Engineers Gate Manager LP Increases Holdings in Suncor Energy Inc. $SU

Engineers Gate Manager LP raised its holdings in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 349.9% in the 2nd quarter, HoldingsChannel reports. The fund owned 876,008 shares of the oil and gas producer’s stock after buying an additional 681,283 shares during the quarter. Suncor Energy accounts for approximately 0.6% of Engineers Gate Manager LP’s investment portfolio, making the stock its 18th biggest holding. Engineers Gate Manager LP’s holdings in Suncor Energy were worth $47,024,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the business. Versant Capital Management Inc raised its position in shares of Suncor Energy by 418.9% during the 2nd quarter. Versant Capital Management Inc now owns 493 shares of the oil and gas producer’s stock worth $26,000 after acquiring an additional 398 shares in the last quarter. Continuum Advisory LLC acquired a new position in Suncor Energy in the second quarter valued at approximately $27,000. Headlands Technologies LLC purchased a new position in Suncor Energy in the second quarter valued at approximately $31,000. 1 North Wealth Services LLC purchased a new position in Suncor Energy in the fourth quarter valued at approximately $32,000. Finally, Accent Capital Management LLC raised its holdings in Suncor Energy by 37.5% during the fourth quarter. Accent Capital Management LLC now owns 825 shares of the oil and gas producer’s stock worth $37,000 after purchasing an additional 225 shares in the last quarter. Hedge funds and other institutional investors own 67.37% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Weiss Ratings upgraded shares of Suncor Energy from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 29th. Wall Street Zen downgraded shares of Suncor Energy from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 1st. Desjardins upgraded shares of Suncor Energy to a “moderate buy” rating in a research note on Thursday, July 16th. Zacks Research cut shares of Suncor Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 4th. Finally, Morgan Stanley set a $106.00 price objective on shares of Suncor Energy in a research note on Wednesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $80.25.

Suncor Energy Price Performance

Shares of NYSE SU opened at $67.92 on Wednesday. The stock has a market cap of $79.44 billion, a P/E ratio of 12.51, a P/E/G ratio of 0.49 and a beta of 0.30. Suncor Energy Inc. has a twelve month low of $37.76 and a twelve month high of $70.29. The stock has a 50 day moving average of $63.77 and a two-hundred day moving average of $62.72. The company has a current ratio of 1.65, a quick ratio of 1.08 and a debt-to-equity ratio of 0.19.

Suncor Energy (NYSE:SU) (TSE:SU) last announced its earnings results on Tuesday, August 4th. The oil and gas producer reported $2.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.14 by $0.19. The business had revenue of $13.41 billion for the quarter, compared to analyst estimates of $11.68 billion. Suncor Energy had a net margin of 15.62% and a return on equity of 20.05%. During the same period last year, the firm posted $0.71 earnings per share. On average, research analysts forecast that Suncor Energy Inc. will post 7.39 earnings per share for the current year.

Suncor Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be paid a dividend of $0.60 per share. The ex-dividend date is Friday, September 4th. This represents a $2.40 dividend on an annualized basis and a yield of 3.5%. Suncor Energy’s dividend payout ratio is currently 31.86%.

Suncor Energy Profile

Suncor Energy Inc is an integrated energy company headquartered in Calgary, Alberta, Canada. Its operations include the development, production and upgrading of oil sands resources, conventional oil and natural gas production, and the refining and marketing of petroleum products.

Suncor produces crude oil, synthetic crude oil, refined fuels, lubricants and petrochemical feedstocks. Through its Petro-Canada brand, the company operates retail fuel stations and convenience stores across Canada, while its refining and marketing activities serve customers in Canada and the United States.

Founded in 1919, Suncor has evolved from an oil sands producer into one of Canada’s largest integrated energy companies.