Short Interest in Suncor Energy Inc. (NYSE:SU) Drops By 59.1%

Suncor Energy Inc. (NYSE:SU) (TSE:SU) saw a large decline in short interest in the month of September. As of September 15th, there was short interest totalling 32,170,000 shares, a decline of 59.1% from the August 31st total of 78,630,000 shares. Currently, 2.5% of the company’s shares are short sold. Based on an average daily trading volume, of 4,050,000 shares, the days-to-cover ratio is currently 7.9 days.

Analyst Upgrades and Downgrades

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

Suncor Energy Trading Up 0.8 %

NYSE:SU opened at $36.81 on Friday. The business’s 50-day simple moving average is $38.76 and its 200-day simple moving average is $38.42. Suncor Energy has a fifty-two week low of $29.45 and a fifty-two week 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 stock has a market capitalization of $46.77 billion, a PE ratio of 8.20, a price-to-earnings-growth ratio of 2.57 and a beta of 1.13.

Suncor Energy (NYSE:SU) (TSE:SU) last released its quarterly earnings results on Tuesday, August 6th. The oil and gas producer reported $1.27 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.51. Suncor Energy had a net margin of 14.40% and a return on equity of 16.22%. The company had revenue of $12.90 billion during the quarter, compared to analysts’ expectations of $9.30 billion. During the same quarter in the prior year, the company earned $0.71 earnings per share. The business’s quarterly revenue was up 10.1% compared to the same quarter last year. Sell-side analysts expect that Suncor Energy will post 3.71 earnings per share for the current fiscal year.

Suncor Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 4th were paid a $0.395 dividend. This represents a $1.58 annualized dividend and a dividend yield of 4.29%. The ex-dividend date was Wednesday, September 4th. Suncor Energy’s dividend payout ratio is 36.08%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of SU. Sanctuary Advisors LLC acquired a new stake in Suncor Energy in the 2nd quarter valued at $2,448,000. Cetera Investment Advisers grew its holdings in shares of Suncor Energy by 8.2% in the 2nd quarter. Cetera Investment Advisers now owns 92,292 shares of the oil and gas producer’s stock valued at $3,516,000 after acquiring an additional 7,015 shares in the last quarter. Chase Investment Counsel Corp increased its position in shares of Suncor Energy by 7.2% in the second quarter. Chase Investment Counsel Corp now owns 12,666 shares of the oil and gas producer’s stock valued at $482,000 after acquiring an additional 852 shares during the last quarter. Quarry LP increased its position in shares of Suncor Energy by 73.0% in the second quarter. Quarry LP now owns 51,678 shares of the oil and gas producer’s stock valued at $1,969,000 after acquiring an additional 21,806 shares during the last quarter. Finally, NewEdge Advisors LLC raised its holdings in Suncor Energy by 52.8% during the second quarter. NewEdge Advisors LLC now owns 39,593 shares of the oil and gas producer’s stock worth $1,509,000 after acquiring an additional 13,674 shares in the last quarter. 67.37% of the stock is owned by institutional investors and hedge funds.

Suncor Energy Company Profile

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.