The Manufacturers Life Insurance Company Buys Shares of 14,731,583 Suncor Energy Inc. $SU

The Manufacturers Life Insurance Company acquired a new stake in Suncor Energy Inc. (NYSE:SU) (TSE:SU) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 14,731,583 shares of the oil and gas producer’s stock, valued at approximately $790,952,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Versant Capital Management Inc increased its holdings in shares of Suncor Energy by 418.9% during the 2nd quarter. Versant Capital Management Inc now owns 493 shares of the oil and gas producer’s stock worth $26,000 after buying an additional 398 shares during the last quarter. Headlands Technologies LLC acquired a new position in Suncor Energy in the second quarter valued at approximately $31,000. 1 North Wealth Services LLC acquired a new position in Suncor Energy in the fourth quarter valued at approximately $32,000. Accent Capital Management LLC grew its position in Suncor Energy by 37.5% in the fourth quarter. Accent Capital Management LLC now owns 825 shares of the oil and gas producer’s stock worth $37,000 after acquiring an additional 225 shares during the period. Finally, Summit Securities Group LLC purchased a new position in Suncor Energy in the fourth quarter worth approximately $44,000. 67.37% of the stock is currently owned by institutional investors and hedge funds.

Suncor Energy Price Performance

SU stock opened at $67.35 on Tuesday. The business’s fifty day moving average price is $61.17 and its 200 day moving average price is $61.77. Suncor Energy Inc. has a 12-month low of $37.76 and a 12-month high of $70.29. The company has a current ratio of 1.65, a quick ratio of 1.08 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $79.53 billion, a PE ratio of 12.40, a P/E/G ratio of 0.49 and a beta of 0.29.

Suncor Energy (NYSE:SU) (TSE:SU) last announced its earnings results 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 company had revenue of $13.41 billion during the quarter, compared to analysts’ expectations of $11.68 billion. Suncor Energy had a return on equity of 20.05% and a net margin of 15.62%.During the same period last year, the business posted $0.71 EPS. On average, sell-side analysts anticipate that Suncor Energy Inc. will post 7.39 EPS for the current year.

Suncor Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend is Friday, September 4th. Suncor Energy’s dividend payout ratio is currently 32.04%.

Analysts Set New Price Targets

Several brokerages recently issued reports on SU. Morgan Stanley set a $106.00 price objective on shares of Suncor Energy in a report on Wednesday, August 19th. Scotiabank raised shares of Suncor Energy to a “strong-buy” rating in a research note on Friday, June 26th. The Goldman Sachs Group cut shares of Suncor Energy from a “buy” rating to a “neutral” rating and set a $72.00 price target for the company. in a research report on Friday, June 5th. Wall Street Zen downgraded shares of Suncor Energy from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 1st. Finally, Zacks Research lowered shares of Suncor Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $80.25.

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.