Suncor Energy Inc. $SU Stock Holdings Raised by Summit Global Investments

Key Points

• Summit Global Investments increased its Suncor Energy stake by 488.7% in the third quarter, reaching 30,785 shares valued at approximately $2.09 million. Institutional investors and hedge funds collectively own 67.37% of the company.
• Analyst sentiment is broadly positive, with an average “Buy” rating and a consensus price target of $79.62; several firms recently upgraded the stock to “Strong Buy.”
• Suncor reported quarterly EPS of $2.33, exceeding estimates of $2.14, and revenue of $13.41 billion. The company also maintains a quarterly dividend of C$0.60, equivalent to an annualized yield of about 3.0%.

Summit Global Investments boosted its stake in shares of Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 488.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,785 shares of the oil and gas producer's stock after purchasing an additional 25,556 shares during the quarter. Summit Global Investments' holdings in Suncor Energy were worth $2,089,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the company. Americana Partners LLC purchased a new position in Suncor Energy during the 3rd quarter worth $201,000. Aprio Wealth Management LLC increased its stake in shares of Suncor Energy by 5.5% in the third quarter. Aprio Wealth Management LLC now owns 5,051 shares of the oil and gas producer's stock worth $343,000 after acquiring an additional 262 shares during the period. Livelsberger Financial Advisory purchased a new position in shares of Suncor Energy during the 3rd quarter valued at about $25,000. Moody Aldrich Partners LLC purchased a new position in Suncor Energy during the third quarter valued at approximately $4,126,000. Finally, Viewpoint Investment Partners Corp increased its holdings in shares of Suncor Energy by 43.1% during the 3rd quarter. Viewpoint Investment Partners Corp now owns 43,835 shares of the oil and gas producer's stock valued at $2,973,000 after purchasing an additional 13,200 shares in the last quarter. 67.37% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Weiss Ratings raised shares of Suncor Energy from a "buy (b)" rating to a "buy (a-)" rating in a report on Thursday, October 8th. Wall Street Zen raised shares of Suncor Energy from a "buy" rating to a "strong-buy" rating in a research note on Saturday, October 17th. Desjardins upgraded Suncor Energy to a "moderate buy" rating in a research report on Thursday, July 16th. Morgan Stanley set a $106.00 price objective on shares of Suncor Energy in a report on Wednesday, August 19th. Finally, Zacks Research raised Suncor Energy from a "hold" rating to a "strong-buy" rating in a research note on Monday, October 5th. Three investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $79.62.

Suncor Energy Price Performance

SU stock opened at $79.55 on Friday. 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 company has a market capitalization of $93.04 billion, a PE ratio of 14.65, a P/E/G ratio of 0.27 and a beta of 0.36. The business's fifty day moving average price is $71.06 and its 200 day moving average price is $63.27. Suncor Energy Inc. has a 12-month low of $38.72 and a 12-month high of $80.25.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last posted its quarterly earnings data 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. The business had revenue of $13.41 billion during the quarter, compared to analyst estimates of $11.68 billion. Suncor Energy had a net margin of 15.62% and a return on equity of 20.05%. During the same quarter last year, the firm posted $0.71 earnings per share. On average, sell-side analysts anticipate that Suncor Energy Inc. will post 8.76 EPS for the current year.

Suncor Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 4th were given a C$0.60 dividend. The ex-dividend date of this dividend was Friday, September 4th. This represents a $2.40 dividend on an annualized basis and a yield of 3.0%. Suncor Energy's dividend payout ratio (DPR) is currently 31.86%.

About Suncor Energy

Suncor Energy Inc is an integrated energy company headquartered in Calgary, Alberta, Canada. Its operations span the energy value chain, including the development, production, upgrading, refining, and marketing of crude oil and petroleum products.

The company is one of Canada's major oil sands producers, with interests in mining and in situ oil sands projects. Suncor produces bitumen and synthetic crude oil and also has conventional oil and offshore production interests. Its upstream portfolio includes operated and non-operated assets in Canada.

Through its downstream operations, Suncor refines crude oil into gasoline, diesel, jet fuel, asphalt, and other petroleum products.

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