HITE Hedge Asset Management LLC Increases Stake in Suncor Energy Inc. $SU

HITE Hedge Asset Management LLC lifted its stake in Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 78.7% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 698,673 shares of the oil and gas producer’s stock after purchasing an additional 307,737 shares during the quarter. Suncor Energy comprises about 2.0% of HITE Hedge Asset Management LLC’s portfolio, making the stock its 16th largest holding. HITE Hedge Asset Management LLC’s holdings in Suncor Energy were worth $30,993,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of SU. Atlantic Edge Private Wealth Management LLC raised its position in shares of Suncor Energy by 54.9% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 635 shares of the oil and gas producer’s stock valued at $28,000 after purchasing an additional 225 shares during the last quarter. Headlands Technologies LLC purchased a new position in Suncor Energy during the 2nd quarter worth approximately $31,000. Smartleaf Asset Management LLC raised its position in Suncor Energy by 95.8% during the 3rd quarter. Smartleaf Asset Management LLC now owns 793 shares of the oil and gas producer’s stock worth $33,000 after buying an additional 388 shares during the last quarter. Accent Capital Management LLC raised its position in Suncor Energy by 37.5% during the 4th quarter. Accent Capital Management LLC now owns 825 shares of the oil and gas producer’s stock worth $37,000 after buying an additional 225 shares during the last quarter. Finally, Maseco LLP purchased a new position in Suncor Energy during the 4th quarter worth approximately $39,000. 67.37% of the stock is owned by hedge funds and other institutional investors.

Suncor Energy Stock Performance

SU opened at $61.56 on Friday. Suncor Energy Inc. has a 12-month low of $37.22 and a 12-month high of $70.29. The company has a current ratio of 1.42, a quick ratio of 0.92 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $72.69 billion, a PE ratio of 16.16 and a beta of 0.27. The firm has a 50 day moving average of $64.94 and a two-hundred day moving average of $56.36.

Suncor Energy (NYSE:SU) (TSE:SU) last posted its earnings results on Tuesday, May 5th. The oil and gas producer reported $1.41 earnings per share for the quarter, missing the consensus estimate of $1.45 by ($0.04). The firm had revenue of $10.41 billion for the quarter, compared to analysts’ expectations of $9.22 billion. Suncor Energy had a net margin of 12.29% and a return on equity of 13.96%. During the same period last year, the firm earned $1.31 earnings per share. On average, analysts anticipate that Suncor Energy Inc. will post 7.07 EPS for the current year.

Suncor Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 25th. Stockholders of record on Thursday, June 4th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend is Thursday, June 4th. Suncor Energy’s payout ratio is 45.67%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. ATB Cormark Capital Markets raised shares of Suncor Energy from a “hold” rating to a “moderate buy” rating in a research report on Wednesday, April 1st. Wall Street Zen lowered shares of Suncor Energy from a “strong-buy” rating to a “buy” rating in a research report on Sunday, June 7th. Royal Bank Of Canada raised their price target on shares of Suncor Energy from $75.00 to $89.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 1st. The Goldman Sachs Group lowered shares of Suncor Energy from a “buy” rating to a “neutral” rating and set a $72.00 price target for the company. in a research report on Friday, June 5th. Finally, Zacks Research lowered shares of Suncor Energy from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 1st. Five analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $71.67.

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.