Entropy Technologies LP Invests $2.13 Million in Suncor Energy Inc. (NYSE:SU)

Key Points

• Entropy Technologies LP has acquired a new position in Suncor Energy, purchasing 54,977 shares valued at approximately $2.13 million.
• Suncor Energy's stock is currently rated as a "Moderate Buy" with an average price target of $66.00, following a downgrade from a "buy" to a "hold" rating by Wall Street analysts.
• The company has announced an increase in its quarterly dividend to $0.4135, reflecting a 4.2% dividend yield for shareholders of record on September 4th.

Entropy Technologies LP acquired a new stake in Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 54,977 shares of the oil and gas producer's stock, valued at approximately $2,129,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Principal Financial Group Inc. increased its position in shares of Suncor Energy by 65.0% during the first quarter. Principal Financial Group Inc. now owns 16,018,129 shares of the oil and gas producer's stock worth $620,136,000 after purchasing an additional 6,311,513 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Suncor Energy by 83.6% during the first quarter. Goldman Sachs Group Inc. now owns 12,426,008 shares of the oil and gas producer's stock worth $481,135,000 after purchasing an additional 5,658,880 shares in the last quarter. Mackenzie Financial Corp increased its position in Suncor Energy by 18.6% in the 1st quarter. Mackenzie Financial Corp now owns 15,377,546 shares of the oil and gas producer's stock valued at $595,398,000 after acquiring an additional 2,410,857 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in Suncor Energy by 500.4% in the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 2,453,314 shares of the oil and gas producer's stock valued at $87,459,000 after acquiring an additional 2,044,680 shares during the period. Finally, AustralianSuper Pty Ltd increased its position in Suncor Energy by 1,025.0% in the 1st quarter. AustralianSuper Pty Ltd now owns 2,149,643 shares of the oil and gas producer's stock valued at $83,248,000 after acquiring an additional 1,958,570 shares during the period. Institutional investors and hedge funds own 67.37% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen cut Suncor Energy from a "buy" rating to a "hold" rating in a research report on Thursday, April 17th. Four investment analysts have rated the stock with a hold rating, three have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $66.00.

Suncor Energy Stock Performance

SU stock traded down $0.04 during trading on Friday, hitting $38.96. The company had a trading volume of 630,234 shares, compared to its average volume of 4,680,004. The firm has a market cap of $47.44 billion, a PE ratio of 11.99, a price-to-earnings-growth ratio of 3.35 and a beta of 0.84. Suncor Energy Inc. has a 1-year low of $30.79 and a 1-year high of $41.94. The firm has a 50-day moving average price of $39.01 and a 200-day moving average price of $37.37. The company has a quick ratio of 0.77, a current ratio of 1.26 and a debt-to-equity ratio of 0.19.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last announced its quarterly earnings data on Tuesday, August 5th. The oil and gas producer reported $0.51 earnings per share for the quarter, beating analysts' consensus estimates of $0.50 by $0.01. Suncor Energy had a return on equity of 13.21% and a net margin of 11.35%. The company had revenue of $8.81 billion for the quarter, compared to analyst estimates of $11.56 billion. During the same quarter in the previous year, the company earned $1.27 EPS. On average, analysts expect that Suncor Energy Inc. will post 3.42 earnings per share for the current year.

Suncor Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Thursday, September 4th will be issued 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 yield of 4.2%. This is a boost from Suncor Energy's previous quarterly dividend of $0.41. Suncor Energy's dividend payout ratio is presently 51.08%.

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.