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NewEdge Wealth LLC Acquires 37,302 Shares of Suncor Energy Inc. (NYSE:SU)

Suncor Energy logo with Energy background

Key Points

  • NewEdge Wealth LLC has increased its holdings in Suncor Energy by 4.3%, acquiring an additional 37,302 shares, bringing their total ownership to 897,009 shares valued at approximately $34.7 million.
  • Suncor Energy recently announced a quarterly dividend increase to $0.4133 per share, representing a yield of 4.2%, up from the previous dividend of $0.40.
  • Analysts have downgraded Suncor Energy's rating from "buy" to "hold," with a consensus target price of $66.00 and a current rating of "Moderate Buy."
  • MarketBeat previews top five stocks to own in September.

NewEdge Wealth LLC raised its holdings in Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 4.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 897,009 shares of the oil and gas producer's stock after buying an additional 37,302 shares during the period. NewEdge Wealth LLC owned 0.07% of Suncor Energy worth $34,732,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SU. Hanson & Doremus Investment Management raised its position in Suncor Energy by 143.5% during the first quarter. Hanson & Doremus Investment Management now owns 789 shares of the oil and gas producer's stock worth $31,000 after acquiring an additional 465 shares in the last quarter. Salem Investment Counselors Inc. increased its stake in shares of Suncor Energy by 97.6% during the 1st quarter. Salem Investment Counselors Inc. now owns 820 shares of the oil and gas producer's stock worth $32,000 after purchasing an additional 405 shares during the last quarter. N.E.W. Advisory Services LLC bought a new stake in shares of Suncor Energy in the 1st quarter valued at about $36,000. Covestor Ltd lifted its stake in Suncor Energy by 30.5% in the 4th quarter. Covestor Ltd now owns 1,095 shares of the oil and gas producer's stock valued at $39,000 after purchasing an additional 256 shares during the last quarter. Finally, Wayfinding Financial LLC bought a new position in Suncor Energy during the first quarter worth about $42,000. 67.37% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

View Our Latest Stock Report on Suncor Energy

Suncor Energy Trading Down 1.0%

SU opened at $39.06 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.39 and a quick ratio of 0.84. Suncor Energy Inc. has a fifty-two week low of $30.79 and a fifty-two week high of $41.94. The company's 50 day moving average price is $38.49 and its two-hundred day moving average price is $37.37. The firm has a market capitalization of $47.57 billion, a price-to-earnings ratio of 11.26, a PEG ratio of 3.44 and a beta of 0.84.

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 for the quarter, beating analysts' consensus estimates of $0.86 by $0.05. Suncor Energy had a return on equity of 14.90% and a net margin of 11.95%. The business had revenue of $9.10 billion during the quarter, compared to the consensus estimate of $13.39 billion. During the same period in the prior year, the business posted $1.41 earnings per share. As a group, research analysts predict that Suncor Energy Inc. will post 3.42 earnings per share for the current year.

Suncor Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 25th. Shareholders of record on Wednesday, June 4th were paid a $0.4133 dividend. This represents a $1.65 annualized dividend and a yield of 4.2%. This is an increase 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 presently 47.84%.

Suncor Energy Company Profile

(Free Report)

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.

Read More

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.

Institutional Ownership by Quarter for Suncor Energy (NYSE: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.

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