Royal London Asset Management Ltd. Buys 99,988 Shares of Suncor Energy Inc. $SU

Key Points

• Royal London Asset Management increased its Suncor Energy stake by 7% in the second quarter, acquiring 99,988 shares and bringing its holdings to 1.53 million shares valued at approximately $82 million.
• Suncor reported quarterly earnings of $2.33 per share, exceeding the $2.14 analyst consensus, while revenue reached $13.41 billion versus the $11.68 billion estimate.
• 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.

Royal London Asset Management Ltd. lifted its stake in shares of Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 7.0% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,527,642 shares of the oil and gas producer's stock after buying an additional 99,988 shares during the period. Royal London Asset Management Ltd. owned about 0.13% of Suncor Energy worth $82,004,000 as of its most recent SEC filing.

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

Suncor Energy Stock Down 1.4%

Shares of NYSE:SU opened at $65.50 on Friday. Suncor Energy Inc. has a 1 year low of $37.76 and a 1 year high of $70.29. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.65 and a quick ratio of 1.08. The company has a market capitalization of $77.34 billion, a price-to-earnings ratio of 12.06, a P/E/G ratio of 0.48 and a beta of 0.30. The business's 50-day moving average is $61.93 and its 200-day moving average is $62.06.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last issued its earnings results on Tuesday, August 4th. The oil and gas producer reported $2.33 earnings per share for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $11.68 billion. During the same period in the prior year, the firm earned $0.71 earnings per share. Equities research analysts predict that Suncor Energy Inc. will post 7.39 earnings per share for the current year.

Suncor Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $2.40 annualized dividend and a dividend yield of 3.7%. Suncor Energy's payout ratio is presently 32.04%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SU. Weiss Ratings raised shares of Suncor Energy from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, July 29th. The Goldman Sachs Group downgraded shares of Suncor Energy from a "buy" rating to a "neutral" rating and set a $72.00 price target for the company. in a research note on Friday, June 5th. Wall Street Zen lowered shares of Suncor Energy from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 1st. Desjardins raised shares of Suncor Energy to a "moderate buy" rating in a research note on Thursday, July 16th. Finally, Zacks Research downgraded Suncor Energy from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price 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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