Bank of Nova Scotia Purchases 795,310 Shares of Suncor Energy Inc. $SU

Bank of Nova Scotia grew its position in Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 20.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,765,867 shares of the oil and gas producer’s stock after buying an additional 795,310 shares during the quarter. Bank of Nova Scotia’s holdings in Suncor Energy were worth $315,144,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Atlantic Edge Private Wealth Management LLC raised its holdings in shares of Suncor Energy by 54.9% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 635 shares of the oil and gas producer’s stock valued at $28,000 after acquiring an additional 225 shares in the last quarter. 1 North Wealth Services LLC purchased a new stake in Suncor Energy in the fourth quarter worth about $32,000. Cassaday & Co Wealth Management LLC bought a new position in Suncor Energy during the 1st quarter worth about $53,000. Headlands Technologies LLC bought a new position in Suncor Energy during the 2nd quarter worth about $31,000. Finally, Accent Capital Management LLC increased its position in Suncor Energy by 37.5% during the 4th quarter. Accent Capital Management LLC now owns 825 shares of the oil and gas producer’s stock valued at $37,000 after purchasing an additional 225 shares during the period. Institutional investors own 67.37% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SU. Zacks Research upgraded shares of Suncor Energy from a “hold” rating to a “strong-buy” rating in a report on Monday, July 6th. Scotiabank upgraded shares of 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 report on Thursday, July 16th. Weiss Ratings downgraded shares of Suncor Energy from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, July 14th. Finally, Royal Bank Of Canada upped their target price on Suncor Energy from $75.00 to $89.00 and gave the stock an “outperform” rating in a report on Wednesday, April 1st. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Suncor Energy has an average rating of “Buy” and a consensus target price of $71.67.

Suncor Energy Stock Up 2.5%

Suncor Energy stock opened at $66.35 on Friday. Suncor Energy Inc. has a 1-year low of $37.76 and a 1-year high of $70.29. The business has a fifty day moving average price of $60.96 and a 200-day moving average price of $59.33. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.42 and a quick ratio of 0.92. The stock has a market capitalization of $78.34 billion, a price-to-earnings ratio of 17.41 and a beta of 0.30.

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

Suncor Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 25th. Investors of record on Thursday, June 4th were given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend was Thursday, June 4th. Suncor Energy’s dividend payout ratio (DPR) 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.