Corient Private Wealth LP Grows Position in Suncor Energy Inc. $SU

Key Points

• Corient Private Wealth LP increased its Suncor Energy stake by 336.7% in the second quarter, acquiring 224,755 additional shares and bringing its holdings to 291,504 shares valued at $15.65 million. Institutional investors collectively own 67.37% of the company.
• Suncor reported quarterly EPS of $2.33, exceeding estimates of $2.14, while revenue reached $13.41 billion versus expectations of $11.68 billion. The company also announced a quarterly dividend of $0.60 per share, representing a 3.3% annualized yield.
• Shares opened at $71.85, near the 52-week high of $72.06. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $80.25, although some firms recently downgraded their views.

Corient Private Wealth LP raised its stake in shares of Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 336.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 291,504 shares of the oil and gas producer's stock after purchasing an additional 224,755 shares during the period. Corient Private Wealth LP's holdings in Suncor Energy were worth $15,648,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. HighTower Advisors LLC increased its holdings in Suncor Energy by 255.0% in the 2nd quarter. HighTower Advisors LLC now owns 78,316 shares of the oil and gas producer's stock valued at $4,204,000 after acquiring an additional 56,254 shares during the last quarter. Harvest Portfolios Group Inc. boosted its holdings in shares of Suncor Energy by 9.1% during the 4th quarter. Harvest Portfolios Group Inc. now owns 360,668 shares of the oil and gas producer's stock valued at $16,008,000 after purchasing an additional 30,210 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Suncor Energy by 3.4% during the first quarter. Dimensional Fund Advisors LP now owns 12,609,777 shares of the oil and gas producer's stock valued at $833,622,000 after purchasing an additional 411,243 shares in the last quarter. Public Employees Retirement System of Ohio grew its position in shares of Suncor Energy by 6.3% during the first quarter. Public Employees Retirement System of Ohio now owns 846,111 shares of the oil and gas producer's stock valued at $55,802,000 after purchasing an additional 50,502 shares in the last quarter. Finally, Hillsdale Investment Management Inc. increased its holdings in shares of Suncor Energy by 217.4% in the fourth quarter. Hillsdale Investment Management Inc. now owns 826,617 shares of the oil and gas producer's stock worth $36,754,000 after purchasing an additional 566,195 shares during the last quarter. Institutional investors own 67.37% of the company's stock.

Suncor Energy Stock Performance

SU stock opened at $71.85 on Wednesday. Suncor Energy Inc. has a twelve month low of $37.76 and a twelve month high of $72.06. The firm has a market cap of $84.04 billion, a price-to-earnings ratio of 13.23, a PEG ratio of 0.50 and a beta of 0.30. The business's fifty day simple moving average is $65.22 and its two-hundred day simple moving average is $63.19. The company has a quick ratio of 1.08, a current ratio of 1.65 and a debt-to-equity ratio of 0.19.

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

Suncor Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be paid a $0.60 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $2.40 dividend on an annualized basis and a yield of 3.3%. Suncor Energy's dividend payout ratio is 31.86%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. The Goldman Sachs Group cut Suncor Energy from a "buy" rating to a "neutral" rating and set a $72.00 price objective on the stock. in a report on Friday, June 5th. Desjardins upgraded shares of Suncor Energy to a "moderate buy" rating in a research report on Thursday, July 16th. Wall Street Zen downgraded shares of Suncor Energy from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 1st. Weiss Ratings upgraded shares of Suncor Energy from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, July 29th. Finally, Zacks Research cut shares of Suncor Energy from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Suncor Energy presently has a consensus rating of "Moderate Buy" and an average target price of $80.25.

Suncor Energy Company Profile

Suncor Energy Inc is an integrated energy company headquartered in Calgary, Alberta, Canada. Its operations include the development, production and upgrading of oil sands resources, conventional oil and natural gas production, and the refining and marketing of petroleum products.

Suncor produces crude oil, synthetic crude oil, refined fuels, lubricants and petrochemical feedstocks. Through its Petro-Canada brand, the company operates retail fuel stations and convenience stores across Canada, while its refining and marketing activities serve customers in Canada and the United States.

Founded in 1919, Suncor has evolved from an oil sands producer into one of Canada's largest integrated energy companies.

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