Pictet Asset Management Holding SA Boosts Stock Position in Suncor Energy Inc. $SU

Pictet Asset Management Holding SA lifted its stake in Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 3.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 431,007 shares of the oil and gas producer’s stock after purchasing an additional 15,332 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Suncor Energy were worth $19,155,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Viewpoint Investment Partners Corp acquired a new position in Suncor Energy during the fourth quarter worth $217,000. Live Oak Investment Partners raised its holdings in shares of Suncor Energy by 30.9% during the 4th quarter. Live Oak Investment Partners now owns 34,737 shares of the oil and gas producer’s stock worth $1,541,000 after acquiring an additional 8,206 shares during the period. Vanguard Group Inc. boosted its position in shares of Suncor Energy by 2.1% during the 4th quarter. Vanguard Group Inc. now owns 55,720,921 shares of the oil and gas producer’s stock valued at $2,473,173,000 after acquiring an additional 1,166,405 shares during the last quarter. HB Wealth Management LLC grew its holdings in shares of Suncor Energy by 4.9% in the fourth quarter. HB Wealth Management LLC now owns 17,050 shares of the oil and gas producer’s stock valued at $756,000 after purchasing an additional 801 shares during the period. Finally, Ruffer LLP grew its holdings in shares of Suncor Energy by 6.9% in the fourth quarter. Ruffer LLP now owns 999,168 shares of the oil and gas producer’s stock valued at $44,471,000 after purchasing an additional 64,131 shares during the period. Institutional investors and hedge funds own 67.37% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on SU. ATB Cormark Capital Markets raised shares of Suncor Energy from a “hold” rating to a “moderate buy” rating in a research note on Wednesday, April 1st. The Goldman Sachs Group raised their price target on shares of Suncor Energy from $66.00 to $73.00 and gave the stock a “buy” rating in a report on Wednesday, April 1st. JPMorgan Chase & Co. raised shares of Suncor Energy from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $46.15 to $54.00 in a research report on Tuesday, January 20th. Royal Bank Of Canada upped their price objective on Suncor Energy from $75.00 to $89.00 and gave the company an “outperform” rating in a report on Wednesday, April 1st. Finally, Zacks Research raised Suncor Energy from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 2nd. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Suncor Energy presently has an average rating of “Buy” and a consensus price target of $72.00.

Suncor Energy Trading Down 1.3%

NYSE SU opened at $67.58 on Friday. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.39 and a quick ratio of 0.89. The stock has a market capitalization of $80.03 billion, a P/E ratio of 19.48 and a beta of 0.32. The firm’s 50-day moving average is $62.02 and its two-hundred day moving average is $51.43. Suncor Energy Inc. has a 12 month low of $33.50 and a 12 month high of $68.62.

Suncor Energy (NYSE:SU) (TSE:SU) last announced its quarterly earnings results on Tuesday, February 3rd. The oil and gas producer reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.02. The business had revenue of $8.77 billion during the quarter, compared to analysts’ expectations of $8.79 billion. Suncor Energy had a net margin of 11.99% and a return on equity of 12.51%. During the same period last year, the business earned $1.25 earnings per share. On average, sell-side analysts anticipate that Suncor Energy Inc. will post 6.72 earnings per share for the current year.

Suncor Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 25th. Shareholders of record on Wednesday, March 4th were given a $0.60 dividend. The ex-dividend date of this dividend was Wednesday, March 4th. This represents a $2.40 dividend on an annualized basis and a yield of 3.6%. Suncor Energy’s payout ratio is presently 50.43%.

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.