NewEdge Wealth LLC Acquires 81,565 Shares of Suncor Energy Inc. $SU

NewEdge Wealth LLC increased its holdings in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 8.2% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,082,177 shares of the oil and gas producer’s stock after purchasing an additional 81,565 shares during the quarter. Suncor Energy accounts for 0.9% of NewEdge Wealth LLC’s holdings, making the stock its 23rd biggest position. NewEdge Wealth LLC’s holdings in Suncor Energy were worth $71,543,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. Intact Investment Management Inc. raised its holdings in shares of Suncor Energy by 36.3% during the fourth quarter. Intact Investment Management Inc. now owns 1,695,160 shares of the oil and gas producer’s stock worth $75,236,000 after acquiring an additional 451,110 shares during the period. Harvest Portfolios Group Inc. increased its holdings in Suncor Energy by 9.1% during the 4th quarter. Harvest Portfolios Group Inc. now owns 360,668 shares of the oil and gas producer’s stock worth $16,008,000 after purchasing an additional 30,210 shares in the last quarter. Vanguard Group Inc. increased its holdings in Suncor Energy by 2.1% during the 4th quarter. Vanguard Group Inc. now owns 55,720,921 shares of the oil and gas producer’s stock worth $2,473,173,000 after purchasing an additional 1,166,405 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Suncor Energy by 3.4% in the first quarter. Dimensional Fund Advisors LP now owns 12,609,777 shares of the oil and gas producer’s stock valued at $833,622,000 after purchasing an additional 411,243 shares in the last quarter. Finally, Pictet Asset Management Holding SA boosted its position in shares of Suncor Energy by 3.7% during the fourth quarter. Pictet Asset Management Holding SA now owns 431,007 shares of the oil and gas producer’s stock worth $19,155,000 after buying an additional 15,332 shares during the period. 67.37% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Scotiabank raised Suncor Energy to a “strong-buy” rating in a research report on Friday, June 26th. Desjardins upgraded shares of Suncor Energy to a “moderate buy” rating in a report on Thursday, July 16th. 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 research report on Friday, June 5th. ATB Cormark Capital Markets upgraded shares of Suncor Energy from a “hold” rating to a “moderate buy” rating in a research note on Wednesday, April 1st. Finally, Royal Bank Of Canada boosted their price target on shares of Suncor Energy from $75.00 to $89.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 1st. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $71.67.

Suncor Energy Stock Up 1.7%

NYSE:SU opened at $64.75 on Thursday. The firm has a market capitalization of $76.46 billion, a price-to-earnings ratio of 17.00 and a beta of 0.30. Suncor Energy Inc. has a twelve month low of $37.76 and a twelve month high of $70.29. The stock’s 50 day moving average price is $60.97 and its two-hundred day moving average price is $59.19. The company has a quick ratio of 0.92, a current ratio of 1.42 and a debt-to-equity ratio of 0.20.

Suncor Energy (NYSE:SU) (TSE:SU) last released its quarterly earnings data 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). Suncor Energy had a net margin of 12.29% and a return on equity of 13.96%. The company had revenue of $10.41 billion during the quarter, compared to analyst estimates of $9.22 billion. During the same period in the previous year, the company posted $1.31 EPS. Equities research analysts expect that Suncor Energy Inc. will post 6.9 earnings per share for the current fiscal year.

Suncor Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 25th. Shareholders of record on Thursday, June 4th were given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend was Thursday, June 4th. Suncor Energy’s dividend payout ratio is 45.67%.

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.