Sumitomo Life Insurance Co. Makes New Investment in Suncor Energy Inc. $SU

Sumitomo Life Insurance Co. purchased a new position in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 32,316 shares of the oil and gas producer’s stock, valued at approximately $1,735,000.

Other large investors have also recently added to or reduced their stakes in the company. Versant Capital Management Inc grew its stake in shares of Suncor Energy by 418.9% in the second quarter. Versant Capital Management Inc now owns 493 shares of the oil and gas producer’s stock worth $26,000 after acquiring an additional 398 shares during the last quarter. Headlands Technologies LLC bought a new stake in Suncor Energy in the second quarter valued at about $31,000. 1 North Wealth Services LLC acquired a new position in shares of Suncor Energy in the 4th quarter worth approximately $32,000. Accent Capital Management LLC raised its stake in Suncor Energy by 37.5% during 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 in the last quarter. Finally, Summit Securities Group LLC bought a new position in Suncor Energy during the 4th quarter valued at about $44,000. Institutional investors own 67.37% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. The Goldman Sachs Group downgraded shares of Suncor Energy from a “buy” rating to a “neutral” rating and set a $72.00 price target on the stock. in a research report on Friday, June 5th. Scotiabank raised Suncor Energy to a “strong-buy” rating in a research note on Friday, June 26th. Desjardins raised shares of Suncor Energy to a “moderate buy” rating in a research note on Thursday, July 16th. Morgan Stanley set a $106.00 price target on Suncor Energy in a report on Wednesday. Finally, Zacks Research lowered shares of Suncor Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $80.25.

Suncor Energy Trading Up 0.8%

Shares of NYSE:SU opened at $68.46 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.65 and a quick ratio of 1.08. Suncor Energy Inc. has a 1 year low of $37.76 and a 1 year high of $70.29. The company has a market capitalization of $80.83 billion, a P/E ratio of 12.61, a P/E/G ratio of 0.49 and a beta of 0.30. The business’s 50 day simple moving average is $61.02 and its 200 day simple moving average is $61.61.

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 analysts’ consensus estimates 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 analysts’ expectations of $11.68 billion. During the same period last year, the firm posted $0.71 earnings per share. On average, research analysts anticipate that Suncor Energy Inc. will post 7.39 EPS for the current fiscal year.

Suncor Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Friday, September 4th. Suncor Energy’s payout ratio is 32.04%.

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.