5,182,715 Shares in Suncor Energy Inc. $SU Bought by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia acquired 5.18 million Suncor Energy shares in the second quarter, valued at approximately $278.8 million and representing about 0.44% of the company. Institutional investors collectively own 67.37% of Suncor.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $80.25, despite some recent downgrades.
• Suncor exceeded quarterly expectations with earnings of $2.33 per share and revenue of $13.41 billion. The company also declared a quarterly dividend of $0.60 per share, implying a 3.5% annualized yield.

Bank of Nova Scotia purchased a new stake in Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 5,182,715 shares of the oil and gas producer's stock, valued at approximately $278,803,000. Bank of Nova Scotia owned about 0.44% of Suncor Energy at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Suncor Energy by 121.4% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 26,085,360 shares of the oil and gas producer's stock valued at $1,724,954,000 after purchasing an additional 14,304,131 shares during the last quarter. AQR Capital Management LLC grew its stake in Suncor Energy by 7,636.8% during the 4th quarter. AQR Capital Management LLC now owns 6,016,483 shares of the oil and gas producer's stock worth $267,042,000 after buying an additional 5,938,719 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its stake in Suncor Energy by 238.9% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 7,758,650 shares of the oil and gas producer's stock worth $512,987,000 after buying an additional 5,469,431 shares during the last quarter. Deutsche Bank AG acquired a new position in Suncor Energy during the second quarter worth approximately $165,381,000. Finally, Alberta Investment Management Corp acquired a new position in Suncor Energy during the second quarter worth approximately $163,386,000. Institutional investors and hedge funds own 67.37% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Weiss Ratings raised Suncor Energy from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, July 29th. Morgan Stanley set a $106.00 target price on shares of Suncor Energy in a report on Wednesday. Zacks Research downgraded shares of Suncor Energy from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 4th. The Goldman Sachs Group cut shares of Suncor Energy from a "buy" rating to a "neutral" rating and set a $72.00 price target for the company. in a research note on Friday, June 5th. Finally, Wall Street Zen downgraded shares of Suncor Energy from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $80.25.

Suncor Energy Price Performance

Shares of SU opened at $68.46 on Friday. Suncor Energy Inc. has a twelve month low of $37.76 and a twelve month high of $70.29. The stock's 50 day moving average is $61.02 and its two-hundred day moving average is $61.61. The firm has a market capitalization of $80.83 billion, a PE ratio of 12.61, a P/E/G ratio of 0.49 and a beta of 0.30. The company has a current ratio of 1.65, a quick ratio of 1.08 and a debt-to-equity ratio of 0.19.

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 (EPS) for the quarter, topping analysts' consensus estimates of $2.14 by $0.19. Suncor Energy had a return on equity of 20.05% and a net margin of 15.62%.The business had revenue of $13.41 billion during the quarter, compared to the consensus estimate of $11.68 billion. During the same period in the prior year, the business posted $0.71 EPS. Research analysts anticipate that Suncor Energy Inc. will post 7.39 earnings per share for the current year.

Suncor Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Friday, September 4th. Suncor Energy's dividend payout ratio (DPR) is presently 32.04%.

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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