Principal Financial Group Inc. Has $1.17 Billion Stock Holdings in Suncor Energy Inc. $SU

Principal Financial Group Inc. trimmed its position in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 8.7% in the 1st quarter, Holdings Channel.com reports. The fund owned 17,681,187 shares of the oil and gas producer’s stock after selling 1,690,517 shares during the quarter. Suncor Energy comprises about 0.6% of Principal Financial Group Inc.’s holdings, making the stock its 29th biggest position. Principal Financial Group Inc.’s holdings in Suncor Energy were worth $1,165,739,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. AQR Capital Management LLC raised its stake in shares of 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. grew its stake in shares of Suncor Energy by 172.5% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,981 shares of the oil and gas producer’s stock valued at $77,000 after buying an additional 1,254 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in 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 last quarter. AXA S.A. increased its holdings in Suncor Energy by 17.2% in the second quarter. AXA S.A. now owns 50,278 shares of the oil and gas producer’s stock worth $1,883,000 after buying an additional 7,395 shares during the last quarter. Finally, NewEdge Advisors LLC increased its holdings in Suncor Energy by 6.4% in the second quarter. NewEdge Advisors LLC now owns 67,142 shares of the oil and gas producer’s stock worth $2,514,000 after buying an additional 4,043 shares during the last quarter. Hedge funds and other institutional investors own 67.37% of the company’s stock.

Suncor Energy Stock Up 3.3%

Suncor Energy stock opened at $61.22 on Tuesday. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.42 and a quick ratio of 0.92. Suncor Energy Inc. has a fifty-two week low of $37.76 and a fifty-two week high of $70.29. The firm has a fifty day moving average price of $61.45 and a two-hundred day moving average price of $58.28. The firm has a market cap of $72.28 billion, a price-to-earnings ratio of 16.07 and a beta of 0.30.

Suncor Energy (NYSE:SU) (TSE:SU) last issued its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $1.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.45 by ($0.04). The business had revenue of $10.41 billion during the quarter, compared to analyst estimates 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 in the prior year, the business posted $1.31 earnings per share. As a group, analysts forecast that Suncor Energy Inc. will post 7.07 earnings per share for the current year.

Suncor Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 25th. Shareholders of record on Thursday, June 4th were issued a $0.60 dividend. The ex-dividend date of this dividend was Thursday, June 4th. This represents a $2.40 dividend on an annualized basis and a yield of 3.9%. Suncor Energy’s dividend payout ratio (DPR) is 45.67%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on SU shares. The Goldman Sachs Group cut shares of Suncor Energy from a “buy” rating to a “neutral” rating and set a $72.00 target price for the company. in a research note on Friday, June 5th. ATB Cormark Capital Markets upgraded shares of Suncor Energy from a “hold” rating to a “moderate buy” rating in a report on Wednesday, April 1st. Zacks Research raised shares of Suncor Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 6th. Royal Bank Of Canada upped their price objective on shares of Suncor Energy from $75.00 to $89.00 and gave the stock an “outperform” rating in a report on Wednesday, April 1st. Finally, Weiss Ratings raised shares of Suncor Energy from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, June 26th. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Suncor Energy has an average rating of “Buy” and an average target price of $71.67.

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.