Connor Clark & Lunn Investment Management Ltd. Invests $816.55 Million in Suncor Energy Inc. $SU

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 15,195,542 shares of the oil and gas producer’s stock, valued at approximately $816,551,000. Suncor Energy accounts for 1.5% of Connor Clark & Lunn Investment Management Ltd.’s portfolio, making the stock its 9th biggest holding. Connor Clark & Lunn Investment Management Ltd. owned 1.29% of Suncor Energy as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. AQR Capital Management LLC grew its position in 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 purchasing an additional 3,115 shares in the last quarter. Geneos Wealth Management Inc. lifted its holdings in shares of Suncor Energy by 172.5% in the first quarter. Geneos Wealth Management Inc. now owns 1,981 shares of the oil and gas producer’s stock valued at $77,000 after purchasing an additional 1,254 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of Suncor Energy by 21.1% in the second quarter. EverSource Wealth Advisors LLC now owns 2,667 shares of the oil and gas producer’s stock worth $100,000 after buying an additional 464 shares during the period. AXA S.A. grew its holdings in shares of Suncor Energy by 17.2% during the second quarter. AXA S.A. now owns 50,278 shares of the oil and gas producer’s stock valued at $1,883,000 after buying an additional 7,395 shares in the last quarter. Finally, NewEdge Advisors LLC grew its holdings in shares of Suncor Energy by 6.4% during the second quarter. NewEdge Advisors LLC now owns 67,142 shares of the oil and gas producer’s stock valued at $2,514,000 after buying an additional 4,043 shares in the last quarter. Hedge funds and other institutional investors own 67.37% of the company’s stock.

Suncor Energy Trading Up 0.1%

Shares of NYSE:SU opened at $68.46 on Monday. 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 stock has a market capitalization of $80.83 billion, a PE ratio of 12.61, 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. The firm has a fifty day moving average price of $61.02 and a 200 day moving average price of $61.67.

Suncor Energy (NYSE:SU) (TSE:SU) last posted its earnings results on Tuesday, August 4th. The oil and gas producer reported $2.33 earnings per share for the quarter, beating 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 company had revenue of $13.41 billion for the quarter, compared to analyst estimates of $11.68 billion. During the same period last year, the company earned $0.71 earnings per share. Analysts expect that Suncor Energy Inc. will post 7.39 EPS for the current fiscal year.

Suncor Energy Dividend Announcement

The business also recently disclosed 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 3.5%. Suncor Energy’s dividend payout ratio is currently 32.04%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SU. Zacks Research downgraded Suncor Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 4th. Desjardins raised Suncor Energy to a “moderate buy” rating in a research note on Thursday, July 16th. Morgan Stanley set a $106.00 target price on Suncor Energy in a report on Wednesday. Wall Street Zen lowered shares of Suncor Energy from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 1st. Finally, Scotiabank upgraded shares of Suncor Energy to a “strong-buy” rating in a report on Friday, June 26th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Suncor Energy has a consensus rating of “Moderate Buy” and a consensus price target 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.