Ninepoint Partners LP Purchases New Position in Suncor Energy Inc. $SU

Key Points

• Ninepoint Partners acquired 2.44 million Suncor Energy shares worth approximately $130.8 million, making the stock its largest portfolio holding at about 10%.
• 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, or $2.40 annually, representing a 3.5% yield; analysts maintain a “Moderate Buy” consensus with an average price target of $80.25.

Ninepoint Partners LP acquired a new stake in Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,436,936 shares of the oil and gas producer's stock, valued at approximately $130,815,000. Suncor Energy makes up about 10.0% of Ninepoint Partners LP's portfolio, making the stock its largest position. Ninepoint Partners LP owned 0.21% of Suncor Energy as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in SU. Versant Capital Management Inc lifted its holdings in shares of Suncor Energy by 418.9% in the 2nd quarter. Versant Capital Management Inc now owns 493 shares of the oil and gas producer's stock valued at $26,000 after purchasing an additional 398 shares during the last quarter. Headlands Technologies LLC purchased a new position in Suncor Energy during the 2nd quarter worth approximately $31,000. 1 North Wealth Services LLC purchased a new position in Suncor Energy during the 4th quarter worth approximately $32,000. Accent Capital Management LLC increased its position in Suncor Energy by 37.5% during the fourth quarter. Accent Capital Management LLC now owns 825 shares of the oil and gas producer's stock worth $37,000 after buying an additional 225 shares during the period. Finally, Summit Securities Group LLC acquired a new position in Suncor Energy during the fourth quarter worth approximately $44,000. Hedge funds and other institutional investors own 67.37% of the company's stock.

Suncor Energy Trading Up 0.7%

NYSE:SU opened at $67.95 on Friday. Suncor Energy Inc. has a 12-month low of $37.76 and a 12-month high of $70.29. 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's 50 day simple moving average is $60.88 and its 200-day simple moving average is $61.56. The firm has a market cap of $80.23 billion, a P/E ratio of 12.51, a PEG ratio of 0.49 and a beta of 0.30.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last issued its quarterly earnings results on Tuesday, August 4th. The oil and gas producer reported $2.33 earnings per share for the quarter, topping 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 firm had revenue of $13.41 billion during the quarter, compared to the consensus estimate of $11.68 billion. During the same period last year, the company earned $0.71 earnings per share. Equities analysts anticipate 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 paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 3.5%. The ex-dividend date is Friday, September 4th. Suncor Energy's dividend payout ratio (DPR) is 32.04%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on SU. Wall Street Zen downgraded Suncor Energy from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 1st. The Goldman Sachs Group cut shares of Suncor Energy from a "buy" rating to a "neutral" rating and set a $72.00 target price on the stock. in a report on Friday, June 5th. 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 upgraded shares of Suncor Energy to a "moderate buy" rating in a research note on Thursday, July 16th. Finally, Morgan Stanley set a $106.00 price objective on shares of Suncor Energy in a research report on Wednesday. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $80.25.

Suncor Energy 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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