Bank of Nova Scotia Has $210.47 Million Stock Position in Suncor Energy Inc. $SU

Key Points

• Bank of Nova Scotia raised its stake in Suncor Energy by 63.5% in Q3 and now owns 5,028,399 shares worth about $210.47 million, representing roughly 0.42% of the company.
• Wall Street sentiment has shifted more positive with upgrades and higher price targets from JPMorgan, Goldman Sachs and RBC; Suncor holds a consensus rating of “Moderate Buy” and a consensus price target of $63.67.
• Suncor reported Q earnings of $0.79 EPS (beating estimates) and announced a quarterly dividend of $0.60 (annualized $2.40), implying a 4.0% yield and a payout ratio of about 50.7%.

Bank of Nova Scotia grew its holdings in Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 63.5% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 5,028,399 shares of the oil and gas producer's stock after purchasing an additional 1,952,444 shares during the quarter. Bank of Nova Scotia owned about 0.42% of Suncor Energy worth $210,474,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the stock. Richardson Financial Services Inc. raised its stake in shares of Suncor Energy by 64.1% in the 3rd quarter. Richardson Financial Services Inc. now owns 704 shares of the oil and gas producer's stock valued at $29,000 after buying an additional 275 shares in the last quarter. Hanson & Doremus Investment Management grew its position in Suncor Energy by 143.5% during the 3rd quarter. Hanson & Doremus Investment Management now owns 789 shares of the oil and gas producer's stock worth $33,000 after acquiring an additional 465 shares during the last quarter. Smartleaf Asset Management LLC increased its stake in shares of Suncor Energy by 95.8% in the third quarter. Smartleaf Asset Management LLC now owns 793 shares of the oil and gas producer's stock valued at $33,000 after buying an additional 388 shares in the last quarter. Headlands Technologies LLC acquired a new stake in Suncor Energy in the 2nd quarter valued at about $31,000. Finally, Corsicana & Co. acquired a new stake in shares of Suncor Energy in the third quarter valued at approximately $42,000. 67.37% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. JPMorgan Chase & Co. raised Suncor Energy from a "neutral" rating to an "overweight" rating and boosted their price objective for the stock from $46.15 to $54.00 in a report on Tuesday, January 20th. Wall Street Zen lowered Suncor Energy from a "buy" rating to a "hold" rating in a research report on Sunday, December 28th. The Goldman Sachs Group lifted their price target on Suncor Energy from $55.00 to $62.00 and gave the company a "buy" rating in a research note on Thursday. Weiss Ratings restated a "buy (b)" rating on shares of Suncor Energy in a report on Monday, December 29th. Finally, Royal Bank Of Canada increased their price objective on Suncor Energy from $69.00 to $75.00 and gave the company an "outperform" rating in a report on Thursday, February 5th. Five equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Suncor Energy presently has a consensus rating of "Moderate Buy" and a consensus price target of $63.67.

Suncor Energy Price Performance

SU stock opened at $59.66 on Friday. Suncor Energy Inc. has a 12 month low of $30.79 and a 12 month high of $60.13. The firm has a market cap of $70.99 billion, a P/E ratio of 17.19 and a beta of 0.43. The company has a quick ratio of 0.89, a current ratio of 1.39 and a debt-to-equity ratio of 0.20. The company's 50-day moving average price is $53.28 and its two-hundred day moving average price is $46.08.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last issued its earnings results on Tuesday, February 3rd. The oil and gas producer reported $0.79 EPS for the quarter, topping the consensus estimate of $0.77 by $0.02. The firm had revenue of $8.77 billion during the quarter, compared to the consensus estimate of $8.79 billion. Suncor Energy had a return on equity of 12.51% and a net margin of 11.99%.During the same quarter in the previous year, the firm earned $1.25 earnings per share. On average, analysts anticipate that Suncor Energy Inc. will post 3.42 earnings per share for the current fiscal year.

Suncor Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 25th. Investors of record on Wednesday, March 4th will be issued a $0.60 dividend. The ex-dividend date is Wednesday, March 4th. This represents a $2.40 annualized dividend and a yield of 4.0%. Suncor Energy's dividend payout ratio is presently 50.72%.

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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