Empowered Funds LLC Buys New Position in Suncor Energy Inc. $SU

Key Points

• Empowered Funds LLC initiated a 37,241-share position in Suncor Energy during the second quarter, valued at approximately $2.0 million. Institutional investors collectively own 67.37% of the company.
• Suncor reported quarterly EPS of $2.33, exceeding analyst expectations of $2.14, while revenue reached $13.41 billion versus the $11.68 billion consensus estimate.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $80.25. Suncor also declared a quarterly dividend of $0.60 per share, equivalent to a 3.5% annualized yield.

Empowered Funds LLC bought a new stake in shares of Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 37,241 shares of the oil and gas producer's stock, valued at approximately $1,999,000.

Other institutional investors have also added to or reduced their stakes in the company. Formidable Asset Management LLC grew its position in shares of Suncor Energy by 1.1% during the 1st quarter. Formidable Asset Management LLC now owns 16,004 shares of the oil and gas producer's stock valued at $1,058,000 after acquiring an additional 171 shares during the period. Mitchell & Pahl Private Wealth LLC increased its stake in shares of Suncor Energy by 0.8% in the 1st quarter. Mitchell & Pahl Private Wealth LLC now owns 24,278 shares of the oil and gas producer's stock worth $1,605,000 after purchasing an additional 190 shares in the last quarter. IFP Advisors Inc raised its holdings in Suncor Energy by 22.6% in the 4th quarter. IFP Advisors Inc now owns 1,047 shares of the oil and gas producer's stock worth $46,000 after purchasing an additional 193 shares during the period. DGS Capital Management LLC raised its holdings in Suncor Energy by 3.2% in the 4th quarter. DGS Capital Management LLC now owns 6,149 shares of the oil and gas producer's stock worth $273,000 after purchasing an additional 193 shares during the period. Finally, Bryn Mawr Trust Advisors LLC lifted its position in Suncor Energy by 3.5% during the fourth quarter. Bryn Mawr Trust Advisors LLC now owns 5,742 shares of the oil and gas producer's stock valued at $255,000 after purchasing an additional 196 shares in the last quarter. 67.37% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

SU has been the subject of several recent research reports. Zacks Research lowered Suncor Energy from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 4th. The Goldman Sachs Group downgraded Suncor Energy from a "buy" rating to a "neutral" rating and set a $72.00 price objective on the stock. in a research note on Friday, June 5th. Desjardins raised Suncor Energy to a "moderate buy" rating in a research report on Thursday, July 16th. Morgan Stanley set a $106.00 price objective on Suncor Energy in a research note on Wednesday, August 19th. Finally, Scotiabank upgraded shares of Suncor Energy to a "strong-buy" rating in a research note on Friday, June 26th. One 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 company. Based on data from MarketBeat, Suncor Energy presently has an average rating of "Moderate Buy" and an average price target of $80.25.

Suncor Energy Stock Performance

NYSE SU opened at $68.32 on Friday. The business has a 50-day moving average price of $62.95 and a 200-day moving average price of $62.47. The firm has a market cap of $80.67 billion, a price-to-earnings ratio of 12.58, a price-to-earnings-growth ratio of 0.49 and a beta of 0.30. Suncor Energy Inc. has a twelve month low of $37.76 and a twelve month high of $70.29. 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 posted its quarterly 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. Suncor Energy had a return on equity of 20.05% and a net margin of 15.62%.The company had revenue of $13.41 billion for the quarter, compared to analysts' expectations of $11.68 billion. During the same period in the previous year, the firm earned $0.71 EPS. As a group, equities research analysts predict that Suncor Energy Inc. will post 7.39 EPS for the current fiscal year.

Suncor Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend is Friday, September 4th. Suncor Energy's payout ratio is 32.04%.

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.

Want to see what other hedge funds are holding SU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source