Suncor Energy Inc. (NYSE:SU) Short Interest Down 15.5% in June
Suncor Energy Inc. (NYSE:SU) (TSE:SU) was the target of a significant drop in short interest in the month of June. As of June 30th, there was short interest totalling 6,430,000 shares, a drop of 15.5% from the June 15th total of 7,610,000 shares. Based on an average daily volume of 8,500,000 shares, the short-interest ratio is presently 0.8 days. Currently, 0.4% of the company’s shares are short sold.
Several research analysts have commented on the company. Stifel Nicolaus upgraded Suncor Energy from a “hold” rating to a “buy” rating in a report on Thursday, March 19th. UBS Group upped their price objective on shares of Suncor Energy from $24.50 to $42.00 and gave the stock a “buy” rating in a research note on Monday, June 29th. JPMorgan Chase & Co. cut their target price on shares of Suncor Energy from $43.00 to $33.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 11th. TheStreet cut shares of Suncor Energy from a “c-” rating to a “d+” rating in a research report on Friday, May 15th. Finally, ValuEngine upgraded shares of Suncor Energy from a “sell” rating to a “hold” rating in a research note on Thursday, April 2nd. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $37.11.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in SU. Victory Capital Management Inc. acquired a new stake in Suncor Energy in the fourth quarter valued at approximately $21,885,000. Atria Investments LLC acquired a new stake in Suncor Energy in the 4th quarter valued at $370,000. Raymond James Financial Services Advisors Inc. increased its holdings in Suncor Energy by 14.5% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 104,039 shares of the oil and gas producer’s stock worth $3,405,000 after acquiring an additional 13,211 shares in the last quarter. Franklin Resources Inc. raised its position in Suncor Energy by 1.9% during the fourth quarter. Franklin Resources Inc. now owns 2,803,013 shares of the oil and gas producer’s stock worth $91,921,000 after acquiring an additional 53,399 shares during the period. Finally, Prospera Financial Services Inc raised its position in Suncor Energy by 2.8% during the fourth quarter. Prospera Financial Services Inc now owns 13,079 shares of the oil and gas producer’s stock worth $429,000 after acquiring an additional 356 shares during the period. Institutional investors and hedge funds own 66.67% of the company’s stock.
Suncor Energy (NYSE:SU) (TSE:SU) last announced its earnings results on Tuesday, May 5th. The oil and gas producer reported ($0.20) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.19) by ($0.01). Suncor Energy had a negative net margin of 5.60% and a positive return on equity of 6.68%. The business had revenue of $5.78 billion for the quarter, compared to analyst estimates of $8.49 billion. During the same period in the prior year, the company earned $0.77 earnings per share. On average, equities research analysts anticipate that Suncor Energy will post -0.82 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, June 25th. Shareholders of record on Thursday, June 4th were given a dividend of $0.151 per share. This represents a $0.60 annualized dividend and a yield of 3.57%. The ex-dividend date was Wednesday, June 3rd. Suncor Energy’s dividend payout ratio is currently 28.77%.
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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