Arrowstreet Capital Limited Partnership Buys 14,304,131 Shares of Suncor Energy Inc. $SU

Arrowstreet Capital Limited Partnership grew its stake in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 121.4% during the 1st quarter, Holdings Channel reports. The firm owned 26,085,360 shares of the oil and gas producer’s stock after buying an additional 14,304,131 shares during the period. Suncor Energy comprises about 0.9% of Arrowstreet Capital Limited Partnership’s investment portfolio, making the stock its 14th biggest position. Arrowstreet Capital Limited Partnership’s holdings in Suncor Energy were worth $1,724,954,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. AQR Capital Management LLC boosted its holdings in shares of Suncor Energy by 7,636.8% in the 4th quarter. AQR Capital Management LLC now owns 6,016,483 shares of the oil and gas producer’s stock valued at $267,042,000 after buying an additional 5,938,719 shares during the last quarter. FIL Ltd grew its stake in shares of Suncor Energy by 14.0% in the fourth quarter. FIL Ltd now owns 21,050,387 shares of the oil and gas producer’s stock valued at $934,312,000 after buying an additional 2,592,516 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in Suncor Energy by 5,468.8% during the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,289,219 shares of the oil and gas producer’s stock worth $101,609,000 after buying an additional 2,248,111 shares during the last quarter. Alberta Investment Management Corp acquired a new position in Suncor Energy during the fourth quarter worth $93,960,000. Finally, Alyeska Investment Group L.P. raised its position in Suncor Energy by 334.8% during the third quarter. Alyeska Investment Group L.P. now owns 2,590,863 shares of the oil and gas producer’s stock worth $108,324,000 after acquiring an additional 1,995,007 shares in the last quarter. Institutional investors own 67.37% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. ATB Cormark Capital Markets upgraded shares of Suncor Energy from a “hold” rating to a “moderate buy” rating in a research note on Wednesday, April 1st. Royal Bank Of Canada boosted their price objective 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. Desjardins raised shares of Suncor Energy to a “moderate buy” rating in a report on Thursday, July 16th. Scotiabank upgraded Suncor Energy to a “strong-buy” rating in a report on Friday, June 26th. Finally, Zacks Research upgraded Suncor Energy from a “hold” rating to a “strong-buy” rating in a report on Monday, July 6th. Two research 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. According to MarketBeat.com, Suncor Energy currently has an average rating of “Buy” and a consensus price target of $71.67.

Suncor Energy Price Performance

NYSE:SU opened at $66.35 on Friday. Suncor Energy Inc. has a 52 week low of $37.76 and a 52 week high of $70.29. The firm has a market cap of $78.34 billion, a price-to-earnings ratio of 17.41 and a beta of 0.30. The firm’s 50-day simple moving average is $60.96 and its 200 day simple moving average is $59.33. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.92 and a current ratio of 1.42.

Suncor Energy (NYSE:SU) (TSE:SU) last posted its quarterly earnings data 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 business had revenue of $10.41 billion during the quarter, compared to the consensus estimate 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 EPS. As a group, sell-side analysts predict that Suncor Energy Inc. will post 6.9 earnings per share for the current year.

Suncor Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 25th. Stockholders of record on Thursday, June 4th were given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date was Thursday, June 4th. Suncor Energy’s 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.