Barometer Capital Management Inc. Invests $9.98 Million in Suncor Energy Inc. $SU

Barometer Capital Management Inc. acquired a new position in Suncor Energy Inc. (NYSE:SU) (TSE:SU) during the 1st quarter, according to its most recent filing with the SEC. The fund acquired 151,020 shares of the oil and gas producer’s stock, valued at approximately $9,984,000. Suncor Energy makes up about 4.1% of Barometer Capital Management Inc.’s holdings, making the stock its 3rd largest holding.

Other large investors have also recently added to or reduced their stakes in the company. Atlantic Edge Private Wealth Management LLC grew its position 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 purchasing an additional 225 shares during the last quarter. 1 North Wealth Services LLC acquired a new position in shares of Suncor Energy during the 4th quarter worth approximately $32,000. Cassaday & Co Wealth Management LLC acquired a new position in shares of Suncor Energy during the 1st quarter worth approximately $53,000. Headlands Technologies LLC purchased a new stake in Suncor Energy in the 2nd quarter valued at approximately $31,000. Finally, Accent Capital Management LLC lifted its stake in Suncor Energy by 37.5% in the 4th quarter. Accent Capital Management LLC now owns 825 shares of the oil and gas producer’s stock valued at $37,000 after buying an additional 225 shares in the last quarter. 67.37% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. The Goldman Sachs Group downgraded Suncor Energy from a “buy” rating to a “neutral” rating and set a $72.00 price target for the company. in a research report on Friday, June 5th. Weiss Ratings downgraded Suncor Energy from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, July 14th. Scotiabank raised Suncor Energy to a “strong-buy” rating in a research note on Friday, June 26th. ATB Cormark Capital Markets upgraded Suncor Energy from a “hold” rating to a “moderate buy” rating in a research report on Wednesday, April 1st. Finally, Royal Bank Of Canada lifted their price objective on Suncor Energy from $75.00 to $89.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 1st. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $71.67.

Suncor Energy Trading Up 2.3%

Shares of SU stock opened at $63.67 on Wednesday. The firm has a market cap of $75.18 billion, a P/E ratio of 16.71 and a beta of 0.30. Suncor Energy Inc. has a 1-year low of $37.76 and a 1-year high of $70.29. 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 firm’s 50-day simple moving average is $61.00 and its 200-day simple moving average is $59.04.

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 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 company 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 earnings per share. As a group, equities analysts forecast that Suncor Energy Inc. will post 6.9 EPS for the current year.

Suncor Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 25th. Shareholders of record on Thursday, June 4th were issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date was Thursday, June 4th. Suncor Energy’s dividend payout ratio (DPR) is 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.