Ninepoint Partners LP Makes New Investment in Suncor Energy Inc. $SU

Ninepoint Partners LP purchased a new position in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) during the second quarter, HoldingsChannel.com reports. The institutional investor purchased 2,436,936 shares of the oil and gas producer’s stock, valued at approximately $130,815,000. Suncor Energy accounts for 10.0% of Ninepoint Partners LP’s investment portfolio, making the stock its largest position.

A number of other large investors have also made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in Suncor Energy by 2.1% during the fourth quarter. Vanguard Group Inc. now owns 55,720,921 shares of the oil and gas producer’s stock worth $2,473,173,000 after buying an additional 1,166,405 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in Suncor Energy by 121.4% in the first 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 in the last quarter. FIL Ltd lifted its position in shares of Suncor Energy by 14.0% during the 4th quarter. FIL Ltd now owns 21,050,387 shares of the oil and gas producer’s stock valued at $934,312,000 after acquiring an additional 2,592,516 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Suncor Energy by 2.7% during the 4th quarter. Principal Financial Group Inc. now owns 19,371,704 shares of the oil and gas producer’s stock worth $860,933,000 after acquiring an additional 516,783 shares in the last quarter. Finally, Fisher Asset Management LLC boosted its stake in shares of Suncor Energy by 8.3% during the 4th quarter. Fisher Asset Management LLC now owns 16,820,924 shares of the oil and gas producer’s stock worth $746,176,000 after acquiring an additional 1,289,959 shares in the last quarter. Hedge funds and other institutional investors own 67.37% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on SU shares. Morgan Stanley set a $106.00 price target on Suncor Energy in a report on Wednesday. Scotiabank raised Suncor Energy to a “strong-buy” rating in a report on Friday, June 26th. Weiss Ratings upgraded Suncor Energy from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 29th. The Goldman Sachs Group downgraded shares of Suncor Energy from a “buy” rating to a “neutral” rating and set a $72.00 target price for the company. in a report on Friday, June 5th. Finally, Wall Street Zen lowered shares of Suncor Energy from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 1st. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $80.25.

Suncor Energy Stock Performance

NYSE SU opened at $67.95 on Friday. The company has a quick ratio of 1.08, a current ratio of 1.65 and a debt-to-equity ratio of 0.19. Suncor Energy Inc. has a fifty-two week low of $37.76 and a fifty-two week high of $70.29. The business has a fifty day moving average of $60.88 and a 200-day moving average of $61.56. The stock has a market cap of $80.23 billion, a price-to-earnings ratio of 12.51, a price-to-earnings-growth ratio of 0.49 and a beta of 0.30.

Suncor Energy (NYSE:SU) (TSE:SU) last posted its quarterly earnings data on Tuesday, August 4th. The oil and gas producer reported $2.33 EPS for the quarter, beating analysts’ consensus estimates of $2.14 by $0.19. The business had revenue of $13.41 billion for the quarter, compared to analyst estimates of $11.68 billion. Suncor Energy had a return on equity of 20.05% and a net margin of 15.62%.During the same quarter last year, the company earned $0.71 earnings per share. As a group, analysts predict that Suncor Energy Inc. will post 7.39 earnings per share for the current fiscal year.

Suncor Energy Announces Dividend

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

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.