Drone photo of Coker replacement , Suncor provided image
CALGARY — Korea Investment Corp. reduced its holdings in Suncor Energy Inc. during the third quarter, trimming its stake in the Calgary-based oil sands producer by about 16.7 per cent.
Regulatory filings show the investment firm sold roughly 220,000 shares during the quarter and now holds about 1.1 million shares, representing roughly 0.09 per cent of the company. The remaining stake was valued at about US$46.1 million in the filing.
Several other institutional investors increased their positions in Suncor during the same period.
Artisan Partners Limited Partnership expanded its stake by about 38.5 per cent in the second quarter, while Fisher Asset Management increased its holdings by about 85.5 per cent in the third quarter. The Canada Pension Plan Investment Board also boosted its position by roughly 29.5 per cent in the second quarter.
Vanguard Group Inc. increased its holdings by about 3.1 per cent in the second quarter, while OMERS Administration Corp. established a new position in the company.
Institutional investors and hedge funds now hold about 67.4 per cent of Suncor’s outstanding shares.
Analysts covering the stock generally maintain a positive outlook on the company. According to MarketBeat data, five analysts currently rate Suncor as a buy while three rate the stock as a hold, giving it an overall consensus rating of “moderate buy” and an average target price of about US$61.
Suncor recently reported quarterly earnings of 79 cents per share, slightly above analysts’ expectations of 77 cents per share.
The company also declared a quarterly dividend of 60 cents per share, representing an annualized yield of about 4.2 per cent
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