NewEdge Wealth LLC Grows Stock Position in Suncor Energy Inc. $SU

NewEdge Wealth LLC boosted its stake in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 3.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 986,242 shares of the oil and gas producer’s stock after purchasing an additional 29,251 shares during the quarter. NewEdge Wealth LLC’s holdings in Suncor Energy were worth $40,653,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Richardson Financial Services Inc. raised its position in shares of Suncor Energy by 64.1% during the 3rd quarter. Richardson Financial Services Inc. now owns 704 shares of the oil and gas producer’s stock worth $29,000 after acquiring an additional 275 shares in the last quarter. Headlands Technologies LLC acquired a new stake in Suncor Energy during the 2nd quarter worth $31,000. Hanson & Doremus Investment Management increased its position in Suncor Energy by 143.5% in the 3rd quarter. Hanson & Doremus Investment Management now owns 789 shares of the oil and gas producer’s stock valued at $33,000 after acquiring an additional 465 shares during the period. Smartleaf Asset Management LLC raised its stake in shares of Suncor Energy by 95.8% during the third quarter. Smartleaf Asset Management LLC now owns 793 shares of the oil and gas producer’s stock worth $33,000 after purchasing an additional 388 shares during the last quarter. Finally, Atlantic Union Bankshares Corp acquired a new position in Suncor Energy during the 2nd quarter worth approximately $37,000. Institutional investors and hedge funds own 67.37% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. The Goldman Sachs Group lifted their price objective on Suncor Energy from $48.00 to $54.00 and gave the stock a “buy” rating in a report on Friday, January 23rd. Royal Bank Of Canada lifted their price target on shares of Suncor Energy from $69.00 to $75.00 and gave the stock an “outperform” rating in a report on Thursday, February 5th. Zacks Research downgraded Suncor Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 20th. Wall Street Zen cut Suncor Energy from a “buy” rating to a “hold” rating in a report on Sunday, December 28th. Finally, Raymond James Financial raised shares of Suncor Energy from a “market perform” rating to an “outperform” rating in a research report on Thursday, November 6th. Five analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $61.00.

Suncor Energy Price Performance

SU opened at $55.85 on Thursday. Suncor Energy Inc. has a twelve month low of $30.79 and a twelve month high of $56.46. The firm has a market cap of $66.45 billion, a price-to-earnings ratio of 16.09 and a beta of 0.46. The company has a current ratio of 1.39, a quick ratio of 0.89 and a debt-to-equity ratio of 0.20. The company has a fifty day simple moving average of $48.66 and a 200 day simple moving average of $43.94.

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

Suncor Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 25th. Shareholders of record on Wednesday, March 4th will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date is Wednesday, March 4th. Suncor Energy’s payout ratio is 49.57%.

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.