Wellington Management Group LLP Makes New Investment in Suncor Energy Inc. $SU

Key Points

• Wellington Management initiated a Suncor Energy stake, purchasing 1.05 million shares valued at approximately $56.6 million. Institutional investors collectively own 67.37% of the company.
• Suncor reported quarterly earnings of $2.33 per share, exceeding analyst estimates of $2.14, while revenue reached $13.41 billion versus the $11.68 billion consensus forecast.
• The company declared a quarterly dividend of $0.60 per share, equivalent to $2.40 annually and a 3.5% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $80.25.

Wellington Management Group LLP acquired a new stake in shares of Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 1,052,991 shares of the oil and gas producer's stock, valued at approximately $56,622,000. Wellington Management Group LLP owned 0.09% of Suncor Energy at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of SU. Arrowstreet Capital Limited Partnership grew its holdings in Suncor Energy by 121.4% during the first quarter. Arrowstreet Capital Limited Partnership now owns 26,085,360 shares of the oil and gas producer's stock valued at $1,724,954,000 after purchasing an additional 14,304,131 shares during the period. FIL Ltd lifted its position in shares of Suncor Energy by 14.0% during the 4th quarter. FIL Ltd now owns 21,050,387 shares of the oil and gas producer's stock valued at $934,312,000 after buying an additional 2,592,516 shares in the last quarter. Fisher Asset Management LLC grew its stake in shares of Suncor Energy by 8.3% during the 4th quarter. Fisher Asset Management LLC now owns 16,820,924 shares of the oil and gas producer's stock valued at $746,176,000 after acquiring an additional 1,289,959 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Suncor Energy during the 2nd quarter valued at approximately $816,551,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in Suncor Energy in the 2nd quarter worth approximately $790,952,000. 67.37% of the stock is currently owned by hedge funds and other institutional investors.

Suncor Energy Stock Down 0.1%

Shares of SU opened at $68.32 on Friday. The business's 50 day moving average is $62.95 and its 200 day moving average is $62.47. The company has a current ratio of 1.65, a quick ratio of 1.08 and a debt-to-equity ratio of 0.19. Suncor Energy Inc. has a 12-month low of $37.76 and a 12-month high of $70.29. The company has a market capitalization of $80.67 billion, a PE ratio of 12.58, a price-to-earnings-growth ratio of 0.49 and a beta of 0.30.

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 for the quarter, topping 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 business had revenue of $13.41 billion during the quarter, compared to the consensus estimate of $11.68 billion. During the same period in the prior year, the company posted $0.71 EPS. Research analysts expect that Suncor Energy Inc. will post 7.39 earnings per share for the current fiscal year.

Suncor Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be given 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 dividend payout ratio is currently 32.04%.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. 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. 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 note on Wednesday, August 19th. The Goldman Sachs Group downgraded shares of Suncor Energy from a "buy" rating to a "neutral" rating and set a $72.00 price objective on the stock. in a research report on Friday, June 5th. Finally, Scotiabank upgraded shares of Suncor Energy to a "strong-buy" rating in a research note on Friday, June 26th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $80.25.

Suncor Energy Company Profile

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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