Sumitomo Life Insurance Co. Makes New $1.74 Million Investment in Suncor Energy Inc. $SU

Sumitomo Life Insurance Co. purchased a new position in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 32,316 shares of the oil and gas producer’s stock, valued at approximately $1,735,000.

A number of other institutional investors have also recently bought and sold shares of the business. AQR Capital Management LLC grew its position in shares of Suncor Energy by 14.2% during the 1st quarter. AQR Capital Management LLC now owns 25,015 shares of the oil and gas producer’s stock valued at $959,000 after acquiring an additional 3,115 shares during the period. Geneos Wealth Management Inc. raised its position in shares of Suncor Energy by 172.5% in 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 raised its position in shares of Suncor Energy by 21.1% in 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. lifted its stake in shares of Suncor Energy by 17.2% during the 2nd quarter. AXA S.A. now owns 50,278 shares of the oil and gas producer’s stock valued at $1,883,000 after buying an additional 7,395 shares in the last quarter. Finally, NewEdge Advisors LLC lifted its stake in shares of Suncor Energy by 6.4% during the 2nd quarter. NewEdge Advisors LLC now owns 67,142 shares of the oil and gas producer’s stock valued at $2,514,000 after buying an additional 4,043 shares in the last quarter. Institutional investors own 67.37% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Wall Street Zen lowered Suncor Energy from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 1st. Weiss Ratings upgraded Suncor Energy from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 29th. Desjardins raised Suncor Energy to a “moderate buy” rating in a report on Thursday, July 16th. The Goldman Sachs Group downgraded Suncor Energy from a “buy” rating to a “neutral” rating and set a $72.00 target price for the company. in a research note on Friday, June 5th. Finally, Zacks Research cut Suncor Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $80.25.

Suncor Energy Price Performance

Suncor Energy stock opened at $68.46 on Friday. Suncor Energy Inc. has a 52 week low of $37.76 and a 52 week high of $70.29. The business has a 50-day simple moving average of $61.02 and a 200 day simple moving average of $61.61. The company has a quick ratio of 1.08, a current ratio of 1.65 and a debt-to-equity ratio of 0.19. The stock has a market cap of $80.83 billion, a price-to-earnings ratio of 12.61, a PEG ratio of 0.49 and a beta of 0.30.

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

Suncor Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend is Friday, September 4th. Suncor Energy’s dividend payout ratio (DPR) is currently 32.04%.

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.