Korea Investment CORP Takes Position in Suncor Energy Inc. $SU

Korea Investment CORP acquired a new position in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 927,533 shares of the oil and gas producer’s stock, valued at approximately $49,882,000.

Several other institutional investors have also made changes to their positions in the business. Arrowstreet Capital Limited Partnership increased its stake 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 acquiring an additional 14,304,131 shares during the period. AQR Capital Management LLC lifted its stake in Suncor Energy by 7,636.8% during the fourth quarter. AQR Capital Management LLC now owns 6,016,483 shares of the oil and gas producer’s stock worth $267,042,000 after purchasing an additional 5,938,719 shares during the period. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Suncor Energy by 238.9% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 7,758,650 shares of the oil and gas producer’s stock worth $512,987,000 after purchasing an additional 5,469,431 shares during the period. Deutsche Bank AG acquired a new stake in Suncor Energy during the second quarter valued at approximately $165,381,000. Finally, Alberta Investment Management Corp acquired a new stake in Suncor Energy during the second quarter valued at approximately $163,386,000. 67.37% of the stock is currently owned by institutional investors and hedge funds.

Suncor Energy Stock Performance

Shares of NYSE:SU opened at $68.46 on Friday. The business has a fifty day moving average of $61.02 and a 200-day moving average of $61.61. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.08 and a current ratio of 1.65. Suncor Energy Inc. has a twelve month low of $37.76 and a twelve month high of $70.29. The firm has a market cap of $80.83 billion, a PE ratio of 12.61, a price-to-earnings-growth ratio of 0.49 and a beta of 0.30.

Suncor Energy (NYSE:SU) (TSE:SU) last issued its quarterly earnings results on Tuesday, August 4th. The oil and gas producer reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.14 by $0.19. Suncor Energy had a net margin of 15.62% and a return on equity of 20.05%. The business had revenue of $13.41 billion for the quarter, compared to the consensus estimate of $11.68 billion. During the same quarter in the prior year, the company earned $0.71 EPS. On average, equities research analysts predict that Suncor Energy Inc. will post 7.39 EPS for the current fiscal year.

Suncor Energy Dividend Announcement

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

Wall Street Analysts Forecast Growth

SU has been the subject of a number of recent research reports. Morgan Stanley set a $106.00 target price on Suncor Energy in a report on Wednesday. Zacks Research lowered Suncor Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 4th. Wall Street Zen cut Suncor Energy from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 1st. The Goldman Sachs Group lowered 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. Finally, Scotiabank raised Suncor Energy to a “strong-buy” rating in a report on Friday, June 26th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $80.25.

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.