Suncor Energy Inc. (NYSE:SU) Sees Large Growth in Short Interest
Suncor Energy Inc. (NYSE:SU) (TSE:SU) was the target of a significant increase in short interest during the month of August. As of August 31st, there was short interest totalling 13,785,500 shares, an increase of 56.5% from the July 31st total of 8,809,700 shares. Based on an average daily trading volume, of 3,400,000 shares, the short-interest ratio is currently 4.1 days. Currently, 0.9% of the shares of the company are sold short.
Large investors have recently added to or reduced their stakes in the company. Cornerstone Advisors Inc. increased its stake in shares of Suncor Energy by 121.7% in the first quarter. Cornerstone Advisors Inc. now owns 1,095 shares of the oil and gas producer’s stock worth $36,000 after acquiring an additional 601 shares during the period. Ellevest Inc. acquired a new stake in shares of Suncor Energy in the second quarter worth $37,000. Zions Bancorporation N.A. acquired a new stake in shares of Suncor Energy in the first quarter worth $38,000. Trustcore Financial Services LLC acquired a new stake in shares of Suncor Energy in the first quarter worth $39,000. Finally, Doyle Wealth Management acquired a new stake in shares of Suncor Energy in the second quarter worth $38,000. Hedge funds and other institutional investors own 65.34% of the company’s stock.
A number of research firms have issued reports on SU. Citigroup decreased their price target on shares of Suncor Energy from $59.00 to $55.00 and set a “buy” rating for the company in a report on Wednesday, September 4th. BMO Capital Markets reaffirmed a “buy” rating on shares of Suncor Energy in a report on Monday, June 24th. Finally, ValuEngine raised shares of Suncor Energy from a “sell” rating to a “hold” rating in a report on Tuesday, August 27th. Three research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Suncor Energy has an average rating of “Buy” and a consensus price target of $48.23.
Suncor Energy (NYSE:SU) (TSE:SU) last released its quarterly earnings data on Wednesday, July 24th. The oil and gas producer reported $0.60 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.69 by ($0.09). The business had revenue of $7.55 billion during the quarter, compared to analyst estimates of $8.15 billion. Suncor Energy had a return on equity of 10.20% and a net margin of 14.55%. Analysts predict that Suncor Energy will post 2.41 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Wednesday, September 4th will be paid a $0.321 dividend. The ex-dividend date is Tuesday, September 3rd. This represents a $1.28 dividend on an annualized basis and a dividend yield of 4.22%. This is a positive change from Suncor Energy’s previous quarterly dividend of $0.31. Suncor Energy’s dividend payout ratio is presently 63.00%.
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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