Harvey Capital Management Inc. Has $707,000 Holdings in Suncor Energy Inc. (NYSE:SU)

Harvey Capital Management Inc. trimmed its holdings in Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 71.5% in the third quarter, Holdings Channel reports. The fund owned 19,150 shares of the oil and gas producer’s stock after selling 48,013 shares during the period. Harvey Capital Management Inc.’s holdings in Suncor Energy were worth $707,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SU. Toronto Dominion Bank raised its holdings in shares of Suncor Energy by 59.7% during the first quarter. Toronto Dominion Bank now owns 17,606,934 shares of the oil and gas producer’s stock worth $649,872,000 after acquiring an additional 6,580,260 shares during the period. Assenagon Asset Management S.A. raised its stake in shares of Suncor Energy by 90.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 8,299,876 shares of the oil and gas producer’s stock valued at $316,226,000 after purchasing an additional 3,951,287 shares during the period. National Bank of Canada FI grew its holdings in shares of Suncor Energy by 60.7% during the second quarter. National Bank of Canada FI now owns 8,661,861 shares of the oil and gas producer’s stock worth $328,876,000 after buying an additional 3,272,896 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its position in Suncor Energy by 305.9% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,725,000 shares of the oil and gas producer’s stock valued at $63,687,000 after buying an additional 1,300,000 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in Suncor Energy by 5.1% in the 2nd 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 acquiring an additional 1,209,073 shares in the last quarter. 67.37% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on SU. BMO Capital Markets raised shares of Suncor Energy from a “market perform” rating to an “outperform” rating in a research note on Wednesday, August 7th. Wolfe Research initiated coverage on shares of Suncor Energy in a research note on Thursday, July 18th. They issued an “outperform” rating and a $68.00 price target on the stock. StockNews.com cut shares of Suncor Energy from a “buy” rating to a “hold” rating in a research report on Thursday, October 17th. TD Securities upgraded Suncor Energy from a “hold” rating to a “buy” rating in a report on Wednesday, August 7th. Finally, Scotiabank dropped their target price on Suncor Energy from $61.00 to $60.00 and set a “sector perform” rating on the stock in a report on Friday, July 12th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Suncor Energy currently has an average rating of “Moderate Buy” and an average price target of $55.83.

Suncor Energy Stock Performance

Shares of SU traded down $0.18 during midday trading on Friday, reaching $37.59. The stock had a trading volume of 2,994,754 shares, compared to its average volume of 2,659,714. The company has a current ratio of 1.46, a quick ratio of 0.93 and a debt-to-equity ratio of 0.26. The firm has a 50 day simple moving average of $38.54 and a 200-day simple moving average of $38.74. The firm has a market cap of $47.43 billion, a PE ratio of 8.72, a P/E/G ratio of 2.68 and a beta of 1.12. Suncor Energy Inc. has a one year low of $29.45 and a one year high of $41.94.

Suncor Energy (NYSE:SU) (TSE:SU) last announced its quarterly earnings results on Tuesday, August 6th. The oil and gas producer reported $1.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.51. Suncor Energy had a return on equity of 16.22% and a net margin of 14.40%. The firm had revenue of $12.90 billion for the quarter, compared to the consensus estimate of $9.30 billion. During the same quarter in the previous year, the business earned $0.71 earnings per share. The business’s revenue was up 10.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Suncor Energy Inc. will post 3.53 EPS for the current year.

Suncor Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 4th were given a dividend of $0.395 per share. The ex-dividend date was Wednesday, September 4th. This represents a $1.58 dividend on an annualized basis and a yield of 4.20%. Suncor Energy’s dividend payout ratio (DPR) is 37.59%.

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.