Bank of Nova Scotia Increases Stake in Suncor Energy Inc. $SU

Bank of Nova Scotia increased its stake in Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 20.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 4,765,867 shares of the oil and gas producer’s stock after purchasing an additional 795,310 shares during the quarter. Bank of Nova Scotia owned approximately 0.40% of Suncor Energy worth $315,144,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Atlantic Edge Private Wealth Management LLC lifted its stake in shares of Suncor Energy by 54.9% during the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 635 shares of the oil and gas producer’s stock valued at $28,000 after buying an additional 225 shares in the last quarter. Headlands Technologies LLC bought a new position in Suncor Energy during the second quarter valued at approximately $31,000. 1 North Wealth Services LLC bought a new position in shares of Suncor Energy during the 4th quarter valued at approximately $32,000. Accent Capital Management LLC raised its stake 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 valued at $37,000 after purchasing an additional 225 shares in the last quarter. Finally, Maseco LLP bought a new position in Suncor Energy during the fourth quarter valued at $39,000. Institutional investors own 67.37% of the company’s stock.

Suncor Energy Stock Up 2.5%

Shares of SU opened at $66.35 on Friday. The firm has a fifty day moving average price of $60.96 and a 200-day moving average price of $59.33. The company has a current ratio of 1.42, a quick ratio of 0.92 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $78.34 billion, a P/E ratio of 17.41 and a beta of 0.30. Suncor Energy Inc. has a 12-month low of $37.76 and a 12-month high of $70.29.

Suncor Energy (NYSE:SU) (TSE:SU) last announced its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $1.41 earnings per share for the quarter, missing analysts’ consensus estimates of $1.45 by ($0.04). The company had revenue of $10.41 billion for the quarter, compared to the consensus estimate of $9.22 billion. Suncor Energy had a net margin of 12.29% and a return on equity of 13.96%. During the same quarter in the previous year, the business earned $1.31 EPS. Equities research analysts expect that Suncor Energy Inc. will post 6.9 earnings per share for the current year.

Suncor Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 25th. Stockholders of record on Thursday, June 4th were given a dividend of $0.60 per share. The ex-dividend date of this dividend was Thursday, June 4th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.6%. Suncor Energy’s dividend payout ratio (DPR) is 45.67%.

Analysts Set New Price Targets

SU has been the topic of a number of research reports. Desjardins upgraded shares of Suncor Energy to a “moderate buy” rating in a report on Thursday, July 16th. Royal Bank Of Canada increased their price target on shares of Suncor Energy from $75.00 to $89.00 and gave the company an “outperform” rating in a report on Wednesday, April 1st. ATB Cormark Capital Markets upgraded Suncor Energy from a “hold” rating to a “moderate buy” rating in a research report on Wednesday, April 1st. 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, Scotiabank upgraded Suncor Energy to a “strong-buy” rating in a research report on Friday, June 26th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $71.67.

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.