Allspring Global Investments Holdings LLC Lowers Stake in Suncor Energy Inc. (NYSE:SU)

Allspring Global Investments Holdings LLC cut its position in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 1.8% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 66,394 shares of the oil and gas producer’s stock after selling 1,221 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Suncor Energy were worth $2,451,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Personalized Indexing Management LLC grew its holdings in shares of Suncor Energy by 10.7% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 29,873 shares of the oil and gas producer’s stock worth $957,000 after buying an additional 2,895 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Suncor Energy by 1.5% during the third quarter. Vanguard Group Inc. now owns 50,379,614 shares of the oil and gas producer’s stock worth $1,732,051,000 after buying an additional 731,163 shares in the last quarter. Sanders Capital LLC grew its holdings in shares of Suncor Energy by 2.8% during the fourth quarter. Sanders Capital LLC now owns 57,318,037 shares of the oil and gas producer’s stock worth $1,836,470,000 after buying an additional 1,568,629 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Suncor Energy by 13.3% in the third quarter. JPMorgan Chase & Co. now owns 5,348,348 shares of the oil and gas producer’s stock worth $183,876,000 after acquiring an additional 628,262 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in shares of Suncor Energy by 1,689.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 565,339 shares of the oil and gas producer’s stock worth $18,118,000 after acquiring an additional 533,754 shares during the last quarter. 67.37% of the stock is currently owned by hedge funds and other institutional investors.

Suncor Energy Trading Up 1.5 %

Shares of SU stock opened at $38.78 on Wednesday. The stock has a market cap of $49.70 billion, a price-to-earnings ratio of 8.64, a price-to-earnings-growth ratio of 3.61 and a beta of 1.12. The company has a quick ratio of 0.97, a current ratio of 1.51 and a debt-to-equity ratio of 0.25. Suncor Energy Inc. has a fifty-two week low of $28.26 and a fifty-two week high of $41.50. The firm’s 50 day moving average price is $38.75 and its two-hundred day moving average price is $35.83.

Suncor Energy (NYSE:SU) (TSE:SU) last announced its quarterly earnings results on Tuesday, May 7th. The oil and gas producer reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.90 by $0.15. Suncor Energy had a net margin of 15.38% and a return on equity of 15.69%. The firm had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $8.64 billion. On average, analysts anticipate that Suncor Energy Inc. will post 3.52 EPS for the current year.

Suncor Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 25th. Stockholders of record on Tuesday, June 4th were given a dividend of $0.395 per share. The ex-dividend date was Tuesday, June 4th. This represents a $1.58 dividend on an annualized basis and a dividend yield of 4.07%. Suncor Energy’s payout ratio is currently 35.19%.

Analyst Ratings Changes

SU has been the topic of several research analyst reports. Morgan Stanley raised their target price on shares of Suncor Energy from $50.00 to $52.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. TD Securities raised their target price on shares of Suncor Energy from $52.00 to $57.00 and gave the stock a “hold” rating in a research report on Wednesday, May 22nd. StockNews.com raised shares of Suncor Energy from a “hold” rating to a “buy” rating in a research report on Monday, June 24th. The Goldman Sachs Group raised their target price on shares of Suncor Energy from $38.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, May 23rd. Finally, Raymond James raised shares of Suncor Energy to a “hold” rating in a research report on Tuesday, May 28th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Suncor Energy presently has an average rating of “Moderate Buy” and a consensus target price of $51.67.

Suncor Energy Company Profile

Suncor Energy Inc operates as an integrated energy company in Canada, the United States, and internationally. It operates through Oil Sands; Exploration and Production; and Refining and Marketing segments. The Oil Sands segment explores, develops, and produces bitumen, synthetic crude oil, and related products.