Allspring Global Investments Holdings LLC Buys 60,506 Shares of Suncor Energy Inc. $SU

Key Points

• Allspring Global Investments increased its Suncor Energy stake by 8.5% in the first quarter, buying 60,506 more shares and bringing its total holding to 775,769 shares worth about $50.4 million.
• Several analysts turned more positive on Suncor, with recent upgrades from Wall Street Zen, RBC, Desjardins, and Scotiabank. The stock now carries a consensus Buy rating and an average target price of $71.67.
• Suncor reported mixed quarterly results, missing EPS estimates but beating revenue forecasts, while also paying a quarterly dividend of $0.60 per share. The dividend implies an annualized yield of 3.8%.

Allspring Global Investments Holdings LLC raised its stake in shares of Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 8.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 775,769 shares of the oil and gas producer's stock after purchasing an additional 60,506 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.07% of Suncor Energy worth $50,378,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. AQR Capital Management LLC lifted its stake in shares of Suncor Energy by 7,636.8% in the 4th quarter. AQR Capital Management LLC now owns 6,016,483 shares of the oil and gas producer's stock valued at $267,042,000 after purchasing an additional 5,938,719 shares during the period. FIL Ltd lifted its position in Suncor Energy by 14.0% during the 4th quarter. FIL Ltd now owns 21,050,387 shares of the oil and gas producer's stock valued at $934,312,000 after acquiring an additional 2,592,516 shares during the period. Healthcare of Ontario Pension Plan Trust Fund lifted its position in Suncor Energy by 5,468.8% during the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,289,219 shares of the oil and gas producer's stock valued at $101,609,000 after acquiring an additional 2,248,111 shares during the period. Alberta Investment Management Corp bought a new stake in Suncor Energy during the fourth quarter worth about $93,960,000. Finally, Alyeska Investment Group L.P. increased its position in Suncor Energy by 334.8% during the 3rd quarter. Alyeska Investment Group L.P. now owns 2,590,863 shares of the oil and gas producer's stock valued at $108,324,000 after buying an additional 1,995,007 shares in the last quarter. 67.37% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on SU shares. Wall Street Zen raised Suncor Energy from a "buy" rating to a "strong-buy" rating in a report on Sunday, July 12th. Royal Bank Of Canada upped their target price on shares of Suncor Energy from $75.00 to $89.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 1st. Desjardins upgraded shares of Suncor Energy to a "moderate buy" rating in a report on Thursday. Weiss Ratings lowered Suncor Energy from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday. Finally, Scotiabank raised Suncor Energy to a "strong-buy" rating in a report on Friday, June 26th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Suncor Energy currently has an average rating of "Buy" and a consensus target price of $71.67.

Suncor Energy Trading Up 2.9%

Suncor Energy stock opened at $62.45 on Friday. The business has a 50-day simple moving average of $61.11 and a two-hundred day simple moving average of $58.68. The company has a market cap of $73.73 billion, a P/E ratio of 16.39 and a beta of 0.30. Suncor Energy Inc. has a 52-week low of $37.76 and a 52-week high of $70.29. The company has a quick ratio of 0.92, a current ratio of 1.42 and a debt-to-equity ratio of 0.20.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last posted its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $1.41 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.45 by ($0.04). The business had revenue of $10.41 billion during the quarter, compared to analysts' expectations of $9.22 billion. Suncor Energy had a return on equity of 13.96% and a net margin of 12.29%.During the same period in the previous year, the business posted $1.31 EPS. Analysts predict that Suncor Energy Inc. will post 6.9 EPS for the current year.

Suncor Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 25th. Shareholders of record on Thursday, June 4th were given a $0.60 dividend. The ex-dividend date was Thursday, June 4th. This represents a $2.40 dividend on an annualized basis and a yield of 3.8%. Suncor Energy's dividend payout ratio is presently 45.67%.

About Suncor Energy

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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