Bank of New York Mellon Corp Acquires 173,737 Shares of Suncor Energy Inc. $SU

Bank of New York Mellon Corp grew its holdings in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 6.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,001,716 shares of the oil and gas producer’s stock after buying an additional 173,737 shares during the quarter. Bank of New York Mellon Corp’s holdings in Suncor Energy were worth $198,443,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. AQR Capital Management LLC boosted its position in shares of Suncor Energy by 14.2% during the first quarter. AQR Capital Management LLC now owns 25,015 shares of the oil and gas producer’s stock valued at $959,000 after buying an additional 3,115 shares during the last quarter. Geneos Wealth Management Inc. raised its position in Suncor Energy by 172.5% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,981 shares of the oil and gas producer’s stock valued at $77,000 after buying an additional 1,254 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in Suncor Energy by 21.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,667 shares of the oil and gas producer’s stock valued at $100,000 after buying an additional 464 shares during the last quarter. AXA S.A. lifted its stake in Suncor Energy by 17.2% during the 2nd quarter. AXA S.A. now owns 50,278 shares of the oil and gas producer’s stock valued at $1,883,000 after acquiring an additional 7,395 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its holdings in Suncor Energy by 6.4% during the 2nd quarter. NewEdge Advisors LLC now owns 67,142 shares of the oil and gas producer’s stock worth $2,514,000 after acquiring an additional 4,043 shares during the last quarter. 67.37% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Suncor Energy from a “buy” rating to a “strong-buy” rating in a research note on Sunday, July 12th. The Goldman Sachs Group lowered 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. Zacks Research upgraded shares of Suncor Energy from a “hold” rating to a “strong-buy” rating in a report on Monday, July 6th. Scotiabank raised shares of Suncor Energy to a “strong-buy” rating in a research report on Friday, June 26th. Finally, Royal Bank Of Canada increased their price objective on shares of Suncor Energy from $75.00 to $89.00 and gave the company an “outperform” rating in a research note on Wednesday, April 1st. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $71.67.

Suncor Energy Price Performance

Suncor Energy stock opened at $62.45 on Friday. The business’s 50 day simple moving average is $61.11 and its 200 day simple moving average is $58.68. Suncor Energy Inc. has a 12 month low of $37.76 and a 12 month high of $70.29. The company has a market cap of $73.73 billion, a price-to-earnings ratio of 16.39 and a beta of 0.30. The company has a current ratio of 1.42, a quick ratio of 0.92 and a debt-to-equity ratio of 0.20.

Suncor Energy (NYSE:SU) (TSE:SU) last released its earnings results on Tuesday, May 5th. The oil and gas producer reported $1.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.45 by ($0.04). The firm had revenue of $10.41 billion during the quarter, compared to analysts’ expectations of $9.22 billion. Suncor Energy had a return on equity of 13.96% and a net margin of 12.29%.During the same period in the prior year, the business earned $1.31 earnings per share. Sell-side analysts forecast that Suncor Energy Inc. will post 6.9 EPS for the current year.

Suncor Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 25th. Stockholders of record on Thursday, June 4th were paid a dividend of $0.60 per share. The ex-dividend date was Thursday, June 4th. This represents a $2.40 annualized dividend and a dividend yield of 3.8%. Suncor Energy’s dividend payout ratio is presently 45.67%.

About Suncor Energy

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.