Legal & General Group Plc Purchases New Holdings in Suncor Energy Inc. $SU

Key Points

• Legal & General Group purchased 3.72 million Suncor Energy shares valued at approximately $199.8 million, representing about 0.31% of the company. Institutional investors collectively own 67.37% of Suncor.
• Suncor reported quarterly earnings of $2.33 per share, beating estimates of $2.14, 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 $2.40 annually and a 3.7% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $80.25.

Legal & General Group Plc purchased a new stake in shares of Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 3,715,798 shares of the oil and gas producer's stock, valued at approximately $199,834,000. Legal & General Group Plc owned about 0.31% of Suncor Energy as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. AQR Capital Management LLC boosted its stake in shares of Suncor Energy by 14.2% in the 1st quarter. AQR Capital Management LLC now owns 25,015 shares of the oil and gas producer's stock worth $959,000 after buying an additional 3,115 shares during the last quarter. Geneos Wealth Management Inc. grew its position in shares of Suncor Energy by 172.5% during the first quarter. Geneos Wealth Management Inc. now owns 1,981 shares of the oil and gas producer's stock worth $77,000 after purchasing an additional 1,254 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of Suncor Energy by 21.1% during the second quarter. EverSource Wealth Advisors LLC now owns 2,667 shares of the oil and gas producer's stock worth $100,000 after acquiring an additional 464 shares during the last quarter. AXA S.A. increased its stake in Suncor Energy by 17.2% in the 2nd quarter. AXA S.A. now owns 50,278 shares of the oil and gas producer's stock worth $1,883,000 after acquiring an additional 7,395 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its holdings in shares of Suncor Energy by 6.4% in the 2nd quarter. NewEdge Advisors LLC now owns 67,142 shares of the oil and gas producer's stock valued at $2,514,000 after acquiring an additional 4,043 shares during the last quarter. 67.37% of the stock is currently owned by institutional investors.

Suncor Energy Trading Up 0.5%

Shares of NYSE:SU opened at $65.66 on Thursday. 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 Inc. has a 52-week low of $37.76 and a 52-week high of $70.29. The business has a 50-day moving average price of $61.50 and a 200-day moving average price of $61.94. The stock has a market cap of $77.53 billion, a price-to-earnings ratio of 12.09, a PEG ratio of 0.47 and a beta of 0.30.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last released its quarterly earnings data on Tuesday, August 4th. The oil and gas producer reported $2.33 earnings per share for the quarter, topping analysts' consensus estimates of $2.14 by $0.19. The firm had revenue of $13.41 billion for the quarter, compared to analyst estimates 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 prior year, the business earned $0.71 earnings per share. Equities analysts predict that Suncor Energy Inc. will post 7.39 EPS for the current year.

Suncor Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be given a $0.60 dividend. The ex-dividend date is Friday, September 4th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.7%. Suncor Energy's dividend payout ratio is 32.04%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SU. Scotiabank raised Suncor Energy to a "strong-buy" rating in a research report on Friday, June 26th. Wall Street Zen lowered shares of Suncor Energy from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 1st. Desjardins raised shares of Suncor Energy to a "moderate buy" rating in a research report on Thursday, July 16th. Zacks Research lowered shares of Suncor Energy from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 4th. Finally, Weiss Ratings upgraded shares of Suncor Energy from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Suncor Energy has a consensus rating of "Moderate Buy" and an average price target of $80.25.

Suncor Energy Profile

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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