Citigroup Inc. raised its stake in Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 200.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 536,195 shares of the oil and gas producer’s stock after acquiring an additional 357,591 shares during the quarter. Citigroup Inc.’s holdings in Suncor Energy were worth $12,857,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in SU. Credit Agricole S A acquired a new stake in shares of Suncor Energy during the 1st quarter worth approximately $35,000. Concord Wealth Partners acquired a new stake in Suncor Energy in the first quarter valued at approximately $59,000. Banque Cantonale Vaudoise bought a new position in shares of Suncor Energy during the first quarter valued at $63,000. Maverick Capital Ltd. bought a new position in shares of Suncor Energy during the first quarter valued at $64,000. Finally, NEXT Financial Group Inc raised its stake in shares of Suncor Energy by 1,156.8% during the second quarter. NEXT Financial Group Inc now owns 3,230 shares of the oil and gas producer’s stock valued at $77,000 after acquiring an additional 2,973 shares during the last quarter. 60.20% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts have weighed in on the stock. The Goldman Sachs Group downgraded shares of Suncor Energy from a “conviction-buy” rating to a “buy” rating in a research note on Tuesday, August 17th. TheStreet upgraded shares of Suncor Energy from a “d+” rating to a “c” rating in a report on Friday, July 30th. Tudor Pickering reiterated a “buy” rating and issued a C$33.00 target price on shares of Suncor Energy in a research note on Friday, June 18th. Raymond James began coverage on shares of Suncor Energy in a research note on Tuesday, July 20th. They issued a “buy” rating and a $40.00 target price on the stock. Finally, Zacks Investment Research raised shares of Suncor Energy from a “hold” rating to a “strong-buy” rating and set a $21.00 price target on the stock in a research report on Wednesday, September 8th. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $33.17.
Suncor Energy (NYSE:SU) (TSE:SU) last released its quarterly earnings data on Wednesday, July 28th. The oil and gas producer reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.03. Suncor Energy had a net margin of 5.04% and a return on equity of 4.62%. The firm had revenue of $7.40 billion for the quarter, compared to analysts’ expectations of $6.80 billion. Sell-side analysts forecast that Suncor Energy Inc. will post 2 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 24th. Shareholders of record on Friday, September 3rd will be paid a dividend of $0.167 per share. This represents a $0.67 annualized dividend and a yield of 3.57%. The ex-dividend date of this dividend is Thursday, September 2nd. Suncor Energy’s payout ratio is -60.91%.
Suncor Energy Profile
Suncor Energy, Inc is an integrated energy company, which develops petroleum resource basins. Its activities include oil sands development, and upgrading, onshore and offshore oil and gas production, petroleum refining, and product marketing. The company operates through the following business segments: Oil Sands; Exploration & Production; and Refining & Marketing.
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