Evolve Private Wealth LLC Makes New $1.68 Million Investment in Suncor Energy Inc. $SU

Key Points

• Evolve Private Wealth purchased 31,233 Suncor Energy shares worth approximately $1.68 million in the second quarter, while institutional investors collectively own 67.37% of the company.
• Suncor reported quarterly EPS of $2.33, exceeding estimates of $2.14, alongside revenue of $13.41 billion versus the $11.68 billion consensus forecast.
• The company declared a quarterly dividend of $0.60 per share, equivalent to $2.40 annually and a 3.5% yield; analysts maintain a “Moderate Buy” consensus with an $80.25 target price.

Evolve Private Wealth LLC purchased a new position in Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 31,233 shares of the oil and gas producer's stock, valued at approximately $1,677,000.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. increased its stake in Suncor Energy by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 55,720,921 shares of the oil and gas producer's stock valued at $2,473,173,000 after buying an additional 1,166,405 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in shares of Suncor Energy by 121.4% in the first quarter. Arrowstreet Capital Limited Partnership now owns 26,085,360 shares of the oil and gas producer's stock worth $1,724,954,000 after acquiring an additional 14,304,131 shares during the last quarter. FIL Ltd raised its holdings in shares of Suncor Energy by 14.0% during the fourth quarter. FIL Ltd now owns 21,050,387 shares of the oil and gas producer's stock worth $934,312,000 after acquiring an additional 2,592,516 shares in the last quarter. Principal Financial Group Inc. grew its stake in Suncor Energy by 2.7% in the fourth quarter. Principal Financial Group Inc. now owns 19,371,704 shares of the oil and gas producer's stock valued at $860,933,000 after purchasing an additional 516,783 shares in the last quarter. Finally, Fisher Asset Management LLC increased its position in Suncor Energy by 8.3% in the 4th quarter. Fisher Asset Management LLC now owns 16,820,924 shares of the oil and gas producer's stock worth $746,176,000 after purchasing an additional 1,289,959 shares during the last quarter. 67.37% of the stock is currently owned by institutional investors and hedge funds.

Suncor Energy Price Performance

Shares of Suncor Energy stock opened at $68.46 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.65 and a quick ratio of 1.08. The company has a market cap of $80.83 billion, a PE ratio of 12.61, a price-to-earnings-growth ratio of 0.49 and a beta of 0.30. The firm has a fifty day moving average price of $61.02 and a two-hundred day moving average price of $61.61. 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 posted its quarterly earnings data on Tuesday, August 4th. The oil and gas producer reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.14 by $0.19. The company had revenue of $13.41 billion for the quarter, compared to the consensus estimate of $11.68 billion. Suncor Energy had a net margin of 15.62% and a return on equity of 20.05%. During the same quarter in the previous year, the firm posted $0.71 EPS. Analysts expect that Suncor Energy Inc. will post 7.39 EPS for the current year.

Suncor Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be given a dividend of $0.60 per share. 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 3.5%. Suncor Energy's dividend payout ratio (DPR) is 32.04%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on SU shares. Weiss Ratings raised Suncor Energy from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, July 29th. Morgan Stanley set a $106.00 price objective on Suncor Energy in a report on Wednesday. The Goldman Sachs Group lowered shares of Suncor Energy from a "buy" rating to a "neutral" rating and set a $72.00 price objective on the stock. in a research report on Friday, June 5th. Wall Street Zen downgraded shares of Suncor Energy from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 1st. 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 assigned a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, Suncor Energy currently has a consensus rating of "Moderate Buy" and a consensus target price of $80.25.

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.

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