Maryland State Retirement & Pension System Buys 32,909 Shares of Suncor Energy Inc. $SU

Key Points

• The Maryland State Retirement & Pension System increased its stake in Suncor Energy by 11.5% during Q2, acquiring an additional 32,909 shares, bringing its total holdings to 319,619 shares valued at approximately $11.98 million.
• Suncor Energy recently reported earnings of $0.51 per share for the last quarter, slightly above analysts' expectations, and also announced a quarterly dividend increase to $0.4135 per share with a dividend yield of 4.0%.
• Brokerages have given Suncor Energy an average rating of "Moderate Buy", with a target price of $65.00, reflecting optimism about its future performance.

Maryland State Retirement & Pension System boosted its stake in shares of Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 11.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 319,619 shares of the oil and gas producer's stock after purchasing an additional 32,909 shares during the period. Maryland State Retirement & Pension System's holdings in Suncor Energy were worth $11,982,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its holdings in Suncor Energy by 2,380.2% during the first quarter. GAMMA Investing LLC now owns 6,002 shares of the oil and gas producer's stock valued at $232,000 after buying an additional 5,760 shares during the last quarter. Merit Financial Group LLC increased its holdings in Suncor Energy by 14.1% during the first quarter. Merit Financial Group LLC now owns 9,429 shares of the oil and gas producer's stock valued at $365,000 after buying an additional 1,165 shares during the last quarter. Park Avenue Securities LLC increased its holdings in Suncor Energy by 59.3% during the first quarter. Park Avenue Securities LLC now owns 31,543 shares of the oil and gas producer's stock valued at $1,221,000 after buying an additional 11,745 shares during the last quarter. Fortitude Family Office LLC purchased a new stake in Suncor Energy during the first quarter valued at approximately $102,000. Finally, Salem Investment Counselors Inc. increased its holdings in Suncor Energy by 97.6% during the first quarter. Salem Investment Counselors Inc. now owns 820 shares of the oil and gas producer's stock valued at $32,000 after buying an additional 405 shares during the last quarter. Institutional investors own 67.37% of the company's stock.

Suncor Energy Price Performance

Shares of NYSE:SU opened at $40.84 on Thursday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.77 and a current ratio of 1.26. The firm has a fifty day moving average price of $40.67 and a 200 day moving average price of $38.23. Suncor Energy Inc. has a fifty-two week low of $30.79 and a fifty-two week high of $43.48. The firm has a market cap of $49.38 billion, a price-to-earnings ratio of 12.57, a P/E/G ratio of 3.35 and a beta of 0.78.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last issued its earnings results on Tuesday, August 5th. The oil and gas producer reported $0.51 earnings per share for the quarter, topping analysts' consensus estimates of $0.50 by $0.01. Suncor Energy had a net margin of 11.35% and a return on equity of 13.21%. The firm had revenue of $8.81 billion during the quarter, compared to analyst estimates of $11.56 billion. During the same quarter in the prior year, the business earned $1.27 earnings per share. As a group, sell-side analysts expect that Suncor Energy Inc. will post 3.42 earnings per share for the current fiscal year.

Suncor Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 25th. Investors of record on Thursday, September 4th were given a dividend of $0.4135 per share. This is a positive change from Suncor Energy's previous quarterly dividend of $0.41. This represents a $1.65 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date was Thursday, September 4th. Suncor Energy's dividend payout ratio (DPR) is currently 51.08%.

Wall Street Analyst Weigh In

A number of brokerages have commented on SU. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $65.00 target price on shares of Suncor Energy in a report on Friday, October 3rd. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Suncor Energy in a report on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, Suncor Energy presently has an average rating of "Moderate Buy" and an average target price of $65.00.

Suncor Energy Company 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.

Want to see what other hedge funds are holding SU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.