Suncor Energy Inc. $SU Shares Acquired by Cidel Asset Management Inc.

Key Points

• Cidel Asset Management increased its Suncor Energy stake by 170.6% in the second quarter, purchasing 237,609 additional shares and bringing its holdings to 376,897 shares valued at approximately $20.3 million. Institutional investors collectively own 67.37% of Suncor.
• Suncor reported quarterly EPS of $2.33, beating analysts’ $2.14 estimate, while revenue reached $13.41 billion versus the $11.68 billion consensus forecast.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $80.25. Suncor also announced a quarterly dividend of $0.60 per share, representing an annualized yield of about 3.5%.

Cidel Asset Management Inc. increased its stake in shares of Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 170.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 376,897 shares of the oil and gas producer's stock after purchasing an additional 237,609 shares during the quarter. Cidel Asset Management Inc.'s holdings in Suncor Energy were worth $20,269,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC raised its stake in Suncor Energy by 4.2% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 16,523 shares of the oil and gas producer's stock valued at $887,000 after purchasing an additional 666 shares during the last quarter. IFP Advisors Inc boosted its stake in shares of Suncor Energy by 114.2% during the 2nd quarter. IFP Advisors Inc now owns 6,553 shares of the oil and gas producer's stock worth $352,000 after purchasing an additional 3,494 shares during the last quarter. Mraz Amerine & Associates Inc. boosted its stake in shares of Suncor Energy by 1.9% during the 2nd quarter. Mraz Amerine & Associates Inc. now owns 22,712 shares of the oil and gas producer's stock worth $1,219,000 after purchasing an additional 430 shares during the last quarter. West Family Investments Inc. purchased a new stake in shares of Suncor Energy during the second quarter worth about $316,000. Finally, Corient Private Wealth LP grew its holdings in shares of Suncor Energy by 336.7% during the second quarter. Corient Private Wealth LP now owns 291,504 shares of the oil and gas producer's stock worth $15,648,000 after buying an additional 224,755 shares in the last quarter. Hedge funds and other institutional investors own 67.37% of the company's stock.

Wall Street Analyst Weigh In

SU has been the topic of several recent analyst reports. Weiss Ratings raised shares of Suncor Energy from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, July 29th. Wall Street Zen cut shares of Suncor Energy from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 1st. The Goldman Sachs Group downgraded Suncor Energy from a "buy" rating to a "neutral" rating and set a $72.00 price target for the company. in a report on Friday, June 5th. Scotiabank raised Suncor Energy to a "strong-buy" rating in a research note on Friday, June 26th. Finally, Desjardins upgraded Suncor Energy to a "moderate buy" rating in a research note on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $80.25.

Suncor Energy Trading Up 0.9%

Shares of SU opened at $67.92 on Wednesday. Suncor Energy Inc. has a twelve month low of $37.76 and a twelve month high of $70.29. The firm has a market capitalization of $79.44 billion, a P/E ratio of 12.51, a price-to-earnings-growth ratio of 0.49 and a beta of 0.30. 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 fifty day simple moving average is $63.77 and its 200 day simple moving average is $62.72.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last posted its quarterly earnings results on Tuesday, August 4th. The oil and gas producer reported $2.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.14 by $0.19. The firm had revenue of $13.41 billion during the quarter, compared to the consensus estimate of $11.68 billion. Suncor Energy had a return on equity of 20.05% and a net margin of 15.62%.During the same quarter in the previous year, the business earned $0.71 earnings per share. On average, equities research analysts forecast that Suncor Energy Inc. will post 7.39 earnings per share 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. The ex-dividend date is Friday, September 4th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.5%. Suncor Energy's payout ratio is presently 31.86%.

Suncor Energy Company Profile

Suncor Energy Inc is an integrated energy company headquartered in Calgary, Alberta, Canada. Its operations include the development, production and upgrading of oil sands resources, conventional oil and natural gas production, and the refining and marketing of petroleum products.

Suncor produces crude oil, synthetic crude oil, refined fuels, lubricants and petrochemical feedstocks. Through its Petro-Canada brand, the company operates retail fuel stations and convenience stores across Canada, while its refining and marketing activities serve customers in Canada and the United States.

Founded in 1919, Suncor has evolved from an oil sands producer into one of Canada's largest integrated energy companies.

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