American International Group Inc. held its position in Suncor Energy Inc. (NYSE:SU) (TSE:SU) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,839 shares of the oil and gas producer’s stock at the end of the first quarter. American International Group Inc.’s holdings in Suncor Energy were worth $394,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SU. Renaissance Technologies LLC bought a new position in Suncor Energy during the fourth quarter valued at $1,062,000. Dodge & Cox bought a new position in Suncor Energy during the fourth quarter valued at $681,400,000. Quadrature Capital Ltd bought a new position in Suncor Energy during the fourth quarter valued at $5,111,000. UBS Asset Management Americas Inc. bought a new position in Suncor Energy during the fourth quarter valued at $152,000. Finally, Teachers Advisors LLC boosted its position in Suncor Energy by 12,173.3% in the fourth quarter. Teachers Advisors LLC now owns 388,819 shares of the oil and gas producer’s stock valued at $12,710,000 after buying an additional 385,651 shares in the last quarter. 65.22% of the stock is currently owned by hedge funds and other institutional investors.
Suncor Energy Inc. (SU) opened at 29.59 on Tuesday. The company has a 50-day moving average of $30.64 and a 200 day moving average of $31.30. The company has a market cap of $49.40 billion, a P/E ratio of 41.33 and a beta of 0.80. Suncor Energy Inc. has a 52 week low of $25.70 and a 52 week high of $33.79.
Suncor Energy declared that its board has approved a share buyback program on Wednesday, April 26th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the oil and gas producer to buy up to 3.9% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which was paid on Monday, June 26th. Shareholders of record on Monday, June 5th were paid a $0.2371 dividend. The ex-dividend date of this dividend was Thursday, June 1st. This represents a $0.95 dividend on an annualized basis and a yield of 3.21%. Suncor Energy ‘s dividend payout ratio is presently 141.79%.
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SU has been the topic of several research analyst reports. Goldman Sachs Group, Inc. (The) raised shares of Suncor Energy from a “buy” rating to a “conviction-buy” rating and increased their price target for the company from $25.00 to $34.00 in a report on Wednesday, April 5th. They noted that the move was a valuation call. Zacks Investment Research raised shares of Suncor Energy from a “hold” rating to a “buy” rating and set a $35.00 price target on the stock in a report on Tuesday, April 11th. Simmons lowered their price target on shares of Suncor Energy from $43.00 to $41.00 and set an “overweight” rating on the stock in a report on Wednesday, April 19th. Scotiabank cut shares of Suncor Energy from an “outperform” rating to a “sector perform” rating in a report on Friday, June 9th. Finally, National Bank Financial initiated coverage on shares of Suncor Energy in a report on Tuesday, June 27th. They issued an “outperform” rating on the stock. Two equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. Suncor Energy has a consensus rating of “Buy” and a consensus target price of $42.10.
Suncor Energy Company Profile
Suncor Energy Inc (Suncor) is an integrated energy company. The Company is focused on developing Canada’s petroleum resource basin, Athabasca oil sands. The Company operates in three business segments: Oil Sands, Exploration and Production (E&P), and Refining and Marketing. The Company’s Oil Sands segment includes Oil Sands operations and Oil Sands ventures operations.
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