NewEdge Wealth LLC Grows Stock Position in Suncor Energy Inc. $SU

NewEdge Wealth LLC lifted its stake in Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 3.1% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 986,242 shares of the oil and gas producer’s stock after buying an additional 29,251 shares during the quarter. NewEdge Wealth LLC owned approximately 0.08% of Suncor Energy worth $40,653,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Richardson Financial Services Inc. boosted its position in Suncor Energy by 64.1% in the 3rd quarter. Richardson Financial Services Inc. now owns 704 shares of the oil and gas producer’s stock worth $29,000 after purchasing an additional 275 shares in the last quarter. Headlands Technologies LLC acquired a new position in shares of Suncor Energy in the 2nd quarter valued at $31,000. Hanson & Doremus Investment Management boosted its holdings in Suncor Energy by 143.5% during the third quarter. Hanson & Doremus Investment Management now owns 789 shares of the oil and gas producer’s stock worth $33,000 after buying an additional 465 shares in the last quarter. Smartleaf Asset Management LLC grew its position in Suncor Energy by 95.8% during the third quarter. Smartleaf Asset Management LLC now owns 793 shares of the oil and gas producer’s stock valued at $33,000 after buying an additional 388 shares during the period. Finally, Atlantic Union Bankshares Corp purchased a new position in Suncor Energy in the second quarter valued at $37,000. 67.37% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. raised shares of Suncor Energy from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $46.15 to $54.00 in a research note on Tuesday, January 20th. Zacks Research lowered Suncor Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 20th. Royal Bank Of Canada boosted their price objective on Suncor Energy from $69.00 to $75.00 and gave the company an “outperform” rating in a research report on Thursday, February 5th. Weiss Ratings reissued a “buy (b)” rating on shares of Suncor Energy in a research note on Monday, December 29th. Finally, Raymond James Financial raised shares of Suncor Energy from a “market perform” rating to an “outperform” rating in a research note on Thursday, November 6th. Five research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, Suncor Energy has an average rating of “Moderate Buy” and an average price target of $61.00.

Suncor Energy Price Performance

NYSE:SU opened at $55.85 on Thursday. The company has a market capitalization of $66.45 billion, a P/E ratio of 16.09 and a beta of 0.46. Suncor Energy Inc. has a 52 week low of $30.79 and a 52 week high of $56.46. The stock’s fifty day moving average is $48.66 and its two-hundred day moving average is $43.94. The company has a quick ratio of 0.89, a current ratio of 1.39 and a debt-to-equity ratio of 0.20.

Suncor Energy (NYSE:SU) (TSE:SU) last announced its quarterly earnings results on Tuesday, February 3rd. The oil and gas producer reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.02. The business had revenue of $8.77 billion during the quarter, compared to analysts’ expectations of $8.79 billion. Suncor Energy had a net margin of 11.99% and a return on equity of 12.51%. During the same period last year, the business earned $1.25 earnings per share. Equities analysts expect that Suncor Energy Inc. will post 3.42 EPS for the current year.

Suncor Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 25th. Shareholders of record on Wednesday, March 4th will be paid a dividend of $0.60 per share. The ex-dividend date is Wednesday, March 4th. This represents a $2.40 dividend on an annualized basis and a yield of 4.3%. Suncor Energy’s dividend payout ratio is 49.57%.

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.