SCP Investment LP Acquires New Position in Suncor Energy Inc. $SU

SCP Investment LP bought a new position in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 45,800 shares of the oil and gas producer’s stock, valued at approximately $1,915,000. Suncor Energy accounts for 1.5% of SCP Investment LP’s holdings, making the stock its 10th biggest holding.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Rothschild Investment LLC acquired a new stake in shares of Suncor Energy in the 3rd quarter worth approximately $49,000. Metis Global Partners LLC boosted its position in Suncor Energy by 14.8% during the third quarter. Metis Global Partners LLC now owns 103,994 shares of the oil and gas producer’s stock worth $4,352,000 after purchasing an additional 13,442 shares in the last quarter. Assetmark Inc. grew its holdings in Suncor Energy by 89.4% in the third quarter. Assetmark Inc. now owns 11,545 shares of the oil and gas producer’s stock valued at $483,000 after purchasing an additional 5,450 shares during the last quarter. Caprock Group LLC purchased a new position in shares of Suncor Energy in the third quarter valued at $1,166,000. Finally, Advisors Asset Management Inc. raised its stake in shares of Suncor Energy by 0.7% during the 3rd quarter. Advisors Asset Management Inc. now owns 43,083 shares of the oil and gas producer’s stock worth $1,801,000 after buying an additional 301 shares during the last quarter. 67.37% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Suncor Energy in a research note on Monday, December 29th. Wall Street Zen lowered shares of Suncor Energy from a “buy” rating to a “hold” rating in a research report on Sunday, December 28th. Zacks Research downgraded Suncor Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 20th. Royal Bank Of Canada upped their target price on Suncor Energy from $69.00 to $75.00 and gave the company an “outperform” rating in a research note on Thursday, February 5th. Finally, The Goldman Sachs Group increased their target price on Suncor Energy from $48.00 to $54.00 and gave the company a “buy” rating in a report on Friday, January 23rd. Five equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Suncor Energy has an average rating of “Moderate Buy” and an average target price of $61.00.

Suncor Energy Stock Performance

Shares of SU opened at $55.10 on Wednesday. Suncor Energy Inc. has a 1 year low of $30.79 and a 1 year high of $56.46. The company’s 50 day simple moving average is $48.43 and its 200 day simple moving average is $43.85. The company has a market capitalization of $65.57 billion, a price-to-earnings ratio of 15.88 and a beta of 0.46. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.89 and a current ratio of 1.39.

Suncor Energy (NYSE:SU) (TSE:SU) last issued its quarterly earnings results on Tuesday, February 3rd. The oil and gas producer reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.02. Suncor Energy had a return on equity of 12.51% and a net margin of 11.99%.The company had revenue of $8.77 billion during the quarter, compared to the consensus estimate of $8.79 billion. During the same period in the previous year, the firm posted $1.25 EPS. On average, sell-side analysts predict that Suncor Energy Inc. will post 3.42 EPS for the current year.

Suncor Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 25th. Investors of record on Wednesday, March 4th will be given a dividend of $0.60 per share. The ex-dividend date is Wednesday, March 4th. This represents a $2.40 annualized dividend and a yield of 4.4%. Suncor Energy’s dividend payout ratio is 50.14%.

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.