Suncor Energy Inc. (NYSE:SU) Raises Dividend to C$0.66 Per Share

Suncor Energy Inc. (NYSE:SU) (TSE:SU) declared a quarterly dividend on Tuesday, November 3rd. Investors of record on Thursday, December 3rd will be paid a dividend of C$0.66 per share by the oil and gas producer on Thursday, December 24th. This represents a $2.64 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date is Thursday, December 3rd. This is a 10.0% increase from Suncor Energy’s previous quarterly dividend of C$0.60.

Suncor Energy has increased its dividend payment by an average of 0.2% per year over the last three years and has increased its dividend every year for the last 4 years. Suncor Energy has a dividend payout ratio of 57.9% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Suncor Energy to earn $7.28 per share next year, which means the company should continue to be able to cover its $1.73 annual dividend with an expected future payout ratio of 23.8%.

Suncor Energy Stock Performance

NYSE:SU opened at $73.36 on Wednesday. The firm has a market capitalization of $85.80 billion, a PE ratio of 13.40, a price-to-earnings-growth ratio of 0.26 and a beta of 0.22. The company has a quick ratio of 1.08, a current ratio of 1.65 and a debt-to-equity ratio of 0.19. Suncor Energy has a 12-month low of $40.49 and a 12-month high of $80.25. The firm has a 50-day moving average price of $71.36 and a 200 day moving average price of $63.54.

Suncor Energy (NYSE:SU) (TSE:SU) last posted its earnings results on Tuesday, August 4th. The oil and gas producer reported $2.33 earnings per share for the quarter, topping the consensus estimate of $2.14 by $0.19. Suncor Energy had a net margin of 15.62% and a return on equity of 20.05%. The business had revenue of $13.41 billion for the quarter, compared to analyst estimates of $11.68 billion. During the same quarter in the prior year, the firm earned $0.71 EPS. Research analysts anticipate that Suncor Energy will post 8.76 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Suncor Energy during the 2nd quarter valued at about $816,551,000. The Manufacturers Life Insurance Company acquired a new stake in Suncor Energy during the second quarter worth approximately $790,952,000. Arrowstreet Capital Limited Partnership increased its holdings in Suncor Energy by 121.4% in the first quarter. Arrowstreet Capital Limited Partnership now owns 26,085,360 shares of the oil and gas producer’s stock worth $1,724,954,000 after purchasing an additional 14,304,131 shares in the last quarter. Canada Pension Plan Investment Board bought a new stake in Suncor Energy in the second quarter worth approximately $466,810,000. Finally, Bank of America Corp DE bought a new stake in Suncor Energy in the second quarter worth approximately $351,892,000. 67.37% of the stock is owned by institutional investors and hedge funds.

About Suncor Energy

Suncor Energy Inc is an integrated energy company headquartered in Calgary, Alberta, Canada. Its operations span the energy value chain, including the development, production, upgrading, refining, and marketing of crude oil and petroleum products.

The company is one of Canada’s major oil sands producers, with interests in mining and in situ oil sands projects. Suncor produces bitumen and synthetic crude oil and also has conventional oil and offshore production interests. Its upstream portfolio includes operated and non-operated assets in Canada.

Through its downstream operations, Suncor refines crude oil into gasoline, diesel, jet fuel, asphalt, and other petroleum products.