Short Interest in Suncor Energy Inc. (NYSE:SU) Rises By 141.3%

Suncor Energy Inc. (NYSE:SU) (TSE:SU) saw a large increase in short interest in the month of November. As of November 30th, there was short interest totalling 45,850,000 shares, an increase of 141.3% from the November 15th total of 19,000,000 shares. Currently, 3.6% of the company’s shares are sold short. Based on an average daily volume of 3,860,000 shares, the days-to-cover ratio is presently 11.9 days.

Institutional Investors Weigh In On Suncor Energy

A number of institutional investors have recently added to or reduced their stakes in SU. The Manufacturers Life Insurance Company grew its holdings in shares of Suncor Energy by 5.1% in the second 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 purchasing an additional 1,209,073 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in Suncor Energy by 1.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 23,048,048 shares of the oil and gas producer’s stock valued at $878,131,000 after purchasing an additional 366,432 shares during the period. Toronto Dominion Bank lifted its stake in shares of Suncor Energy by 1.8% in the 3rd quarter. Toronto Dominion Bank now owns 18,546,207 shares of the oil and gas producer’s stock valued at $684,726,000 after purchasing an additional 333,440 shares during the last quarter. CIBC Asset Management Inc boosted its holdings in shares of Suncor Energy by 1.3% in the 3rd quarter. CIBC Asset Management Inc now owns 13,942,455 shares of the oil and gas producer’s stock worth $516,728,000 after purchasing an additional 180,533 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in Suncor Energy by 23.3% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 9,695,560 shares of the oil and gas producer’s stock valued at $357,827,000 after buying an additional 1,829,936 shares during the period. 67.37% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently commented on SU. StockNews.com upgraded Suncor Energy from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. Desjardins raised shares of Suncor Energy from a “hold” rating to a “buy” rating in a research report on Thursday, November 14th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Suncor Energy has an average rating of “Moderate Buy” and a consensus price target of $56.40.

Suncor Energy Stock Performance

NYSE SU traded down $0.41 on Friday, hitting $36.78. 5,165,694 shares of the company traded hands, compared to its average volume of 4,320,619. The company has a current ratio of 1.59, a quick ratio of 1.04 and a debt-to-equity ratio of 0.24. The business’s 50 day moving average price is $39.16 and its 200-day moving average price is $38.74. The company has a market capitalization of $46.28 billion, a price-to-earnings ratio of 8.01, a P/E/G ratio of 2.52 and a beta of 1.11. Suncor Energy has a 52-week low of $30.89 and a 52-week high of $41.94.

Suncor Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 24th. Shareholders of record on Tuesday, December 3rd will be paid a $0.4089 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 4.45%. The ex-dividend date of this dividend is Tuesday, December 3rd. This is a positive change from Suncor Energy’s previous quarterly dividend of $0.40. Suncor Energy’s dividend payout ratio is presently 36.82%.

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.