Wellington Management Group LLP Invests $56.62 Million in Suncor Energy Inc. $SU

Wellington Management Group LLP purchased 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 & Exchange Commission. The institutional investor purchased 1,052,991 shares of the oil and gas producer’s stock, valued at approximately $56,622,000.

Several other institutional investors have also added to or reduced their stakes in the company. Formidable Asset Management LLC increased its stake in Suncor Energy by 1.1% in the 1st quarter. Formidable Asset Management LLC now owns 16,004 shares of the oil and gas producer’s stock worth $1,058,000 after acquiring an additional 171 shares during the last quarter. Mitchell & Pahl Private Wealth LLC boosted its position in shares of Suncor Energy by 0.8% during the 1st quarter. Mitchell & Pahl Private Wealth LLC now owns 24,278 shares of the oil and gas producer’s stock valued at $1,605,000 after acquiring an additional 190 shares during the last quarter. IFP Advisors Inc increased its position in Suncor Energy by 22.6% in the fourth quarter. IFP Advisors Inc now owns 1,047 shares of the oil and gas producer’s stock worth $46,000 after purchasing an additional 193 shares during the last quarter. DGS Capital Management LLC raised its stake in Suncor Energy by 3.2% during the fourth quarter. DGS Capital Management LLC now owns 6,149 shares of the oil and gas producer’s stock valued at $273,000 after purchasing an additional 193 shares in the last quarter. Finally, Bryn Mawr Trust Advisors LLC lifted its position in Suncor Energy by 3.5% during the fourth quarter. Bryn Mawr Trust Advisors LLC now owns 5,742 shares of the oil and gas producer’s stock valued at $255,000 after purchasing an additional 196 shares during the last quarter. Hedge funds and other institutional investors own 67.37% of the company’s stock.

Analyst Ratings Changes

SU has been the subject of a number of recent research reports. Morgan Stanley set a $106.00 price objective on shares of Suncor Energy in a research note on Wednesday, August 19th. The Goldman Sachs Group cut shares of Suncor Energy from a “buy” rating to a “neutral” rating and set a $72.00 target price on the stock. in a research report on Friday, June 5th. Scotiabank raised shares of Suncor Energy to a “strong-buy” rating in a report on Friday, June 26th. Wall Street Zen lowered Suncor Energy from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 1st. Finally, Weiss Ratings raised Suncor Energy from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $80.25.

Suncor Energy Stock Down 0.1%

NYSE SU opened at $68.32 on Friday. The company has a quick ratio of 1.08, a current ratio of 1.65 and a debt-to-equity ratio of 0.19. Suncor Energy Inc. has a 52 week low of $37.76 and a 52 week high of $70.29. The firm has a market capitalization of $80.67 billion, a price-to-earnings ratio of 12.58, a PEG ratio of 0.49 and a beta of 0.30. The company has a fifty day moving average of $62.95 and a two-hundred day moving average of $62.47.

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 for the quarter, beating the consensus estimate of $2.14 by $0.19. The business had revenue of $13.41 billion for the quarter, compared to the consensus estimate of $11.68 billion. Suncor Energy had a net margin of 15.62% and a return on equity of 20.05%. During the same quarter in the prior year, the firm posted $0.71 earnings per share. On average, analysts predict that Suncor Energy Inc. will post 7.39 earnings per share for the current year.

Suncor Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be given 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 is 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.