Van ECK Associates Corp Boosts Stake in Suncor Energy Inc. $SU

Key Points

• VanECK Associates increased its stake in Suncor Energy by 12.4% in Q3, buying 191,488 shares to hold 1,735,847 shares worth about $72.6 million (approximately 0.14% of the company).
• Suncor declared a quarterly dividend of $0.60 (annualized $2.40) with an ex-dividend date of March 4 and payment on March 25, implying a yield of about 4.2%.
• Analyst coverage is mixed but generally positive—five Buys and three Holds with an average target of $61—while recent notable moves include Goldman Sachs raising its target to $54 and RBC to $75.

Van ECK Associates Corp lifted its holdings in Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 12.4% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,735,847 shares of the oil and gas producer's stock after buying an additional 191,488 shares during the period. Van ECK Associates Corp owned approximately 0.14% of Suncor Energy worth $72,625,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. AQR Capital Management LLC grew its stake in shares of Suncor Energy by 14.2% during the 1st quarter. AQR Capital Management LLC now owns 25,015 shares of the oil and gas producer's stock worth $959,000 after acquiring an additional 3,115 shares during the period. Geneos Wealth Management Inc. raised its stake in Suncor Energy by 172.5% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,981 shares of the oil and gas producer's stock valued at $77,000 after acquiring an additional 1,254 shares during the period. Atlantic Union Bankshares Corp purchased a new stake in Suncor Energy during the second quarter valued at about $37,000. Savant Capital LLC lifted its holdings in Suncor Energy by 47.4% during the second quarter. Savant Capital LLC now owns 14,245 shares of the oil and gas producer's stock valued at $533,000 after purchasing an additional 4,580 shares during the last quarter. Finally, Allworth Financial LP boosted its position in Suncor Energy by 29.0% during the second quarter. Allworth Financial LP now owns 2,021 shares of the oil and gas producer's stock worth $76,000 after purchasing an additional 454 shares during the period. 67.37% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SU. Zacks Research lowered shares of Suncor Energy from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, January 20th. Wall Street Zen lowered Suncor Energy from a "buy" rating to a "hold" rating in a report on Sunday, December 28th. The Goldman Sachs Group lifted their price target on Suncor Energy from $48.00 to $54.00 and gave the company a "buy" rating in a research report on Friday, January 23rd. Royal Bank Of Canada increased their price objective on Suncor Energy from $69.00 to $75.00 and gave the stock an "outperform" rating in a report on Thursday, February 5th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Suncor Energy in a report on Monday, December 29th. Five research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, Suncor Energy has an average rating of "Moderate Buy" and an average target price of $61.00.

Suncor Energy Price Performance

NYSE:SU opened at $57.23 on Wednesday. Suncor Energy Inc. has a 52-week low of $30.79 and a 52-week high of $58.63. The stock has a fifty day moving average of $52.42 and a 200 day moving average of $45.72. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.89 and a current ratio of 1.39. The firm has a market capitalization of $68.10 billion, a price-to-earnings ratio of 16.49 and a beta of 0.43.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last posted its quarterly earnings data on Tuesday, February 3rd. The oil and gas producer reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.02. The company had revenue of $8.77 billion for the quarter, compared to analysts' expectations of $8.79 billion. Suncor Energy had a net margin of 11.99% and a return on equity of 12.51%. During the same period in the prior year, the business earned $1.25 earnings per share. On average, research analysts expect that Suncor Energy Inc. will post 3.42 EPS for the current fiscal year.

Suncor Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 25th. Stockholders of record on Wednesday, March 4th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Wednesday, March 4th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 4.2%. Suncor Energy's dividend payout ratio is presently 50.72%.

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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