Cushing Asset Management LP boosted its stake in Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 126.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 184,658 shares of the oil and gas producer’s stock after purchasing an additional 103,000 shares during the quarter. Cushing Asset Management LP’s holdings in Suncor Energy were worth $6,781,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the stock. Hartree Partners LP acquired a new position in Suncor Energy in the fourth quarter valued at about $624,000. Elkfork Partners LLC acquired a new position in Suncor Energy in the fourth quarter valued at about $11,312,000. Captrust Financial Advisors acquired a new position in Suncor Energy in the fourth quarter valued at about $206,000. Raymond James & Associates raised its stake in Suncor Energy by 6.1% in the fourth quarter. Raymond James & Associates now owns 630,994 shares of the oil and gas producer’s stock valued at $23,170,000 after purchasing an additional 36,317 shares in the last quarter. Finally, Two Sigma Investments LP raised its stake in Suncor Energy by 106.9% in the fourth quarter. Two Sigma Investments LP now owns 2,302,173 shares of the oil and gas producer’s stock valued at $84,614,000 after purchasing an additional 1,189,328 shares in the last quarter. 65.77% of the stock is owned by institutional investors and hedge funds.
A number of research analysts recently commented on SU shares. TD Securities downgraded Suncor Energy from a “buy” rating to a “hold” rating and set a $50.00 price target for the company. in a research note on Thursday, November 16th. Zacks Investment Research downgraded Suncor Energy from a “buy” rating to a “hold” rating in a research note on Monday, November 20th. Edward Jones raised Suncor Energy from a “hold” rating to a “buy” rating in a research note on Monday, November 20th. AltaCorp Capital reissued a “hold” rating and set a $51.00 target price on shares of Suncor Energy in a research note on Monday, January 15th. Finally, Piper Jaffray Companies reissued a “buy” rating and set a $47.00 target price on shares of Suncor Energy in a research note on Wednesday, January 24th. One analyst has rated the stock with a sell rating, three have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $45.67.
Suncor Energy (NYSE:SU) (TSE:SU) last issued its earnings results on Thursday, February 8th. The oil and gas producer reported $0.62 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.07. The firm had revenue of $7.12 billion during the quarter, compared to the consensus estimate of $6.43 billion. Suncor Energy had a return on equity of 7.15% and a net margin of 13.93%. sell-side analysts forecast that Suncor Energy Inc. will post 1.92 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, March 26th. Stockholders of record on Monday, March 5th will be issued a dividend of $0.286 per share. This is a boost from Suncor Energy’s previous quarterly dividend of $0.25. This represents a $1.14 annualized dividend and a dividend yield of 3.51%. The ex-dividend date of this dividend is Friday, March 2nd. Suncor Energy’s payout ratio is 55.29%.
TRADEMARK VIOLATION WARNING: This report was originally posted by American Banking News and is the sole property of of American Banking News. If you are reading this report on another domain, it was illegally stolen and republished in violation of U.S. and international trademark & copyright legislation. The original version of this report can be accessed at https://www.americanbankingnews.com/2018/03/14/cushing-asset-management-lp-has-6-78-million-position-in-suncor-energy-inc-su.html.
About Suncor Energy
Suncor Energy Inc is a Canada-based integrated energy company. The Company is focused on developing Canada’s petroleum resource basin, Athabasca oil sands. The Company operates in three business segments: Oil Sands, Exploration and Production (E&P), and Refining and Marketing. The Company’s Oil Sands segment includes Oil Sands operations and Oil Sands ventures operations.
Receive News & Ratings for Suncor Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Suncor Energy and related companies with MarketBeat.com's FREE daily email newsletter.