The Manufacturers Life Insurance Company Acquires Shares of 14,731,583 Suncor Energy Inc. $SU

Key Points

• The Manufacturers Life Insurance Company acquired 14.7 million Suncor Energy shares valued at approximately $791 million, representing a 1.25% stake. Institutional investors and hedge funds collectively own 67.37% of the company.
• Suncor reported quarterly earnings of $2.33 per share, exceeding the $2.14 consensus estimate, while revenue reached $13.41 billion versus expectations of $11.68 billion.
• The company declared a quarterly dividend of $0.60 per share, equivalent to $2.40 annually and a 3.6% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $80.25.

The Manufacturers Life Insurance Company acquired a new position in Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 14,731,583 shares of the oil and gas producer's stock, valued at approximately $790,952,000. The Manufacturers Life Insurance Company owned 1.25% of Suncor Energy as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently modified their holdings of the company. Versant Capital Management Inc raised its holdings in Suncor Energy by 418.9% in the 2nd quarter. Versant Capital Management Inc now owns 493 shares of the oil and gas producer's stock worth $26,000 after purchasing an additional 398 shares during the period. Headlands Technologies LLC acquired a new stake in Suncor Energy in the second quarter valued at approximately $31,000. 1 North Wealth Services LLC acquired a new stake in Suncor Energy in the fourth quarter valued at approximately $32,000. Accent Capital Management LLC increased its position in shares of Suncor Energy by 37.5% in the fourth quarter. Accent Capital Management LLC now owns 825 shares of the oil and gas producer's stock valued at $37,000 after buying an additional 225 shares in the last quarter. Finally, Summit Securities Group LLC acquired a new position in shares of Suncor Energy during the 4th quarter worth approximately $44,000. 67.37% of the stock is currently owned by institutional investors and hedge funds.

Suncor Energy Stock Performance

Shares of NYSE:SU opened at $67.35 on Tuesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.65 and a quick ratio of 1.08. The business's 50 day moving average price is $61.17 and its 200-day moving average price is $61.77. The firm has a market capitalization of $79.53 billion, a PE ratio of 12.40, a P/E/G ratio of 0.49 and a beta of 0.29. Suncor Energy Inc. has a 1 year low of $37.76 and a 1 year high of $70.29.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last issued its quarterly earnings results on Tuesday, August 4th. The oil and gas producer reported $2.33 EPS for the quarter, topping the consensus estimate of $2.14 by $0.19. The firm had revenue of $13.41 billion during the quarter, compared to analysts' expectations of $11.68 billion. Suncor Energy had a return on equity of 20.05% and a net margin of 15.62%.During the same period in the previous year, the business earned $0.71 earnings per share. As a group, equities research analysts expect that Suncor Energy Inc. will post 7.39 earnings per share for the current fiscal year.

Suncor Energy Dividend Announcement

The firm 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 of this dividend is Friday, September 4th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.6%. Suncor Energy's dividend payout ratio is presently 32.04%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Desjardins raised shares of Suncor Energy to a "moderate buy" rating in a research note on Thursday, July 16th. Morgan Stanley set a $106.00 price objective on shares of Suncor Energy in a research report on Wednesday, August 19th. Wall Street Zen downgraded shares of Suncor Energy from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 1st. Weiss Ratings upgraded shares of Suncor Energy from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, July 29th. Finally, The Goldman Sachs Group lowered shares of Suncor Energy from a "buy" rating to a "neutral" rating and set a $72.00 target price on the stock. in a research report on Friday, June 5th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $80.25.

About Suncor Energy

Suncor Energy Inc is a Canadian integrated energy company headquartered in Calgary, Alberta. The company's operations span the full oil and gas value chain, with principal activities in oil sands development and production, conventional exploration and production, refining, distribution and retail marketing of petroleum products. Suncor supplies crude, synthetic crude and refined fuels as well as related products and services to commercial and consumer markets.

Upstream, Suncor is a major developer and operator of oil sands projects in Alberta, using both mining and in situ technologies to produce bitumen and synthetic crude.

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