102,735 Suncor Energy Inc. $SU Shares Bought by Cidel Asset Management Inc.

Key Points

• Cidel Asset Management increased its Suncor Energy position by 27.3%, buying 102,735 additional shares during the third quarter. It now owns 479,632 shares valued at approximately $32.6 million.
• Institutional investors own 67.37% of Suncor’s shares, with several major firms—including Dimensional Fund Advisors, TD Waterhouse, and Bank of America—also increasing or initiating positions.
• Analyst sentiment is positive, with Suncor carrying an average “Buy” rating and a $79.62 price target. The company also reported quarterly earnings above estimates and pays an annualized dividend of C$2.40 per share, yielding about 3.0%.

Cidel Asset Management Inc. lifted its position in Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 27.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 479,632 shares of the oil and gas producer's stock after acquiring an additional 102,735 shares during the quarter. Suncor Energy accounts for approximately 1.6% of Cidel Asset Management Inc.'s holdings, making the stock its 12th largest position. Cidel Asset Management Inc.'s holdings in Suncor Energy were worth $32,600,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. HighTower Advisors LLC raised its stake in Suncor Energy by 255.0% during the second quarter. HighTower Advisors LLC now owns 78,316 shares of the oil and gas producer's stock worth $4,204,000 after acquiring an additional 56,254 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Suncor Energy by 3.4% in the first quarter. Dimensional Fund Advisors LP now owns 12,609,777 shares of the oil and gas producer's stock worth $833,622,000 after acquiring an additional 411,243 shares during the last quarter. Public Employees Retirement System of Ohio boosted its stake in Suncor Energy by 6.3% in the first quarter. Public Employees Retirement System of Ohio now owns 846,111 shares of the oil and gas producer's stock valued at $55,802,000 after acquiring an additional 50,502 shares during the period. TD Waterhouse Canada Inc. boosted its stake in Suncor Energy by 2.1% in the second quarter. TD Waterhouse Canada Inc. now owns 11,657,514 shares of the oil and gas producer's stock valued at $625,497,000 after acquiring an additional 239,208 shares during the period. Finally, Bank of America Corp DE bought a new position in shares of Suncor Energy during the second quarter valued at approximately $351,892,000. 67.37% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on SU shares. Morgan Stanley set a $106.00 price target on Suncor Energy in a research report on Wednesday, August 19th. Zacks Research upgraded Suncor Energy from a "hold" rating to a "strong-buy" rating in a research report on Monday, October 5th. Desjardins upgraded Suncor Energy to a "moderate buy" rating in a research note on Thursday, July 16th. Wall Street Zen raised Suncor Energy from a "buy" rating to a "strong-buy" rating in a research report on Saturday, October 17th. Finally, Weiss Ratings raised shares of Suncor Energy from a "buy (b)" rating to a "buy (a-)" rating in a report on Thursday, October 8th. Three research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat, Suncor Energy has an average rating of "Buy" and an average price target of $79.62.

Suncor Energy Price Performance

Shares of Suncor Energy stock opened at $79.55 on Friday. Suncor Energy Inc. has a 52 week low of $38.72 and a 52 week high of $80.25. The company has a current ratio of 1.65, a quick ratio of 1.08 and a debt-to-equity ratio of 0.19. The stock has a market cap of $93.04 billion, a PE ratio of 14.65, a price-to-earnings-growth ratio of 0.27 and a beta of 0.36. The company's 50-day moving average price is $71.06 and its two-hundred day moving average price is $63.27.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last issued its earnings results on Tuesday, August 4th. The oil and gas producer reported $2.33 earnings per share for the quarter, topping analysts' consensus estimates of $2.14 by $0.19. The firm had revenue of $13.41 billion during the quarter, compared to analysts' expectations of $11.68 billion. Suncor Energy had a net margin of 15.62% and a return on equity of 20.05%. During the same period last year, the firm posted $0.71 earnings per share. As a group, sell-side analysts anticipate that Suncor Energy Inc. will post 8.76 EPS for the current fiscal year.

Suncor Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 4th were given a dividend of C$0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Friday, September 4th. Suncor Energy's dividend payout ratio is 31.86%.

About Suncor Energy

Suncor Energy Inc is an integrated energy company headquartered in Calgary, Alberta, Canada. Its operations span the energy value chain, including the development, production, upgrading, refining, and marketing of crude oil and petroleum products.

The company is one of Canada's major oil sands producers, with interests in mining and in situ oil sands projects. Suncor produces bitumen and synthetic crude oil and also has conventional oil and offshore production interests. Its upstream portfolio includes operated and non-operated assets in Canada.

Through its downstream operations, Suncor refines crude oil into gasoline, diesel, jet fuel, asphalt, and other petroleum products.

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