BlackRock Inc. Takes Position in Suncor Energy Inc. $SU

Key Points

• BlackRock initiated a new Suncor Energy stake of 2.31 million shares valued at approximately $124.1 million, representing 0.20% ownership. Institutional investors collectively own 67.37% of the company.
• Analyst sentiment remains positive but mixed, with a consensus rating of “Moderate Buy” and an average price target of $80.25. Recent actions included downgrades from Goldman Sachs and Zacks Research, alongside an upgrade from Scotiabank.
• Suncor reported quarterly EPS of $2.33, exceeding the $2.14 estimate, while revenue reached $13.41 billion. The company also declared a quarterly dividend of $0.60 per share, equivalent to a 3.7% annualized yield.

BlackRock Inc. bought a new stake in Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm bought 2,311,769 shares of the oil and gas producer's stock, valued at approximately $124,096,000. BlackRock Inc. owned 0.20% of Suncor Energy at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SU. Versant Capital Management Inc increased its stake in Suncor Energy by 418.9% in the 2nd quarter. Versant Capital Management Inc now owns 493 shares of the oil and gas producer's stock worth $26,000 after acquiring an additional 398 shares during the last quarter. Headlands Technologies LLC bought a new position in shares of Suncor Energy in the second quarter worth approximately $31,000. 1 North Wealth Services LLC bought a new position in shares of Suncor Energy in the fourth quarter worth approximately $32,000. Accent Capital Management LLC raised its stake in Suncor Energy by 37.5% in the fourth quarter. Accent Capital Management LLC now owns 825 shares of the oil and gas producer's stock valued at $37,000 after purchasing an additional 225 shares in the last quarter. Finally, Summit Securities Group LLC purchased a new stake in Suncor Energy in the fourth quarter valued at approximately $44,000. 67.37% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Wall Street Zen cut shares of Suncor Energy from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 1st. The Goldman Sachs Group cut 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. Scotiabank upgraded shares of Suncor Energy to a "strong-buy" rating in a research note on Friday, June 26th. Zacks Research downgraded shares of Suncor Energy from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 4th. Finally, Morgan Stanley set a $106.00 price target on shares of Suncor Energy in a report on Wednesday, August 19th. One equities 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. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $80.25.

Suncor Energy Stock Down 1.4%

Suncor Energy stock opened at $65.50 on Friday. The business's 50-day simple moving average is $61.93 and its two-hundred day simple moving average is $62.06. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.08 and a current ratio of 1.65. The company has a market cap of $77.34 billion, a PE ratio of 12.06, a PEG ratio of 0.48 and a beta of 0.30. Suncor Energy Inc. has a fifty-two week low of $37.76 and a fifty-two week high of $70.29.

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

Suncor Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 3.7%. The ex-dividend date is Friday, September 4th. Suncor Energy's payout ratio is presently 32.04%.

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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