Man Group plc Buys Shares of 1,922,906 Suncor Energy Inc. $SU

Key Points

• Man Group plc acquired 1,922,906 Suncor Energy shares worth approximately $103.4 million during the second quarter, giving it a 0.16% stake. Institutional investors collectively own 67.37% of the company.
• Suncor reported quarterly earnings of $2.33 per share, exceeding estimates of $2.14, while revenue reached $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 3.7% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $80.25.

Man Group plc bought a new position in shares of Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,922,906 shares of the oil and gas producer's stock, valued at approximately $103,402,000. Man Group plc owned approximately 0.16% of Suncor Energy at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Formidable Asset Management LLC raised its stake in shares of Suncor Energy by 1.1% during the 1st quarter. Formidable Asset Management LLC now owns 16,004 shares of the oil and gas producer's stock valued at $1,058,000 after purchasing an additional 171 shares during the period. Mitchell & Pahl Private Wealth LLC boosted its stake in Suncor Energy by 0.8% in the 1st quarter. Mitchell & Pahl Private Wealth LLC now owns 24,278 shares of the oil and gas producer's stock worth $1,605,000 after purchasing an additional 190 shares during the period. IFP Advisors Inc boosted its stake in Suncor Energy by 22.6% in the 4th quarter. IFP Advisors Inc now owns 1,047 shares of the oil and gas producer's stock worth $46,000 after purchasing an additional 193 shares during the period. DGS Capital Management LLC boosted its stake in Suncor Energy by 3.2% in the 4th quarter. DGS Capital Management LLC now owns 6,149 shares of the oil and gas producer's stock worth $273,000 after purchasing an additional 193 shares during the period. Finally, Bryn Mawr Trust Advisors LLC grew its holdings in Suncor Energy by 3.5% during the 4th quarter. Bryn Mawr Trust Advisors LLC now owns 5,742 shares of the oil and gas producer's stock valued at $255,000 after buying an additional 196 shares in the last quarter. 67.37% of the stock is owned by institutional investors.

Suncor Energy Stock Performance

Shares of SU opened at $65.38 on Wednesday. The company has a market cap of $77.20 billion, a PE ratio of 12.04, a price-to-earnings-growth ratio of 0.49 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 stock has a 50-day moving average price of $61.32 and a 200-day moving average price of $61.86. Suncor Energy Inc. has a 12-month low of $37.76 and a 12-month high of $70.29.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last issued its quarterly earnings data on Tuesday, August 4th. The oil and gas producer reported $2.33 EPS for the quarter, topping the consensus estimate of $2.14 by $0.19. The company had revenue of $13.41 billion during the quarter, compared to analyst estimates of $11.68 billion. Suncor Energy had a return on equity of 20.05% and a net margin of 15.62%.During the same quarter in the previous year, the firm earned $0.71 earnings per share. As a group, equities analysts forecast that Suncor Energy Inc. will post 7.39 earnings per share for the current fiscal year.

Suncor Energy Dividend Announcement

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

Analysts Set New Price Targets

SU has been the topic of several analyst reports. Zacks Research cut Suncor Energy from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 4th. Weiss Ratings upgraded shares of Suncor Energy from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, July 29th. Desjardins raised shares of Suncor Energy to a "moderate buy" rating in a research note on Thursday, July 16th. Morgan Stanley set a $106.00 target price on shares of Suncor Energy in a report on Wednesday, August 19th. 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 issued a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $80.25.

Suncor Energy Company 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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