Suncor Energy Inc. (NYSE:SU) Shares Purchased by Alberta Investment Management Corp

Key Points

• Alberta Investment Management Corp has increased its stake in Suncor Energy Inc. by 43.3%, owning nearly 4 million shares and making it the firm's 12th largest position.
• Suncor Energy recently reported earnings of $0.91 per share, surpassing estimates of $0.86, although revenue fell short at $9.10 billion compared to forecasts of $13.39 billion.
• The company has raised its quarterly dividend to $0.4133 per share, reflecting an increased annual yield of 4.2% compared to its previous dividend amount.

Alberta Investment Management Corp boosted its holdings in Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 43.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,994,577 shares of the oil and gas producer's stock after acquiring an additional 1,207,077 shares during the quarter. Suncor Energy accounts for 1.1% of Alberta Investment Management Corp's portfolio, making the stock its 12th largest position. Alberta Investment Management Corp owned about 0.32% of Suncor Energy worth $154,648,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the business. Covestor Ltd increased its position 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 acquiring an additional 256 shares during the period. Stifel Financial Corp increased its position in Suncor Energy by 0.3% in the 4th quarter. Stifel Financial Corp now owns 95,508 shares of the oil and gas producer's stock valued at $3,408,000 after acquiring an additional 265 shares during the period. Freedom Investment Management Inc. increased its position in Suncor Energy by 2.0% in the 4th quarter. Freedom Investment Management Inc. now owns 15,344 shares of the oil and gas producer's stock valued at $547,000 after acquiring an additional 302 shares during the period. Sagespring Wealth Partners LLC increased its position in Suncor Energy by 5.8% in the 1st quarter. Sagespring Wealth Partners LLC now owns 6,065 shares of the oil and gas producer's stock valued at $235,000 after acquiring an additional 332 shares during the period. Finally, Winthrop Capital Management LLC increased its position in Suncor Energy by 2.6% in the 1st quarter. Winthrop Capital Management LLC now owns 13,654 shares of the oil and gas producer's stock valued at $529,000 after acquiring an additional 352 shares during the period. 67.37% of the stock is currently owned by institutional investors and hedge funds.

Suncor Energy Stock Performance

Shares of NYSE SU opened at $39.45 on Friday. The stock has a fifty day moving average price of $38.42 and a two-hundred day moving average price of $37.39. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.84 and a current ratio of 1.39. The firm has a market cap of $48.05 billion, a P/E ratio of 11.37, a PEG ratio of 3.50 and a beta of 0.80. Suncor Energy Inc. has a 1 year low of $30.79 and a 1 year high of $41.94.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last issued its quarterly earnings results on Tuesday, May 6th. The oil and gas producer reported $0.91 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.86 by $0.05. The firm had revenue of $9.10 billion during the quarter, compared to analyst estimates of $13.39 billion. Suncor Energy had a return on equity of 14.90% and a net margin of 11.95%. During the same period last year, the company posted $1.41 EPS. Research analysts forecast that Suncor Energy Inc. will post 3.42 EPS for the current fiscal year.

Suncor Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 25th. Stockholders of record on Wednesday, June 4th were paid a dividend of $0.4133 per share. The ex-dividend date of this dividend was Wednesday, June 4th. This represents a $1.65 annualized dividend and a dividend yield of 4.2%. This is a boost from Suncor Energy's previous quarterly dividend of $0.40. Suncor Energy's dividend payout ratio is 47.84%.

Analysts Set New Price Targets

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

About Suncor Energy

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.

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