Guinness Asset Management LTD Reduces Position in Suncor Energy Inc. (NYSE:SU)

Guinness Asset Management LTD reduced its stake in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 13.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 337,091 shares of the oil and gas producer’s stock after selling 50,831 shares during the period. Guinness Asset Management LTD’s holdings in Suncor Energy were worth $11,990,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. The Manufacturers Life Insurance Company grew its holdings in shares of Suncor Energy by 5.1% in the second quarter. The Manufacturers Life Insurance Company now owns 25,134,149 shares of the oil and gas producer’s stock valued at $956,850,000 after purchasing an additional 1,209,073 shares during the period. Toronto Dominion Bank boosted its holdings in Suncor Energy by 1.8% in the 3rd quarter. Toronto Dominion Bank now owns 18,546,207 shares of the oil and gas producer’s stock valued at $684,726,000 after purchasing an additional 333,440 shares during the last quarter. CIBC Asset Management Inc boosted its holdings in Suncor Energy by 1.3% in the 3rd quarter. CIBC Asset Management Inc now owns 13,942,455 shares of the oil and gas producer’s stock valued at $516,728,000 after purchasing an additional 180,533 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Suncor Energy by 23.3% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 9,695,560 shares of the oil and gas producer’s stock valued at $357,827,000 after buying an additional 1,829,936 shares during the period. Finally, Legal & General Group Plc increased its holdings in shares of Suncor Energy by 4.5% during the 2nd quarter. Legal & General Group Plc now owns 7,643,418 shares of the oil and gas producer’s stock worth $291,308,000 after buying an additional 329,373 shares during the last quarter. 67.37% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on SU. Desjardins upgraded Suncor Energy from a “hold” rating to a “buy” rating in a report on Thursday, November 14th. StockNews.com upgraded Suncor Energy from a “hold” rating to a “buy” rating in a report on Tuesday, January 14th. Morgan Stanley lowered shares of Suncor Energy from an “overweight” rating to an “equal weight” rating in a report on Monday, December 16th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $66.00 target price on shares of Suncor Energy in a research note on Tuesday, January 7th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Suncor Energy presently has an average rating of “Moderate Buy” and a consensus target price of $58.00.

Suncor Energy Stock Performance

NYSE SU opened at $39.02 on Monday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 1.04. The company has a market cap of $48.57 billion, a P/E ratio of 8.50, a P/E/G ratio of 3.38 and a beta of 1.12. The stock has a 50-day moving average of $38.07 and a two-hundred day moving average of $38.52. Suncor Energy Inc. has a 1-year low of $31.03 and a 1-year high of $41.94.

Suncor Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 24th. Investors of record on Tuesday, December 3rd were issued a $0.4089 dividend. The ex-dividend date was Tuesday, December 3rd. This represents a $1.64 dividend on an annualized basis and a dividend yield of 4.19%. This is a boost from Suncor Energy’s previous quarterly dividend of $0.40. Suncor Energy’s payout ratio is 35.08%.

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.