Suncor Energy Inc. (NYSE:SU) (TSE:SU) was the target of a significant growth in short interest during the month of August. As of August 31st, there was short interest totalling 13,785,500 shares, a growth of 56.5% from the July 31st total of 8,809,700 shares. Based on an average daily volume of 3,400,000 shares, the days-to-cover ratio is currently 4.1 days. Approximately 0.9% of the company’s shares are short sold.
A number of institutional investors and hedge funds have recently made changes to their positions in SU. Vanguard Group Inc. increased its position in shares of Suncor Energy by 0.5% during the second quarter. Vanguard Group Inc. now owns 47,152,612 shares of the oil and gas producer’s stock worth $1,469,276,000 after acquiring an additional 243,908 shares in the last quarter. Invesco Ltd. lifted its position in Suncor Energy by 38.9% in the 2nd quarter. Invesco Ltd. now owns 45,009,227 shares of the oil and gas producer’s stock valued at $1,402,487,000 after acquiring an additional 12,616,590 shares in the last quarter. FIL Ltd lifted its position in Suncor Energy by 4.4% in the 1st quarter. FIL Ltd now owns 44,367,061 shares of the oil and gas producer’s stock valued at $1,437,901,000 after acquiring an additional 1,862,871 shares in the last quarter. TD Asset Management Inc. boosted its stake in Suncor Energy by 1.7% in the 1st quarter. TD Asset Management Inc. now owns 38,746,904 shares of the oil and gas producer’s stock worth $1,256,131,000 after purchasing an additional 630,678 shares during the period. Finally, Sanders Capital LLC boosted its stake in Suncor Energy by 6.8% in the 2nd quarter. Sanders Capital LLC now owns 26,178,616 shares of the oil and gas producer’s stock worth $860,790,000 after purchasing an additional 1,662,000 shares during the period. 65.34% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE SU traded up $0.01 during mid-day trading on Wednesday, reaching $30.56. 2,795,300 shares of the company’s stock were exchanged, compared to its average volume of 3,374,757. The firm has a market capitalization of $46.50 billion, a price-to-earnings ratio of 15.28, a PEG ratio of 1.66 and a beta of 1.07. The company has a current ratio of 0.98, a quick ratio of 0.63 and a debt-to-equity ratio of 0.34. The business has a fifty day simple moving average of $28.82 and a 200 day simple moving average of $31.45. Suncor Energy has a twelve month low of $25.81 and a twelve month high of $40.08.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 4th will be issued a dividend of $0.321 per share. This is an increase from Suncor Energy’s previous quarterly dividend of $0.31. This represents a $1.28 annualized dividend and a yield of 4.20%. The ex-dividend date is Tuesday, September 3rd. Suncor Energy’s dividend payout ratio (DPR) is 63.00%.
A number of analysts recently weighed in on the stock. BMO Capital Markets reiterated a “buy” rating on shares of Suncor Energy in a research report on Monday, June 24th. Citigroup reduced their price objective on shares of Suncor Energy from $59.00 to $55.00 and set a “buy” rating on the stock in a research note on Wednesday, September 4th. Finally, ValuEngine upgraded shares of Suncor Energy from a “sell” rating to a “hold” rating in a report on Tuesday, August 27th. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $48.23.
About Suncor Energy
Suncor Energy Inc operates as an integrated energy company. The company primarily focuses on developing petroleum resource basins in Canada's Athabasca oil sands; explores, acquires, develops, produces, and markets crude oil and natural gas in Canada and internationally; transports and refines crude oil; markets petroleum and petrochemical products primarily in Canada.
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