HITE Hedge Asset Management LLC Buys 307,737 Shares of Suncor Energy Inc. $SU

HITE Hedge Asset Management LLC lifted its stake in Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 78.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 698,673 shares of the oil and gas producer’s stock after purchasing an additional 307,737 shares during the period. Suncor Energy comprises about 2.0% of HITE Hedge Asset Management LLC’s investment portfolio, making the stock its 16th largest position. HITE Hedge Asset Management LLC owned 0.06% of Suncor Energy worth $30,993,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Atlantic Edge Private Wealth Management LLC lifted its stake in Suncor Energy by 54.9% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 635 shares of the oil and gas producer’s stock worth $28,000 after acquiring an additional 225 shares during the period. Smartleaf Asset Management LLC lifted its stake in Suncor Energy by 95.8% in the third quarter. Smartleaf Asset Management LLC now owns 793 shares of the oil and gas producer’s stock worth $33,000 after acquiring an additional 388 shares during the period. Headlands Technologies LLC purchased a new stake in Suncor Energy in the second quarter worth about $31,000. Accent Capital Management LLC lifted its stake 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, Maseco LLP purchased a new stake in Suncor Energy in the fourth quarter worth about $39,000. 67.37% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on SU shares. The Goldman Sachs Group lowered shares of Suncor Energy from a “buy” rating to a “neutral” rating and set a $72.00 price objective for the company. in a research note on Friday, June 5th. Royal Bank Of Canada upped their price objective on shares of Suncor Energy from $75.00 to $89.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 1st. Weiss Ratings lowered shares of Suncor Energy from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, June 3rd. ATB Cormark Capital Markets raised shares of Suncor Energy from a “hold” rating to a “moderate buy” rating in a research note on Wednesday, April 1st. Finally, Zacks Research lowered shares of Suncor Energy from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 1st. Five analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $71.67.

Suncor Energy Stock Performance

SU stock opened at $61.56 on Friday. The firm has a market cap of $72.69 billion, a price-to-earnings ratio of 16.16 and a beta of 0.27. The firm has a 50-day simple moving average of $64.94 and a two-hundred day simple moving average of $56.36. Suncor Energy Inc. has a one year low of $37.22 and a one year high of $70.29. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.92 and a current ratio of 1.42.

Suncor Energy (NYSE:SU) (TSE:SU) last released its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $1.41 EPS for the quarter, missing the consensus estimate of $1.45 by ($0.04). The firm had revenue of $10.41 billion for the quarter, compared to analysts’ expectations 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 previous year, the company posted $1.31 earnings per share. On average, equities analysts forecast that Suncor Energy Inc. will post 7.07 EPS for the current fiscal year.

Suncor Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 25th. Investors of record on Thursday, June 4th will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend is Thursday, June 4th. Suncor Energy’s dividend payout ratio (DPR) 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.