Kornitzer Capital Management Inc. KS Reduces Stock Position in Suncor Energy Inc. (NYSE:SU)

Kornitzer Capital Management Inc. KS reduced its holdings in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 2.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 203,035 shares of the oil and gas producer’s stock after selling 4,575 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Suncor Energy were worth $7,496,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Toronto Dominion Bank increased its position in shares of Suncor Energy by 59.7% in the 1st quarter. Toronto Dominion Bank now owns 17,606,934 shares of the oil and gas producer’s stock worth $649,872,000 after purchasing an additional 6,580,260 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in shares of Suncor Energy by 90.9% during the second quarter. Assenagon Asset Management S.A. now owns 8,299,876 shares of the oil and gas producer’s stock worth $316,226,000 after purchasing an additional 3,951,287 shares during the period. National Bank of Canada FI lifted its position in shares of Suncor Energy by 60.7% in the 2nd quarter. National Bank of Canada FI now owns 8,661,861 shares of the oil and gas producer’s stock worth $328,876,000 after buying an additional 3,272,896 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its stake in Suncor Energy by 305.9% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,725,000 shares of the oil and gas producer’s stock worth $63,687,000 after acquiring an additional 1,300,000 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in Suncor Energy by 23.0% in the third quarter. Principal Financial Group Inc. now owns 6,939,573 shares of the oil and gas producer’s stock worth $256,429,000 after acquiring an additional 1,296,142 shares during the last quarter. Institutional investors and hedge funds own 67.37% of the company’s stock.

Suncor Energy Price Performance

NYSE SU opened at $39.59 on Friday. The firm has a market capitalization of $49.95 billion, a PE ratio of 9.19, a P/E/G ratio of 2.71 and a beta of 1.12. Suncor Energy Inc. has a 12 month low of $29.45 and a 12 month high of $41.94. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.46 and a quick ratio of 0.93. The company’s 50 day simple moving average is $38.39 and its 200 day simple moving average is $38.75.

Suncor Energy (NYSE:SU) (TSE:SU) last announced its quarterly earnings results on Tuesday, August 6th. The oil and gas producer reported $1.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.51. The business had revenue of $12.90 billion during the quarter, compared to analyst estimates of $9.30 billion. Suncor Energy had a return on equity of 16.22% and a net margin of 14.40%. The firm’s revenue was up 10.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.71 EPS. As a group, equities research analysts forecast that Suncor Energy Inc. will post 3.53 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on SU. BMO Capital Markets upgraded Suncor Energy from a “market perform” rating to an “outperform” rating in a research report on Wednesday, August 7th. TD Securities raised shares of Suncor Energy from a “hold” rating to a “buy” rating in a report on Wednesday, August 7th. Scotiabank dropped their price objective on shares of Suncor Energy from $61.00 to $60.00 and set a “sector perform” rating on the stock in a report on Friday, July 12th. Wolfe Research started coverage on shares of Suncor Energy in a research note on Thursday, July 18th. They issued an “outperform” rating and a $68.00 price target on the stock. Finally, StockNews.com upgraded Suncor Energy from a “hold” rating to a “buy” rating in a research report on Thursday. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Suncor Energy presently has an average rating of “Moderate Buy” and a consensus target price of $55.83.

About Suncor Energy

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.