NewEdge Wealth LLC Invests $61.63 Million in Suncor Energy Inc. $SU

Key Points

• NewEdge Wealth LLC acquired 1.15 million Suncor Energy shares worth approximately $61.6 million in the second quarter, giving it a 0.10% stake. Institutional investors collectively own 67.37% of the company.
• Suncor reported quarterly earnings of $2.33 per share, exceeding analyst expectations of $2.14, while revenue reached $13.41 billion versus the $11.68 billion consensus estimate.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $80.25. Suncor also declared a quarterly dividend of $0.60 per share, equivalent to a 3.6% yield and $2.40 annualized payout.

NewEdge Wealth LLC acquired a new stake in shares of Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 1,148,025 shares of the oil and gas producer's stock, valued at approximately $61,626,000. NewEdge Wealth LLC owned about 0.10% of Suncor Energy at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in SU. Versant Capital Management Inc boosted its holdings in Suncor Energy by 418.9% in the second quarter. Versant Capital Management Inc now owns 493 shares of the oil and gas producer's stock worth $26,000 after acquiring an additional 398 shares in the last quarter. 1 North Wealth Services LLC acquired a new position in shares of Suncor Energy during the fourth quarter valued at about $32,000. Cassaday & Co Wealth Management LLC purchased a new position in shares of Suncor Energy in the 1st quarter valued at approximately $53,000. Headlands Technologies LLC purchased a new position in shares of Suncor Energy in the 2nd quarter valued at approximately $31,000. Finally, Accent Capital Management LLC boosted its stake in Suncor Energy by 37.5% in the 4th quarter. Accent Capital Management LLC now owns 825 shares of the oil and gas producer's stock worth $37,000 after purchasing an additional 225 shares in the last quarter. Institutional investors and hedge funds own 67.37% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Scotiabank upgraded shares of Suncor Energy to a "strong-buy" rating in a research note on Friday, June 26th. Weiss Ratings raised Suncor Energy from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, July 29th. Zacks Research lowered Suncor Energy from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 4th. The Goldman Sachs Group downgraded Suncor Energy from a "buy" rating to a "neutral" rating and set a $72.00 price target on the stock. in a research note on Friday, June 5th. Finally, Desjardins raised Suncor Energy to a "moderate buy" rating in a report on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $80.25.

Suncor Energy Stock Performance

Shares of SU stock opened at $67.54 on Thursday. Suncor Energy Inc. has a 52-week low of $37.76 and a 52-week high of $70.29. The company has a quick ratio of 1.08, a current ratio of 1.65 and a debt-to-equity ratio of 0.19. The stock has a market cap of $79.75 billion, a PE ratio of 12.44, a price-to-earnings-growth ratio of 0.49 and a beta of 0.30. The business has a 50-day simple moving average of $60.75 and a 200-day simple moving average of $61.45.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last announced its quarterly earnings results on Tuesday, August 4th. The oil and gas producer reported $2.33 earnings per share for the quarter, beating the consensus estimate of $2.14 by $0.19. Suncor Energy had a return on equity of 20.05% and a net margin of 15.62%.The company had revenue of $13.41 billion during the quarter, compared to analysts' expectations of $11.68 billion. During the same period last year, the business earned $0.71 earnings per share. On average, equities analysts expect that Suncor Energy Inc. will post 7.39 EPS for the current year.

Suncor Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend is Friday, September 4th. Suncor Energy's payout ratio is 32.04%.

About Suncor Energy

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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