Suncor Energy Inc. $SU Holdings Raised by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments Holdings LLC raised its stake in Suncor Energy by 17.2%, owning 496,768 shares valued at approximately $18.8 million following a purchase of an additional 72,824 shares.
• Suncor Energy's recent quarterly earnings report showed an EPS of $0.51, surpassing estimates, though the revenue of $8.81 billion fell short of the expected $11.56 billion.
• The company announced a quarterly dividend increase to $0.4135 per share, resulting in an annualized yield of 4.3% and a payout ratio of 51.08%.

Allspring Global Investments Holdings LLC raised its stake in shares of Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 17.2% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 496,768 shares of the oil and gas producer's stock after buying an additional 72,824 shares during the period. Allspring Global Investments Holdings LLC's holdings in Suncor Energy were worth $18,793,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of SU. Maseco LLP acquired a new stake in Suncor Energy during the second quarter valued at $32,000. N.E.W. Advisory Services LLC acquired a new stake in shares of Suncor Energy during the 1st quarter valued at about $36,000. Wayfinding Financial LLC bought a new stake in shares of Suncor Energy in the 1st quarter valued at approximately $42,000. ORG Wealth Partners LLC acquired a new position in Suncor Energy in the first quarter worth approximately $44,000. Finally, Harbour Investments Inc. increased its holdings in Suncor Energy by 67.0% in the first quarter. Harbour Investments Inc. now owns 1,169 shares of the oil and gas producer's stock worth $45,000 after buying an additional 469 shares during the last quarter. 67.37% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on SU. Wells Fargo & Company initiated coverage on shares of Suncor Energy in a research report on Friday. They issued an "equal weight" rating for the company. Zacks Research cut shares of Suncor Energy from a "hold" rating to a "strong sell" rating in a report on Wednesday. Royal Bank Of Canada restated an "outperform" rating and set a $65.00 target price on shares of Suncor Energy in a report on Friday, October 3rd. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Suncor Energy in a research report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $65.00.

Suncor Energy Stock Performance

NYSE:SU opened at $38.54 on Friday. The firm has a market capitalization of $46.60 billion, a PE ratio of 11.86, a PEG ratio of 3.05 and a beta of 0.78. Suncor Energy Inc. has a 1 year low of $30.79 and a 1 year high of $43.48. The company has a current ratio of 1.26, a quick ratio of 0.77 and a debt-to-equity ratio of 0.19. The firm's fifty day simple moving average is $40.70 and its 200 day simple moving average is $38.27.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last released its quarterly earnings results on Tuesday, August 5th. The oil and gas producer reported $0.51 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.50 by $0.01. The company had revenue of $8.81 billion during the quarter, compared to analysts' expectations of $11.56 billion. Suncor Energy had a net margin of 11.35% and a return on equity of 13.21%. During the same period in the prior year, the company earned $1.27 earnings per share. On average, sell-side analysts anticipate that Suncor Energy Inc. will post 3.42 EPS for the current year.

Suncor Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 25th. Shareholders of record on Thursday, September 4th were issued a $0.4135 dividend. This is an increase from Suncor Energy's previous quarterly dividend of $0.41. The ex-dividend date of this dividend was Thursday, September 4th. This represents a $1.65 dividend on an annualized basis and a yield of 4.3%. Suncor Energy's payout ratio is 51.08%.

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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