Bayforest Capital Ltd Buys 8,998 Shares of Suncor Energy Inc. $SU

Key Points

• Bayforest Capital Ltd increased its stake in Suncor Energy by 178.9%, acquiring an additional 8,998 shares in the second quarter, bringing its total holdings to 14,028 shares valued at $525,000.
• Suncor Energy reported $0.51 earnings per share for the most recent quarter, exceeding the consensus estimate by $0.01, but the revenue fell short of expectations at $8.81 billion compared to an anticipated $11.56 billion.
• The company's latest quarterly dividend was increased to $0.4135 per share, reflecting an annualized amount of $1.65, with a yield of 4.2%, highlighting a payout ratio of 51.08%.

Bayforest Capital Ltd grew its stake in shares of Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 178.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 14,028 shares of the oil and gas producer's stock after acquiring an additional 8,998 shares during the quarter. Bayforest Capital Ltd's holdings in Suncor Energy were worth $525,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Ascent Group LLC increased its holdings in shares of Suncor Energy by 4.7% during the second quarter. Ascent Group LLC now owns 5,769 shares of the oil and gas producer's stock valued at $216,000 after acquiring an additional 260 shares in the last quarter. IFP Advisors Inc boosted its position in shares of Suncor Energy by 27.6% during the second quarter. IFP Advisors Inc now owns 1,428 shares of the oil and gas producer's stock valued at $53,000 after buying an additional 309 shares during the last quarter. Sagespring Wealth Partners LLC boosted its position in shares of Suncor Energy by 5.8% during the first quarter. Sagespring Wealth Partners LLC now owns 6,065 shares of the oil and gas producer's stock valued at $235,000 after buying an additional 332 shares during the last quarter. Winthrop Capital Management LLC boosted its position in shares of Suncor Energy by 2.6% during the first quarter. Winthrop Capital Management LLC now owns 13,654 shares of the oil and gas producer's stock valued at $529,000 after buying an additional 352 shares during the last quarter. Finally, Hanson & Doremus Investment Management boosted its position in shares of Suncor Energy by 143.5% during the first quarter. Hanson & Doremus Investment Management now owns 789 shares of the oil and gas producer's stock valued at $31,000 after buying an additional 465 shares during the last quarter. 67.37% of the stock is currently owned by institutional investors.

Suncor Energy Trading Down 1.5%

Shares of NYSE:SU opened at $39.38 on Wednesday. The stock has a market capitalization of $47.61 billion, a price-to-earnings ratio of 12.12, a PEG ratio of 3.24 and a beta of 0.78. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.77 and a current ratio of 1.26. The stock's 50-day simple moving average is $40.72 and its two-hundred day simple moving average is $38.27. Suncor Energy Inc. has a 52-week low of $30.79 and a 52-week high of $43.48.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last announced its earnings results on Tuesday, August 5th. The oil and gas producer reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.01. The business had revenue of $8.81 billion for the quarter, compared to analysts' expectations of $11.56 billion. Suncor Energy had a return on equity of 13.21% and a net margin of 11.35%.During the same period last year, the firm posted $1.27 earnings per share. Analysts expect that Suncor Energy Inc. will post 3.42 EPS for the current year.

Suncor Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 25th. Stockholders of record on Thursday, September 4th were given a dividend of $0.4135 per share. This represents a $1.65 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend was Thursday, September 4th. This is an increase from Suncor Energy's previous quarterly dividend of $0.41. Suncor Energy's payout ratio is presently 51.08%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SU. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Suncor Energy in a research report on Wednesday, October 8th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $65.00 price objective on shares of Suncor Energy in a research report on Friday, October 3rd. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $65.00.

About Suncor Energy

Suncor Energy Inc operates as an integrated energy company in Canada, the United States, and internationally. It operates through Oil Sands; Exploration and Production; and Refining and Marketing segments. The Oil Sands segment explores, develops, and produces bitumen, synthetic crude oil, and related products.

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