390,936 Shares in Suncor Energy Inc. $SU Purchased by HITE Hedge Asset Management LLC

Key Points

• HITE Hedge Asset Management opened a new position in Suncor Energy, purchasing 390,936 shares worth about $16.35 million, which represents 0.9% of HITE's holdings and is its 27th-largest holding.
• Wall Street sentiment is a "Moderate Buy" with five analysts rating Suncor a Buy and three a Hold, a consensus target price of $63.67, and recent price-target raises from Goldman Sachs ($62) and RBC ($75).
• Suncor declared a quarterly dividend of $0.60 (annualized $2.40) implying a 4.0% yield; the ex-dividend date is March 4 and the payment date is March 25.

HITE Hedge Asset Management LLC purchased a new position in shares of Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 390,936 shares of the oil and gas producer's stock, valued at approximately $16,345,000. Suncor Energy comprises 0.9% of HITE Hedge Asset Management LLC's holdings, making the stock its 27th biggest holding.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. CWA Asset Management Group LLC increased its holdings in shares of Suncor Energy by 64.9% during the 3rd quarter. CWA Asset Management Group LLC now owns 117,779 shares of the oil and gas producer's stock worth $4,924,000 after acquiring an additional 46,342 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in Suncor Energy by 0.6% during the 3rd quarter. Principal Financial Group Inc. now owns 18,854,921 shares of the oil and gas producer's stock valued at $789,213,000 after purchasing an additional 106,765 shares during the last quarter. Ontario Teachers Pension Plan Board lifted its holdings in Suncor Energy by 15.6% during the 2nd quarter. Ontario Teachers Pension Plan Board now owns 315,278 shares of the oil and gas producer's stock valued at $11,818,000 after purchasing an additional 42,506 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in Suncor Energy by 45.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 723,965 shares of the oil and gas producer's stock worth $29,871,000 after purchasing an additional 227,197 shares during the period. Finally, Picton Mahoney Asset Management boosted its position in Suncor Energy by 314.8% during the third quarter. Picton Mahoney Asset Management now owns 627,313 shares of the oil and gas producer's stock worth $26,246,000 after purchasing an additional 476,077 shares during the period. Institutional investors own 67.37% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on SU shares. Zacks Research lowered shares of Suncor Energy from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, January 20th. The Goldman Sachs Group lifted their target price on shares of Suncor Energy from $55.00 to $62.00 and gave the stock a "buy" rating in a report on Thursday. Royal Bank Of Canada upped their price target on shares of Suncor Energy from $69.00 to $75.00 and gave the company an "outperform" rating in a research note on Thursday, February 5th. Wall Street Zen cut shares of Suncor Energy from a "buy" rating to a "hold" rating in a report on Sunday, December 28th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Suncor Energy in a research report on Monday, December 29th. Five equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $63.67.

Suncor Energy Stock Up 2.5%

SU stock opened at $59.76 on Friday. Suncor Energy Inc. has a fifty-two week low of $30.79 and a fifty-two week high of $60.09. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.39 and a quick ratio of 0.89. The stock has a market capitalization of $71.10 billion, a price-to-earnings ratio of 17.22 and a beta of 0.43. The business's fifty day moving average price is $53.00 and its two-hundred day moving average price is $45.90.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last announced its earnings results on Tuesday, February 3rd. The oil and gas producer reported $0.79 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.77 by $0.02. Suncor Energy had a net margin of 11.99% and a return on equity of 12.51%. The company had revenue of $8.77 billion during the quarter, compared to analysts' expectations of $8.79 billion. During the same quarter in the previous year, the business posted $1.25 earnings per share. On average, equities analysts anticipate that Suncor Energy Inc. will post 3.42 earnings per share for the current year.

Suncor Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 25th. Shareholders of record on Wednesday, March 4th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Wednesday, March 4th. This represents a $2.40 dividend on an annualized basis and a yield of 4.0%. Suncor Energy's payout ratio is currently 50.72%.

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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