividend. The ex-dividend date of this dividend is Wednesday, March 4th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 4.2%. Suncor Energy’s dividend payout ratio is 50.72%.

About Suncor Energy

Suncor Energy Inc is a Canadian integrated energy company headquartered in Calgary, Alberta. The company’s operations span the full oil and gas value chain, with principal activities in oil sands development and production, conventional exploration and production, refining, distribution and retail marketing of petroleum products. Suncor supplies crude, synthetic crude and refined fuels as well as related products and services to commercial and consumer markets.

Upstream, Suncor is a major developer and operator of oil sands projects in Alberta, using both mining and in situ technologies to produce bitumen and synthetic crude.