3,040,030 Shares in Suncor Energy Inc. $SU Acquired by Alberta Investment Management Corp

Key Points

• Alberta Investment Management Corp. acquired 3.04 million Suncor shares worth approximately $163.4 million, making Suncor its 10th-largest holding and representing 0.26% of Suncor’s outstanding stock.
• Suncor reported quarterly earnings of $2.33 per share, beating estimates of $2.14, while revenue reached $13.41 billion versus expectations of $11.68 billion.
• The company declared a quarterly dividend of $0.60 per share, equivalent to an annualized $2.40 payout and a 3.6% yield. Analysts maintain a consensus “Moderate Buy” rating with a $71.67 price target.

Alberta Investment Management Corp bought a new stake in Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 3,040,030 shares of the oil and gas producer's stock, valued at approximately $163,386,000. Suncor Energy accounts for about 0.9% of Alberta Investment Management Corp's portfolio, making the stock its 10th biggest holding. Alberta Investment Management Corp owned 0.26% of Suncor Energy at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Intact Investment Management Inc. raised its position in shares of Suncor Energy by 36.3% during the 4th quarter. Intact Investment Management Inc. now owns 1,695,160 shares of the oil and gas producer's stock worth $75,236,000 after buying an additional 451,110 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Suncor Energy by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 55,720,921 shares of the oil and gas producer's stock worth $2,473,173,000 after acquiring an additional 1,166,405 shares during the period. Harvest Portfolios Group Inc. boosted its holdings in shares of Suncor Energy by 9.1% in the fourth quarter. Harvest Portfolios Group Inc. now owns 360,668 shares of the oil and gas producer's stock valued at $16,008,000 after acquiring an additional 30,210 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of 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 valued at $833,622,000 after acquiring an additional 411,243 shares in the last quarter. Finally, Public Employees Retirement System of Ohio increased its stake in shares of Suncor Energy by 6.3% during 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. Institutional investors own 67.37% of the company's stock.

Suncor Energy Trading Up 0.0%

Shares of NYSE SU opened at $65.85 on Monday. The company has a quick ratio of 1.08, a current ratio of 1.65 and a debt-to-equity ratio of 0.19. Suncor Energy Inc. has a 12 month low of $37.76 and a 12 month high of $70.29. The company has a market cap of $77.75 billion, a price-to-earnings ratio of 12.13, a P/E/G ratio of 0.49 and a beta of 0.29. The business has a fifty day simple moving average of $60.44 and a 200-day simple moving average of $61.15.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last issued its quarterly 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 for the quarter, compared to analysts' expectations of $11.68 billion. Suncor Energy had a return on equity of 20.05% and a net margin of 15.62%.During the same quarter last year, the business posted $0.71 EPS. Sell-side analysts predict that Suncor Energy Inc. will post 7.13 EPS for the current year.

Suncor Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Friday, September 4th. Suncor Energy's dividend payout ratio is 32.04%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. The Goldman Sachs Group cut Suncor Energy from a "buy" rating to a "neutral" rating and set a $72.00 target price on the stock. in a report on Friday, June 5th. Scotiabank raised Suncor Energy to a "strong-buy" rating in a research note on Friday, June 26th. Desjardins upgraded Suncor Energy to a "moderate buy" rating in a research report on Thursday, July 16th. Wall Street Zen downgraded Suncor Energy from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 1st. Finally, Zacks Research lowered Suncor Energy from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $71.67.

Suncor Energy Profile

Suncor Energy Inc is a Canadian integrated energy company headquartered in Calgary, Alberta. The company's operations span the full oil and gas value chain, with principal activities in oil sands development and production, conventional exploration and production, refining, distribution and retail marketing of petroleum products. Suncor supplies crude, synthetic crude and refined fuels as well as related products and services to commercial and consumer markets.

Upstream, Suncor is a major developer and operator of oil sands projects in Alberta, using both mining and in situ technologies to produce bitumen and synthetic crude.

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