Amundi Boosts Stake in Suncor Energy Inc. $SU

Key Points

• Amundi increased its Suncor Energy stake by 2% in the first quarter, bringing its holdings to 4.6 million shares valued at approximately $304.4 million. Institutional investors collectively own 67.37% of the company.
• Analyst sentiment is broadly positive, with Suncor holding an average “Buy” rating and a consensus price target of $71.67. However, Goldman Sachs downgraded the stock to “Neutral” with a $72 target.
• Suncor reported quarterly revenue of $10.41 billion, above expectations, though EPS of $1.41 missed estimates. The company pays a quarterly dividend of $0.60 per share, equal to a 3.6% annualized yield.

Amundi lifted its stake in shares of Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 2.0% in the first quarter, according to its most recent filing with the SEC. The fund owned 4,603,692 shares of the oil and gas producer's stock after acquiring an additional 89,929 shares during the period. Amundi owned approximately 0.39% of Suncor Energy worth $304,350,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Intact Investment Management Inc. increased its holdings in shares of Suncor Energy by 36.3% in the 4th quarter. Intact Investment Management Inc. now owns 1,695,160 shares of the oil and gas producer's stock valued at $75,236,000 after purchasing an additional 451,110 shares in the last quarter. Harvest Portfolios Group Inc. boosted its holdings in Suncor Energy by 9.1% during the fourth quarter. Harvest Portfolios Group Inc. now owns 360,668 shares of the oil and gas producer's stock worth $16,008,000 after buying an additional 30,210 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Suncor Energy by 2.1% during the fourth quarter. Vanguard Group Inc. now owns 55,720,921 shares of the oil and gas producer's stock worth $2,473,173,000 after buying an additional 1,166,405 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Suncor Energy by 3.4% during 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 buying an additional 411,243 shares during the period. Finally, Pictet Asset Management Holding SA grew its position in Suncor Energy by 3.7% during the fourth quarter. Pictet Asset Management Holding SA now owns 431,007 shares of the oil and gas producer's stock worth $19,155,000 after buying an additional 15,332 shares during the period. 67.37% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Wall Street Zen upgraded Suncor Energy from a "buy" rating to a "strong-buy" rating in a report on Sunday, July 12th. Zacks Research raised Suncor Energy from a "hold" rating to a "strong-buy" rating in a report on Monday, July 6th. The Goldman Sachs Group downgraded Suncor Energy from a "buy" rating to a "neutral" rating and set a $72.00 target price on the stock. in a research report on Friday, June 5th. Weiss Ratings raised Suncor Energy from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday. Finally, Scotiabank upgraded Suncor Energy to a "strong-buy" rating in a research report on Friday, June 26th. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Suncor Energy currently has an average rating of "Buy" and a consensus target price of $71.67.

Suncor Energy Stock Performance

Suncor Energy stock opened at $66.75 on Friday. Suncor Energy Inc. has a fifty-two week low of $37.76 and a fifty-two week high of $70.29. The company has a market capitalization of $78.82 billion, a price-to-earnings ratio of 17.52, a PEG ratio of 0.49 and a beta of 0.30. The stock has a fifty day moving average of $60.62 and a two-hundred day moving average of $60.03. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.92 and a current ratio of 1.42.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last issued its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $1.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.45 by ($0.04). Suncor Energy had a net margin of 12.29% and a return on equity of 13.96%. The company had revenue of $10.41 billion during the quarter, compared to analysts' expectations of $9.22 billion. During the same quarter in the prior year, the company earned $1.31 earnings per share. On average, analysts anticipate that Suncor Energy Inc. will post 7.11 EPS for the current fiscal year.

Suncor Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 25th. Investors of record on Thursday, June 4th were paid a dividend of $0.60 per share. The ex-dividend date of this dividend was Thursday, June 4th. This represents a $2.40 annualized dividend and a dividend yield of 3.6%. 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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