HighTower Advisors LLC Raises Stake in Suncor Energy Inc. $SU

Key Points

• HighTower Advisors increased its Suncor Energy stake by 255% in the second quarter, owning 78,316 shares valued at approximately $4.2 million. Institutional investors collectively hold 67.37% of the company.
• Suncor reported quarterly earnings of $2.33 per share, surpassing the $2.14 consensus estimate, while revenue reached $13.41 billion versus expectations of $11.68 billion.
• The company declared a quarterly dividend of $0.60 per share, equivalent to an annualized $2.40 payout and a 3.5% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $80.25.

HighTower Advisors LLC lifted its stake in shares of Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 255.0% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 78,316 shares of the oil and gas producer's stock after purchasing an additional 56,254 shares during the quarter. HighTower Advisors LLC's holdings in Suncor Energy were worth $4,204,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Harvest Portfolios Group Inc. raised its position 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 worth $16,008,000 after purchasing an additional 30,210 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Suncor Energy by 3.4% during the 1st 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 buying an additional 411,243 shares during the last quarter. Public Employees Retirement System of Ohio grew its holdings in Suncor Energy by 6.3% during the 1st 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 buying an additional 50,502 shares during the last quarter. Hillsdale Investment Management Inc. increased its position in Suncor Energy by 217.4% during 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 buying an additional 566,195 shares in the last quarter. Finally, Occidental Asset Management LLC purchased a new position in Suncor Energy during the second quarter worth $818,000. Hedge funds and other institutional investors own 67.37% of the company's stock.

Suncor Energy Price Performance

SU opened at $68.76 on Friday. Suncor Energy Inc. has a twelve month low of $37.76 and a twelve month high of $70.29. The firm has a market cap of $80.43 billion, a price-to-earnings ratio of 12.66, a PEG ratio of 0.50 and a beta of 0.30. The company has a current ratio of 1.65, a quick ratio of 1.08 and a debt-to-equity ratio of 0.19. The company has a fifty day simple moving average of $64.64 and a 200 day simple moving average of $62.94.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last issued its quarterly earnings results on Tuesday, August 4th. The oil and gas producer reported $2.33 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 the consensus estimate of $11.68 billion. During the same quarter in the prior year, the business posted $0.71 earnings per share. Equities research analysts expect that Suncor Energy Inc. will post 7.39 EPS for the current fiscal year.

Suncor Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend is Friday, September 4th. Suncor Energy's payout ratio is currently 31.86%.

Wall Street Analysts Forecast Growth

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

About Suncor Energy

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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