Grove Bank & Trust Makes New Investment in Suncor Energy Inc. $SU

Grove Bank & Trust bought a new stake in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 8,186 shares of the oil and gas producer’s stock, valued at approximately $439,000.

Several other large investors also recently modified their holdings of the stock. AQR Capital Management LLC raised its holdings in shares of Suncor Energy by 14.2% in the 1st quarter. AQR Capital Management LLC now owns 25,015 shares of the oil and gas producer’s stock worth $959,000 after purchasing an additional 3,115 shares during the period. Geneos Wealth Management Inc. grew its holdings in Suncor Energy by 172.5% during the first quarter. Geneos Wealth Management Inc. now owns 1,981 shares of the oil and gas producer’s stock valued at $77,000 after purchasing an additional 1,254 shares during the period. EverSource Wealth Advisors LLC grew its holdings in Suncor Energy by 21.1% during the second quarter. EverSource Wealth Advisors LLC now owns 2,667 shares of the oil and gas producer’s stock valued at $100,000 after purchasing an additional 464 shares during the period. AXA S.A. grew its holdings in Suncor Energy by 17.2% during the second quarter. AXA S.A. now owns 50,278 shares of the oil and gas producer’s stock valued at $1,883,000 after purchasing an additional 7,395 shares during the period. Finally, NewEdge Advisors LLC increased its position in Suncor Energy by 6.4% in the second quarter. NewEdge Advisors LLC now owns 67,142 shares of the oil and gas producer’s stock worth $2,514,000 after buying an additional 4,043 shares during the last quarter. Hedge funds and other institutional investors own 67.37% of the company’s stock.

Key Suncor Energy News

Here are the key news stories impacting Suncor Energy this week:

• Positive Sentiment: Quarterly earnings beat expectations: Suncor reported second-quarter earnings of C$2.33 per share, above the C$2.14 consensus estimate and well ahead of C$0.71 a year earlier. Revenue reached C$13.41 billion versus the C$11.68 billion estimate, while net profit was reported at approximately C$3.7 billion. Higher crude-price realizations and stronger refining margins drove the improvement. Suncor beats quarterly profit estimates on higher crude realizations, refining margins
• Positive Sentiment: Dividend maintained: Suncor declared a quarterly dividend of C$0.60 per share, payable September 25 to shareholders of record September 4. The annualized payout represents a yield of roughly 3.8%, supporting the stock’s income appeal. Suncor Energy declares dividend
• Neutral Sentiment: Policy backdrop is favorable: Federal and Alberta governments are pursuing reforms intended to support Canadian oil-industry growth. However, the immediate financial benefit remains uncertain. Suncor not ready to speed output growth
• Negative Sentiment: Management is resisting faster production growth: CEO Rich Kruger said Suncor is not yet prepared to accelerate planned output increases despite the pro-oil policy environment. This limits near-term volume upside and may disappoint investors seeking faster growth from the company’s oil-sands assets. Suncor not ready to speed output growth

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Zacks Research upgraded Suncor Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 6th. Wall Street Zen downgraded Suncor Energy from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 1st. Desjardins raised Suncor Energy to a “moderate buy” rating in a report on Thursday, July 16th. The Goldman Sachs Group cut Suncor Energy from a “buy” rating to a “neutral” rating and set a $72.00 price objective on the stock. in a research note on Friday, June 5th. Finally, Weiss Ratings raised shares of Suncor Energy from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 29th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $71.67.

Suncor Energy Stock Performance

NYSE:SU opened at $62.91 on Thursday. The business’s fifty day moving average is $60.55 and its 200 day moving average is $60.50. The firm has a market cap of $74.28 billion, a price-to-earnings ratio of 11.59, a PEG ratio of 0.48 and a beta of 0.30. 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 Inc. has a 52-week low of $37.76 and a 52-week high of $70.29.

Suncor Energy (NYSE:SU) (TSE:SU) last issued its earnings results on Tuesday, May 5th. The oil and gas producer reported $1.41 EPS for the quarter, missing the consensus estimate of $1.45 by ($0.04). The company had revenue of $10.41 billion during the quarter, compared to the consensus estimate of $9.22 billion. Suncor Energy had a return on equity of 20.35% and a net margin of 15.62%.During the same quarter in the prior year, the business earned $1.31 EPS. Research analysts predict that Suncor Energy Inc. will post 7.11 EPS for the current year.

Suncor Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be 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 of this dividend is Friday, September 4th. Suncor Energy’s dividend payout ratio is presently 45.67%.

Suncor Energy Company Profile

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.