Bank of America Corp DE Buys New Stake in Suncor Energy Inc. $SU

Key Points

• Bank of America acquired 6.56 million Suncor shares worth approximately $351.9 million, giving it a 0.56% stake. Institutional investors and hedge funds collectively own 67.37% of the company.
• Analysts remain broadly positive, with Suncor holding a “Moderate Buy” consensus rating and an average price target of $80.25. Recent upgrades include Scotiabank, Weiss Ratings, and Desjardins.
• Suncor reported quarterly EPS of $2.33, beating estimates by $0.19, and revenue of $13.41 billion. The company also declared a quarterly dividend of $0.60 per share, implying a 3.3% annual yield.

Bank of America Corp DE bought a new stake in Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 6,555,368 shares of the oil and gas producer's stock, valued at approximately $351,892,000. Bank of America Corp DE owned about 0.56% of Suncor Energy as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of SU. Arrowstreet Capital Limited Partnership raised its position in Suncor Energy by 121.4% in the first quarter. Arrowstreet Capital Limited Partnership now owns 26,085,360 shares of the oil and gas producer's stock worth $1,724,954,000 after purchasing an additional 14,304,131 shares in the last quarter. Fisher Asset Management LLC grew its stake in shares of Suncor Energy by 8.3% during the fourth quarter. Fisher Asset Management LLC now owns 16,820,924 shares of the oil and gas producer's stock valued at $746,176,000 after purchasing an additional 1,289,959 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in Suncor Energy in the 2nd quarter valued at $816,551,000. The Manufacturers Life Insurance Company bought a new position in Suncor Energy in the second quarter valued at about $790,952,000. Finally, Dimensional Fund Advisors LP grew its position in shares of Suncor Energy by 3.4% during the 1st 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. 67.37% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently commented on SU shares. Wall Street Zen cut Suncor Energy from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 1st. Morgan Stanley set a $106.00 price target on Suncor Energy in a research note on Wednesday, August 19th. Scotiabank raised shares of Suncor Energy to a "strong-buy" rating in a research report on Friday, June 26th. Weiss Ratings upgraded Suncor Energy from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, July 29th. Finally, Desjardins upgraded shares of Suncor Energy to a "moderate buy" rating in a research note on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $80.25.

Suncor Energy Price Performance

SU stock opened at $71.85 on Wednesday. Suncor Energy Inc. has a 1 year low of $37.76 and a 1 year high of $72.06. The stock has a market cap of $84.04 billion, a price-to-earnings ratio of 13.23, a P/E/G ratio of 0.50 and a beta of 0.30. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.65 and a quick ratio of 1.08. The company has a 50 day simple moving average of $65.22 and a 200 day simple moving average of $63.19.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last posted its earnings results on Tuesday, August 4th. The oil and gas producer reported $2.33 EPS for the quarter, topping the consensus estimate of $2.14 by $0.19. The business had revenue of $13.41 billion for the quarter, compared to the consensus estimate of $11.68 billion. Suncor Energy had a net margin of 15.62% and a return on equity of 20.05%. During the same period last year, the company earned $0.71 EPS. Research analysts anticipate that Suncor Energy Inc. will post 7.39 EPS for the current fiscal year.

Suncor Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be paid a $0.60 dividend. The ex-dividend date is Friday, September 4th. This represents a $2.40 annualized dividend and a dividend yield of 3.3%. Suncor Energy's dividend payout ratio (DPR) is currently 31.86%.

About Suncor Energy

Suncor Energy Inc is an integrated energy company headquartered in Calgary, Alberta, Canada. Its operations include the development, production and upgrading of oil sands resources, conventional oil and natural gas production, and the refining and marketing of petroleum products.

Suncor produces crude oil, synthetic crude oil, refined fuels, lubricants and petrochemical feedstocks. Through its Petro-Canada brand, the company operates retail fuel stations and convenience stores across Canada, while its refining and marketing activities serve customers in Canada and the United States.

Founded in 1919, Suncor has evolved from an oil sands producer into one of Canada's largest integrated energy companies.

Want to see what other hedge funds are holding SU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.