Connor Clark & Lunn Investment Management Ltd. Invests $816.55 Million in Suncor Energy Inc. $SU

Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 15,195,542 shares of the oil and gas producer’s stock, valued at approximately $816,551,000. Suncor Energy accounts for about 1.5% of Connor Clark & Lunn Investment Management Ltd.’s holdings, making the stock its 9th largest holding.

Other hedge funds and other institutional investors have also bought and sold shares of the company. AQR Capital Management LLC raised its holdings in Suncor Energy by 14.2% in the 1st quarter. AQR Capital Management LLC now owns 25,015 shares of the oil and gas producer’s stock worth $959,000 after acquiring an additional 3,115 shares during the period. Geneos Wealth Management Inc. lifted its position in Suncor Energy by 172.5% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,981 shares of the oil and gas producer’s stock worth $77,000 after acquiring an additional 1,254 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Suncor Energy by 21.1% during the second quarter. EverSource Wealth Advisors LLC now owns 2,667 shares of the oil and gas producer’s stock valued at $100,000 after acquiring an additional 464 shares during the period. AXA S.A. boosted its holdings in Suncor Energy by 17.2% during the second quarter. AXA S.A. now owns 50,278 shares of the oil and gas producer’s stock valued at $1,883,000 after acquiring an additional 7,395 shares during the period. Finally, NewEdge Advisors LLC grew its position in shares of 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 valued at $2,514,000 after purchasing an additional 4,043 shares during the last quarter. 67.37% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Desjardins upgraded Suncor Energy to a “moderate buy” rating in a research note on Thursday, July 16th. Zacks Research downgraded Suncor Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 4th. The Goldman Sachs Group lowered Suncor Energy from a “buy” rating to a “neutral” rating and set a $72.00 target price on the stock. in a report on Friday, June 5th. Wall Street Zen downgraded Suncor Energy from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 1st. Finally, Weiss Ratings upgraded Suncor Energy from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $80.25.

Suncor Energy Price Performance

Shares of Suncor Energy stock opened at $68.46 on Monday. Suncor Energy Inc. has a twelve month low of $37.76 and a twelve month high of $70.29. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.08 and a current ratio of 1.65. The firm has a market cap of $80.83 billion, a P/E ratio of 12.61, a price-to-earnings-growth ratio of 0.49 and a beta of 0.29. The firm’s 50-day simple moving average is $61.02 and its 200-day simple moving average is $61.67.

Suncor Energy (NYSE:SU) (TSE:SU) last released its quarterly earnings data on Tuesday, August 4th. The oil and gas producer reported $2.33 earnings per share for the quarter, beating 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 company had revenue of $13.41 billion for the quarter, compared to the consensus estimate of $11.68 billion. During the same period in the previous year, the business earned $0.71 earnings per share. As a group, research analysts expect that Suncor Energy Inc. will post 7.39 EPS for the current fiscal year.

Suncor Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 3.5%. The ex-dividend date is Friday, September 4th. Suncor Energy’s payout ratio is currently 32.04%.

Suncor Energy 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.