Engineers Gate Manager LP Increases Position in Suncor Energy Inc. $SU

Engineers Gate Manager LP grew its position in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 349.9% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 876,008 shares of the oil and gas producer’s stock after purchasing an additional 681,283 shares during the period. Suncor Energy makes up about 0.6% of Engineers Gate Manager LP’s holdings, making the stock its 18th largest holding. Engineers Gate Manager LP owned about 0.07% of Suncor Energy worth $47,024,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Suncor Energy in the 2nd quarter valued at $816,551,000. The Manufacturers Life Insurance Company acquired a new position in Suncor Energy during the 2nd quarter worth about $790,952,000. Arrowstreet Capital Limited Partnership boosted its holdings in Suncor Energy by 121.4% during the 1st 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. Canada Pension Plan Investment Board purchased a new position in Suncor Energy during the 2nd quarter valued at about $466,810,000. Finally, Bank of America Corp DE acquired a new position in Suncor Energy in the 2nd quarter valued at about $351,892,000. 67.37% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SU has been the topic of a number of recent research reports. Weiss Ratings upgraded shares of Suncor Energy from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 29th. Wall Street Zen cut shares of Suncor Energy from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 1st. The Goldman Sachs Group downgraded shares of Suncor Energy from a “buy” rating to a “neutral” rating and set a $72.00 target price on the stock. in a research note on Friday, June 5th. Zacks Research lowered shares of Suncor Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 4th. Finally, Desjardins raised shares of Suncor Energy to a “moderate buy” rating in a research report on Thursday, July 16th. One research 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, the company currently has an average rating of “Moderate Buy” and a consensus target price of $80.25.

Suncor Energy Price Performance

Shares of NYSE SU opened at $67.92 on Wednesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.65 and a quick ratio of 1.08. The company has a market cap of $79.44 billion, a price-to-earnings ratio of 12.51, a price-to-earnings-growth ratio of 0.49 and a beta of 0.30. The stock’s 50-day moving average is $63.77 and its two-hundred day moving average is $62.72. Suncor Energy Inc. has a 1-year low of $37.76 and a 1-year high of $70.29.

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

Suncor Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 3.5%. The ex-dividend date is Friday, September 4th. Suncor Energy’s payout ratio is 31.86%.

Suncor Energy Profile

Suncor Energy Inc is an integrated energy company headquartered in Calgary, Alberta, Canada. Its operations include the development, production and upgrading of oil sands resources, conventional oil and natural gas production, and the refining and marketing of petroleum products.

Suncor produces crude oil, synthetic crude oil, refined fuels, lubricants and petrochemical feedstocks. Through its Petro-Canada brand, the company operates retail fuel stations and convenience stores across Canada, while its refining and marketing activities serve customers in Canada and the United States.

Founded in 1919, Suncor has evolved from an oil sands producer into one of Canada’s largest integrated energy companies.