Suncor Energy Inc. $SU Stock Purchased by Summit Global Investments

Summit Global Investments increased its holdings in Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 488.7% during the third quarter, HoldingsChannel.com reports. The fund owned 30,785 shares of the oil and gas producer’s stock after buying an additional 25,556 shares during the period. Summit Global Investments’ holdings in Suncor Energy were worth $2,089,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Suncor Energy during the second quarter worth $816,551,000. The Manufacturers Life Insurance Company purchased a new position in Suncor Energy in the 2nd quarter valued at $790,952,000. Arrowstreet Capital Limited Partnership grew its position in Suncor Energy by 121.4% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 26,085,360 shares of the oil and gas producer’s stock valued at $1,724,954,000 after buying an additional 14,304,131 shares during the last quarter. Canada Pension Plan Investment Board acquired a new position in Suncor Energy in the 2nd quarter valued at $466,810,000. Finally, Bank of America Corp DE acquired a new position in Suncor Energy in the 2nd quarter valued at $351,892,000. Hedge funds and other institutional investors own 67.37% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on SU. Weiss Ratings upgraded shares of Suncor Energy from a “buy (b)” rating to a “buy (a-)” rating in a research note on Thursday, October 8th. Zacks Research upgraded shares of Suncor Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 5th. Desjardins raised shares of Suncor Energy to a “moderate buy” rating in a report on Thursday, July 16th. Morgan Stanley set a $106.00 price objective on shares of Suncor Energy in a research report on Wednesday, August 19th. Finally, Wall Street Zen upgraded shares of Suncor Energy from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 17th. Three equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $79.62.

Suncor Energy Price Performance

Shares of NYSE:SU opened at $79.55 on Friday. The business’s 50 day simple moving average is $71.06 and its 200-day simple moving average is $63.27. The firm has a market capitalization of $93.04 billion, a price-to-earnings ratio of 14.65, a price-to-earnings-growth ratio of 0.27 and a beta of 0.36. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.65 and a quick ratio of 1.08. Suncor Energy Inc. has a 12 month low of $38.72 and a 12 month high of $80.25.

Suncor Energy (NYSE:SU) (TSE:SU) last released its quarterly earnings results on Tuesday, August 4th. The oil and gas producer reported $2.33 earnings per share for the quarter, topping analysts’ consensus estimates of $2.14 by $0.19. Suncor Energy had a return on equity of 20.05% and a net margin of 15.62%. The business had revenue of $13.41 billion for the quarter, compared to analysts’ expectations of $11.68 billion. During the same quarter in the prior year, the firm posted $0.71 EPS. As a group, equities analysts forecast that Suncor Energy Inc. will post 8.76 earnings per share for the current fiscal year.

Suncor Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 4th were given a dividend of C$0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date was Friday, September 4th. Suncor Energy’s payout ratio is presently 31.86%.

About Suncor Energy

Suncor Energy Inc is an integrated energy company headquartered in Calgary, Alberta, Canada. Its operations span the energy value chain, including the development, production, upgrading, refining, and marketing of crude oil and petroleum products.

The company is one of Canada’s major oil sands producers, with interests in mining and in situ oil sands projects. Suncor produces bitumen and synthetic crude oil and also has conventional oil and offshore production interests. Its upstream portfolio includes operated and non-operated assets in Canada.

Through its downstream operations, Suncor refines crude oil into gasoline, diesel, jet fuel, asphalt, and other petroleum products.