Suncor Energy Inc. $SU Stake Boosted by CIBC Asset Management Inc

CIBC Asset Management Inc lifted its stake in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 12.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 9,851,109 shares of the oil and gas producer’s stock after purchasing an additional 1,120,193 shares during the quarter. Suncor Energy comprises 1.1% of CIBC Asset Management Inc’s portfolio, making the stock its 25th largest position. CIBC Asset Management Inc owned approximately 0.83% of Suncor Energy worth $439,546,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in SU. Fisher Asset Management LLC grew its stake in Suncor Energy by 85.5% during the 3rd quarter. Fisher Asset Management LLC now owns 15,530,965 shares of the oil and gas producer’s stock worth $649,350,000 after buying an additional 7,158,953 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in Suncor Energy by 62.2% in the third quarter. Arrowstreet Capital Limited Partnership now owns 13,335,239 shares of the oil and gas producer’s stock valued at $557,682,000 after buying an additional 5,113,280 shares during the last quarter. Alyeska Investment Group L.P. boosted its holdings in shares of Suncor Energy by 334.8% during the third quarter. Alyeska Investment Group L.P. now owns 2,590,863 shares of the oil and gas producer’s stock valued at $108,324,000 after acquiring an additional 1,995,007 shares during the period. Bank of Nova Scotia grew its position in shares of Suncor Energy by 63.5% during the third quarter. Bank of Nova Scotia now owns 5,028,399 shares of the oil and gas producer’s stock worth $210,474,000 after acquiring an additional 1,952,444 shares during the last quarter. Finally, Lazard Asset Management LLC grew its position in shares of Suncor Energy by 173.2% during the third quarter. Lazard Asset Management LLC now owns 3,036,031 shares of the oil and gas producer’s stock worth $126,994,000 after acquiring an additional 1,924,923 shares during the last quarter. Institutional investors own 67.37% of the company’s stock.

Analysts Set New Price Targets

SU has been the topic of several recent research reports. Wall Street Zen upgraded shares of Suncor Energy from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Zacks Research upgraded shares of Suncor Energy from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 2nd. Royal Bank Of Canada lifted their price target on Suncor Energy from $75.00 to $89.00 and gave the company an “outperform” rating in a report on Wednesday, April 1st. The Goldman Sachs Group boosted their price objective on Suncor Energy from $66.00 to $73.00 and gave the stock a “buy” rating in a research report on Wednesday, April 1st. Finally, Weiss Ratings raised Suncor Energy from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $72.00.

Suncor Energy Price Performance

Shares of NYSE:SU opened at $65.31 on Wednesday. Suncor Energy Inc. has a 12 month low of $35.93 and a 12 month 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 stock’s 50 day moving average price is $65.26 and its 200 day moving average price is $55.26. The stock has a market cap of $77.11 billion, a price-to-earnings ratio of 17.14 and a beta of 0.27.

Suncor Energy (NYSE:SU) (TSE:SU) last announced its earnings results on Tuesday, May 5th. The oil and gas producer reported $1.41 earnings per share for the quarter, missing the consensus estimate of $1.45 by ($0.04). Suncor Energy had a net margin of 12.29% and a return on equity of 13.96%. The firm had revenue of $10.41 billion for the quarter, compared to the consensus estimate of $9.22 billion. During the same period in the prior year, the business earned $1.31 EPS. Equities research analysts anticipate that Suncor Energy Inc. will post 7.07 earnings per share for the current fiscal year.

Suncor Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 25th. Shareholders of record on Thursday, June 4th will be given a $0.60 dividend. The ex-dividend date is Thursday, June 4th. This represents a $2.40 annualized dividend and a yield of 3.7%. Suncor Energy’s payout ratio is 46.19%.

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.