Suncor Energy Inc. $SU Stock: Cardinal Capital Management Inc. Raises Position

Key Points

• Cardinal Capital Management doubled its Suncor Energy position in the third quarter, adding 3.18 million shares to own 6.33 million shares valued at approximately $430.4 million. Institutional investors and hedge funds collectively own 67.37% of the company.
• Suncor shares rose 2.9% to $77.80, near their 12-month high of $79.65. The company reported quarterly EPS of $2.33, beating estimates, and revenue of $13.41 billion versus the $11.68 billion consensus.
• The company pays a quarterly dividend of C$0.60 per share, equivalent to C$2.40 annually and a 3.1% yield. Analysts maintain a generally positive outlook, with an average “Buy” rating and a $79.62 average price target.

Cardinal Capital Management Inc. raised its position in Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 101.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,331,336 shares of the oil and gas producer's stock after purchasing an additional 3,181,648 shares during the quarter. Suncor Energy makes up approximately 9.8% of Cardinal Capital Management Inc.'s holdings, making the stock its biggest position. Cardinal Capital Management Inc. owned about 0.54% of Suncor Energy worth $430,430,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Triasima Portfolio Management inc. raised its position in Suncor Energy by 43.4% during the third quarter. Triasima Portfolio Management inc. now owns 58,466 shares of the oil and gas producer's stock valued at $3,974,000 after acquiring an additional 17,681 shares in the last quarter. Ninety One UK Ltd lifted its stake in Suncor Energy by 29.9% in the third quarter. Ninety One UK Ltd now owns 851,994 shares of the oil and gas producer's stock valued at $57,910,000 after acquiring an additional 195,952 shares during the last quarter. Baker Ellis Asset Management LLC acquired a new stake in Suncor Energy in the third quarter valued at approximately $204,000. Mitchell & Pahl Private Wealth LLC lifted its stake in Suncor Energy by 2.2% in the third quarter. Mitchell & Pahl Private Wealth LLC now owns 25,223 shares of the oil and gas producer's stock valued at $1,712,000 after acquiring an additional 531 shares during the last quarter. Finally, Pacifica Partners Inc. grew its position in Suncor Energy by 0.3% in the third quarter. Pacifica Partners Inc. now owns 100,391 shares of the oil and gas producer's stock worth $6,914,000 after acquiring an additional 315 shares in the last quarter. 67.37% of the stock is owned by institutional investors and hedge funds.

Suncor Energy Stock Up 2.9%

SU opened at $77.80 on Friday. The business has a 50 day moving average price of $68.57 and a 200 day moving average price of $64.78. Suncor Energy Inc. has a twelve month low of $37.76 and a twelve month high of $79.65. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.08 and a current ratio of 1.65. The firm has a market cap of $90.99 billion, a P/E ratio of 14.33, a price-to-earnings-growth ratio of 0.50 and a beta of 0.36.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last announced its quarterly earnings results on Tuesday, August 4th. The oil and gas producer reported $2.33 EPS for the quarter, beating 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 company had revenue of $13.41 billion for the quarter, compared to the consensus estimate of $11.68 billion. During the same quarter last year, the company posted $0.71 earnings per share. Research analysts forecast that Suncor Energy Inc. will post 8.12 EPS for the current year.

Suncor Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Investors of record on Friday, September 4th were issued a dividend of C$0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend was Friday, September 4th. Suncor Energy's dividend payout ratio is currently 31.86%.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. Wall Street Zen upgraded shares of Suncor Energy from a "buy" rating to a "strong-buy" rating in a research note on Saturday. Desjardins upgraded shares of Suncor Energy to a "moderate buy" rating in a report on Thursday, July 16th. Morgan Stanley set a $106.00 price objective on shares of Suncor Energy in a research note on Wednesday, August 19th. Weiss Ratings raised shares of Suncor Energy from a "buy (b)" rating to a "buy (a-)" rating in a research note on Thursday, October 8th. Finally, Zacks Research upgraded shares of Suncor Energy from a "hold" rating to a "strong-buy" rating in a report on Monday, October 5th. Three analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Buy" and an average target price of $79.62.

Suncor Energy Company Profile

Suncor Energy Inc is an integrated energy company headquartered in Calgary, Alberta. Its operations span the development and production of crude oil from Canada's oil sands, offshore petroleum production, refining, and the marketing and distribution of petroleum products.

The company produces synthetic crude oil, bitumen and conventional crude oil, which are processed through its refining operations into fuels and other refined products. Suncor markets fuel and convenience products through the Petro-Canada retail network and supplies commercial, wholesale and industrial customers.

Want to see what other hedge funds are holding SU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.