Tetrem Capital Management Ltd. Reduces Position in Suncor Energy Inc. (SU)

Tetrem Capital Management Ltd. lessened its holdings in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 2.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,234,742 shares of the oil and gas producer’s stock after selling 55,289 shares during the period. Suncor Energy accounts for approximately 2.8% of Tetrem Capital Management Ltd.’s investment portfolio, making the stock its 11th biggest position. Tetrem Capital Management Ltd. owned about 0.13% of Suncor Energy worth $65,250,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Pring Turner Capital Group Inc. grew its stake in Suncor Energy by 4.2% during the 2nd quarter. Pring Turner Capital Group Inc. now owns 89,315 shares of the oil and gas producer’s stock valued at $2,608,000 after acquiring an additional 3,570 shares in the last quarter. Stevens Capital Management LP purchased a new stake in Suncor Energy during the 2nd quarter valued at about $1,291,000. Check Capital Management Inc. CA grew its stake in Suncor Energy by 1.0% during the 2nd quarter. Check Capital Management Inc. CA now owns 2,091,526 shares of the oil and gas producer’s stock valued at $61,073,000 after acquiring an additional 21,196 shares in the last quarter. BlackRock Inc. grew its stake in Suncor Energy by 3.6% during the 2nd quarter. BlackRock Inc. now owns 24,405,196 shares of the oil and gas producer’s stock valued at $712,632,000 after acquiring an additional 848,549 shares in the last quarter. Finally, Bahl & Gaynor Inc. grew its stake in Suncor Energy by 36.0% during the 2nd quarter. Bahl & Gaynor Inc. now owns 27,255 shares of the oil and gas producer’s stock valued at $891,000 after acquiring an additional 7,211 shares in the last quarter. 64.05% of the stock is owned by institutional investors.

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SU has been the subject of several research reports. Zacks Investment Research cut shares of Suncor Energy from a “buy” rating to a “hold” rating in a research note on Wednesday, July 19th. Scotiabank cut shares of Suncor Energy from an “outperform” rating to a “sector perform” rating in a research note on Friday, June 9th. National Bank Financial initiated coverage on shares of Suncor Energy in a research note on Tuesday, June 27th. They set an “outperform” rating for the company. Piper Jaffray Companies dropped their price objective on shares of Suncor Energy from $40.00 to $38.00 and set an “overweight” rating for the company in a research note on Monday, July 3rd. Finally, Barclays PLC reaffirmed an “overweight” rating and set a $52.00 price objective (up previously from $47.00) on shares of Suncor Energy in a research note on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $42.86.

Shares of Suncor Energy Inc. (NYSE SU) traded down 0.03% during trading on Tuesday, hitting $33.96. 646,764 shares of the stock traded hands. The firm has a market cap of $56.35 billion, a PE ratio of 26.31 and a beta of 0.82. The company’s 50 day moving average is $32.30 and its 200 day moving average is $31.02. Suncor Energy Inc. has a 52-week low of $25.70 and a 52-week high of $34.37.

The company also recently declared a quarterly dividend, which will be paid on Monday, September 25th. Stockholders of record on Tuesday, September 5th will be issued a dividend of $0.2552 per share. The ex-dividend date of this dividend is Thursday, August 31st. This is an increase from Suncor Energy ‘s previous quarterly dividend of $0.24. This represents a $1.02 dividend on an annualized basis and a dividend yield of 3.00%. Suncor Energy ‘s payout ratio is 84.43%.

Suncor Energy Company Profile

Suncor Energy Inc (Suncor) is an integrated energy company. The Company is focused on developing Canada’s petroleum resource basin, Athabasca oil sands. The Company operates in three business segments: Oil Sands, Exploration and Production (E&P), and Refining and Marketing. The Company’s Oil Sands segment includes Oil Sands operations and Oil Sands ventures operations.

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Institutional Ownership by Quarter for Suncor Energy  (NYSE:SU)

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