Bank of America Corp DE Has $452.34 Million Holdings in Suncor Energy Inc. $SU

Key Points

• Bank of America reduced its Suncor Energy stake by 21.2% in the first quarter, selling 1.84 million shares and retaining 6.84 million shares valued at approximately $452.3 million.
• Institutional ownership remains high at 67.37%, with Vanguard, Arrowstreet Capital, FIL, Principal Financial, and Fisher Asset Management among major holders that increased their positions.
• Analysts maintain a generally positive outlook, with Suncor receiving an average “Buy” rating and a consensus price target of $71.67. The company also pays a quarterly dividend equivalent to a 3.6% annual yield.

Bank of America Corp DE lowered its position in Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 21.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,842,195 shares of the oil and gas producer's stock after selling 1,841,668 shares during the quarter. Bank of America Corp DE owned 0.58% of Suncor Energy worth $452,338,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of 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 valued at $2,473,173,000 after acquiring an additional 1,166,405 shares during the period. Arrowstreet Capital Limited Partnership grew 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 worth $1,724,954,000 after purchasing an additional 14,304,131 shares during the last quarter. FIL Ltd grew its holdings in shares of Suncor Energy by 14.0% in the 4th quarter. FIL Ltd now owns 21,050,387 shares of the oil and gas producer's stock worth $934,312,000 after purchasing an additional 2,592,516 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Suncor Energy by 2.7% during the 4th quarter. Principal Financial Group Inc. now owns 19,371,704 shares of the oil and gas producer's stock worth $860,933,000 after purchasing an additional 516,783 shares in the last quarter. Finally, Fisher Asset Management LLC increased its position in shares of Suncor Energy by 8.3% during the 4th quarter. Fisher Asset Management LLC now owns 16,820,924 shares of the oil and gas producer's stock worth $746,176,000 after purchasing an additional 1,289,959 shares in the last quarter. 67.37% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have weighed in on SU. Weiss Ratings raised shares of Suncor Energy from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday. Scotiabank raised Suncor Energy to a "strong-buy" rating in a report on Friday, June 26th. Zacks Research upgraded Suncor Energy from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 6th. Desjardins raised Suncor Energy to a "moderate buy" rating in a report on Thursday, July 16th. Finally, Wall Street Zen downgraded Suncor Energy from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Suncor Energy has an average rating of "Buy" and an average price target of $71.67.

Suncor Energy Stock Up 0.7%

Shares of Suncor Energy stock opened at $67.22 on Friday. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.42 and a quick ratio of 0.92. The company has a market capitalization of $79.37 billion, a P/E ratio of 17.64, a price-to-earnings-growth ratio of 0.50 and a beta of 0.30. The business has a 50-day moving average of $60.62 and a two-hundred day moving average of $60.08. Suncor Energy Inc. has a 1 year low of $37.76 and a 1 year high of $70.29.

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

Suncor Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 25th. Investors of record on Thursday, June 4th were paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend was Thursday, June 4th. Suncor Energy's payout ratio is currently 45.67%.

Suncor Energy Company 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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