World Equity Group Inc. Purchases New Position in Suncor Energy Inc. $SU

World Equity Group Inc. acquired a new stake in Suncor Energy Inc. (NYSE:SU) (TSE:SU) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 10,229 shares of the oil and gas producer’s stock, valued at approximately $676,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Formidable Asset Management LLC increased its holdings in shares of Suncor Energy by 1.1% during the first quarter. Formidable Asset Management LLC now owns 16,004 shares of the oil and gas producer’s stock worth $1,058,000 after buying an additional 171 shares in the last quarter. Mitchell & Pahl Private Wealth LLC lifted its stake in shares of Suncor Energy by 0.8% in the 1st quarter. Mitchell & Pahl Private Wealth LLC now owns 24,278 shares of the oil and gas producer’s stock valued at $1,605,000 after acquiring an additional 190 shares during the last quarter. IFP Advisors Inc boosted its holdings in shares of Suncor Energy by 22.6% during the 4th quarter. IFP Advisors Inc now owns 1,047 shares of the oil and gas producer’s stock valued at $46,000 after acquiring an additional 193 shares in the last quarter. DGS Capital Management LLC boosted its holdings in shares of Suncor Energy by 3.2% during the 4th quarter. DGS Capital Management LLC now owns 6,149 shares of the oil and gas producer’s stock valued at $273,000 after acquiring an additional 193 shares in the last quarter. Finally, Bryn Mawr Trust Advisors LLC grew its position in Suncor Energy by 3.5% during the 4th quarter. Bryn Mawr Trust Advisors LLC now owns 5,742 shares of the oil and gas producer’s stock worth $255,000 after acquiring an additional 196 shares during the last quarter. Institutional investors and hedge funds own 67.37% of the company’s stock.

Wall Street Analyst Weigh In

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

Suncor Energy Price Performance

Shares of SU opened at $62.45 on Friday. The business has a 50-day moving average of $61.11 and a 200-day moving average of $58.68. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.42 and a quick ratio of 0.92. The company has a market capitalization of $73.73 billion, a price-to-earnings ratio of 16.39 and a beta of 0.30. Suncor Energy Inc. has a 1 year low of $37.76 and a 1 year high of $70.29.

Suncor Energy (NYSE:SU) (TSE:SU) last announced its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $1.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm earned $1.31 earnings per share. As a group, equities research analysts anticipate that Suncor Energy Inc. will post 6.9 earnings per share for the current year.

Suncor Energy Dividend Announcement

The company also recently declared 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 was Thursday, June 4th. This represents a $2.40 annualized dividend and a yield of 3.8%. Suncor Energy’s dividend payout ratio is presently 45.67%.

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.