Van ECK Associates Corp boosted its stake in Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 72.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 35,640 shares of the oil and gas producer’s stock after purchasing an additional 14,971 shares during the period. Van ECK Associates Corp’s holdings in Suncor Energy were worth $1,451,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of the company. Gagnon Advisors LLC raised its position in shares of Suncor Energy by 1.6% during the 2nd quarter. Gagnon Advisors LLC now owns 146,195 shares of the oil and gas producer’s stock valued at $5,947,000 after buying an additional 2,350 shares in the last quarter. Great West Life Assurance Co. Can grew its holdings in Suncor Energy by 4.5% during the 2nd quarter. Great West Life Assurance Co. Can now owns 14,071,571 shares of the oil and gas producer’s stock valued at $574,449,000 after purchasing an additional 601,708 shares during the last quarter. Sanders Capital LLC bought a new position in Suncor Energy in the 2nd quarter worth about $525,087,000. Commerzbank Aktiengesellschaft FI grew its stake in Suncor Energy by 1.6% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 164,272 shares of the oil and gas producer’s stock worth $6,683,000 after acquiring an additional 2,518 shares in the last quarter. Finally, Wedbush Securities Inc. bought a new position in Suncor Energy in the 2nd quarter worth about $205,000. 65.14% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts have commented on SU shares. Zacks Investment Research upgraded shares of Suncor Energy from a “hold” rating to a “buy” rating and set a $44.00 target price on the stock in a research note on Monday. Mizuho assumed coverage on shares of Suncor Energy in a research report on Monday, July 23rd. They issued a “buy” rating for the company. ValuEngine cut shares of Suncor Energy from a “buy” rating to a “hold” rating in a research report on Tuesday, September 11th. JPMorgan Chase & Co. cut shares of Suncor Energy from an “overweight” rating to a “neutral” rating in a research report on Tuesday, September 11th. Finally, CIBC initiated coverage on shares of Suncor Energy in a research report on Friday. They set a “sector outperform” rating for the company. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $49.43.
Suncor Energy (NYSE:SU) (TSE:SU) last released its quarterly earnings results on Wednesday, July 25th. The oil and gas producer reported $0.73 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.16. The company had revenue of $8.08 billion for the quarter, compared to analyst estimates of $6.53 billion. Suncor Energy had a net margin of 12.25% and a return on equity of 9.61%. During the same quarter last year, the business earned $0.26 earnings per share. Research analysts predict that Suncor Energy Inc. will post 2.51 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, September 25th. Stockholders of record on Tuesday, September 4th were given a $0.274 dividend. The ex-dividend date of this dividend was Friday, August 31st. This represents a $1.10 annualized dividend and a dividend yield of 2.80%. Suncor Energy’s dividend payout ratio (DPR) is 72.85%.
About Suncor Energy
Suncor Energy Inc operates as an integrated energy company. The company primarily focuses on developing petroleum resource basins in Canada's Athabasca oil sands; explores, acquires, develops, produces, and markets crude oil and natural gas in Canada and internationally; transports and refines crude oil; markets petroleum and petrochemical products primarily in Canada.
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