Mackenzie Financial Corp Acquires 2,410,857 Shares of Suncor Energy Inc. (NYSE:SU)

Key Points

• Mackenzie Financial Corp has increased its stake in Suncor Energy by 18.6%, acquiring an additional 2,410,857 shares during the first quarter, which now represent approximately 0.8% of their holdings.
• Suncor Energy reported earnings per share of $0.91 for the last quarter, exceeding estimates, with total revenue of $9.10 billion against a consensus of $13.39 billion.
• The company recently raised its quarterly dividend to $0.4133 per share, which translates to an annual yield of 4.20%, reflecting a boost from the previous dividend of $0.40.

Mackenzie Financial Corp raised its holdings in Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 18.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,377,546 shares of the oil and gas producer's stock after buying an additional 2,410,857 shares during the quarter. Suncor Energy accounts for approximately 0.8% of Mackenzie Financial Corp's holdings, making the stock its 25th biggest holding. Mackenzie Financial Corp owned approximately 1.25% of Suncor Energy worth $595,398,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. CIBC Private Wealth Group LLC grew its holdings in shares of Suncor Energy by 250.8% in the 4th quarter. CIBC Private Wealth Group LLC now owns 19,811 shares of the oil and gas producer's stock worth $759,000 after purchasing an additional 14,163 shares during the last quarter. Principal Financial Group Inc. grew its holdings in Suncor Energy by 65.0% during the 1st quarter. Principal Financial Group Inc. now owns 16,018,129 shares of the oil and gas producer's stock worth $620,136,000 after acquiring an additional 6,311,513 shares during the last quarter. Inscription Capital LLC bought a new stake in Suncor Energy during the 1st quarter worth about $247,000. Vident Advisory LLC boosted its stake in shares of Suncor Energy by 967.9% in the 4th quarter. Vident Advisory LLC now owns 519,112 shares of the oil and gas producer's stock valued at $18,522,000 after purchasing an additional 470,500 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in shares of Suncor Energy by 14.2% in the 4th quarter. Ameriprise Financial Inc. now owns 623,306 shares of the oil and gas producer's stock valued at $22,884,000 after purchasing an additional 77,556 shares during the last quarter. Institutional investors own 67.37% of the company's stock.

Suncor Energy Price Performance

NYSE SU opened at $39.31 on Monday. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.21. Suncor Energy Inc. has a 12-month low of $30.79 and a 12-month high of $41.94. The company has a market capitalization of $48.07 billion, a PE ratio of 11.33, a price-to-earnings-growth ratio of 3.46 and a beta of 0.80. The firm's 50 day moving average is $38.06 and its 200-day moving average is $37.35.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last posted its quarterly earnings data on Tuesday, May 6th. The oil and gas producer reported $0.91 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.86 by $0.05. The company had revenue of $9.10 billion for the quarter, compared to the consensus estimate of $13.39 billion. Suncor Energy had a net margin of 11.95% and a return on equity of 14.90%. During the same period last year, the company earned $1.41 earnings per share. Equities research analysts anticipate that Suncor Energy Inc. will post 3.42 earnings per share for the current fiscal year.

Suncor Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 25th. Shareholders of record on Wednesday, June 4th were given a dividend of $0.4133 per share. This represents a $1.65 dividend on an annualized basis and a yield of 4.20%. This is a boost from Suncor Energy's previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Wednesday, June 4th. Suncor Energy's payout ratio is 47.55%.

Analysts Set New Price Targets

Separately, Wall Street Zen lowered shares of Suncor Energy from a "buy" rating to a "hold" rating in a research note on Thursday, April 17th. Four analysts have rated the stock with a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, Suncor Energy currently has an average rating of "Moderate Buy" and a consensus target price of $66.00.

Suncor Energy 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.

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