Cidel Asset Management Inc. Increases Stock Holdings in Suncor Energy Inc. $SU

Cidel Asset Management Inc. lifted its position in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 1,673.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 139,288 shares of the oil and gas producer’s stock after buying an additional 131,433 shares during the quarter. Cidel Asset Management Inc.’s holdings in Suncor Energy were worth $9,183,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Steph & Co. grew its position in shares of Suncor Energy by 3.5% in the first quarter. Steph & Co. now owns 7,541 shares of the oil and gas producer’s stock valued at $499,000 after purchasing an additional 255 shares during the last quarter. Signal Advisors Wealth LLC acquired a new position in shares of Suncor Energy in the first quarter valued at approximately $225,000. PKO Investment Management Joint Stock Co raised its position in shares of Suncor Energy by 28.6% in the first quarter. PKO Investment Management Joint Stock Co now owns 41,800 shares of the oil and gas producer’s stock valued at $2,759,000 after buying an additional 9,300 shares during the last quarter. Evolve Private Wealth LLC lifted its stake in shares of Suncor Energy by 35.1% during the first quarter. Evolve Private Wealth LLC now owns 29,809 shares of the oil and gas producer’s stock valued at $1,971,000 after buying an additional 7,744 shares during the period. Finally, Baron Wealth Management LLC lifted its stake in shares of Suncor Energy by 2.6% during the first quarter. Baron Wealth Management LLC now owns 11,636 shares of the oil and gas producer’s stock valued at $769,000 after buying an additional 294 shares during the period. 67.37% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have commented on the stock. Royal Bank Of Canada lifted their target price 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. ATB Cormark Capital Markets upgraded Suncor Energy from a “hold” rating to a “moderate buy” rating in a research note on Wednesday, April 1st. Zacks Research downgraded Suncor Energy from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 1st. The Goldman Sachs Group lowered Suncor Energy from a “buy” rating to a “neutral” rating and set a $72.00 price target on the stock. in a research note on Friday, June 5th. Finally, Wall Street Zen cut Suncor Energy from a “strong-buy” rating to a “buy” rating in a report on Sunday, June 7th. Five analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Suncor Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $71.67.

Suncor Energy Stock Performance

NYSE:SU opened at $56.53 on Wednesday. The company has a market cap of $66.75 billion, a P/E ratio of 14.84 and a beta of 0.27. The firm’s 50 day moving average is $63.75 and its two-hundred day moving average is $57.05. Suncor Energy Inc. has a fifty-two week low of $37.22 and a fifty-two week high of $70.29. 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 announced its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $1.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.45 by ($0.04). The company 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 prior year, the firm earned $1.31 earnings per share. Analysts expect that Suncor Energy Inc. will post 7.07 EPS for the current year.

Suncor Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 25th. Investors of record on Thursday, June 4th will be issued a $0.60 dividend. The ex-dividend date is Thursday, June 4th. This represents a $2.40 dividend on an annualized basis and a yield of 4.2%. Suncor Energy’s dividend payout ratio (DPR) is presently 45.67%.

Suncor Energy 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.