Canoe Financial LP Purchases Shares of 257,500 Suncor Energy Inc. $SU

Key Points

• Canoe Financial LP made a significant investment of approximately $9.65 million in Suncor Energy, acquiring 257,500 shares in the second quarter.
• Suncor Energy recently announced a quarterly dividend increase to $0.4135 per share, yielding 3.9%, with the ex-dividend date set for September 4th.
• The company's stock opened at $42.71 and has experienced a 12-month price range between $30.79 and $43.48.

Canoe Financial LP bought a new position in shares of Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 257,500 shares of the oil and gas producer's stock, valued at approximately $9,653,000.

A number of other large investors have also recently made changes to their positions in the company. Hanson & Doremus Investment Management boosted its holdings in shares of Suncor Energy by 143.5% in the first quarter. Hanson & Doremus Investment Management now owns 789 shares of the oil and gas producer's stock valued at $31,000 after acquiring an additional 465 shares during the period. Salem Investment Counselors Inc. raised its stake in shares of Suncor Energy by 97.6% during the first quarter. Salem Investment Counselors Inc. now owns 820 shares of the oil and gas producer's stock worth $32,000 after purchasing an additional 405 shares during the last quarter. N.E.W. Advisory Services LLC purchased a new stake in shares of Suncor Energy during the first quarter worth approximately $36,000. Wayfinding Financial LLC purchased a new stake in shares of Suncor Energy during the first quarter worth approximately $42,000. Finally, ORG Wealth Partners LLC purchased a new stake in shares of Suncor Energy during the first quarter worth approximately $44,000. 67.37% of the stock is currently owned by hedge funds and other institutional investors.

Suncor Energy Price Performance

NYSE:SU traded up $0.88 during trading hours on Tuesday, hitting $42.66. The company's stock had a trading volume of 1,193,756 shares, compared to its average volume of 4,670,119. The business's 50-day moving average is $40.10 and its two-hundred day moving average is $37.83. The company has a market capitalization of $51.57 billion, a PE ratio of 13.13, a PEG ratio of 3.37 and a beta of 0.87. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.77 and a current ratio of 1.26. 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 released its quarterly earnings data on Tuesday, August 5th. The oil and gas producer reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.01. The business had revenue of $8.81 billion for the quarter, compared to analyst estimates 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 in the previous year, the company posted $1.27 EPS. As a group, research analysts anticipate that Suncor Energy Inc. will post 3.42 EPS for the current fiscal year.

Suncor Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Thursday, September 4th will be paid a $0.4135 dividend. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $1.65 dividend on an annualized basis and a dividend yield of 3.9%. This is a boost from Suncor Energy's previous quarterly dividend of $0.41. Suncor Energy's dividend payout ratio (DPR) is presently 50.77%.

Suncor Energy Company Profile

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.