Summit Financial LLC Purchases New Holdings in Suncor Energy Inc. (NYSE:SU)

Summit Financial LLC acquired a new stake in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 55,476 shares of the oil and gas producer’s stock, valued at approximately $1,979,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Cerity Partners LLC raised its stake in shares of Suncor Energy by 77.9% in the 3rd quarter. Cerity Partners LLC now owns 45,537 shares of the oil and gas producer’s stock valued at $1,681,000 after purchasing an additional 19,939 shares in the last quarter. Glenmede Trust Co. NA raised its stake in Suncor Energy by 15.0% during the third quarter. Glenmede Trust Co. NA now owns 16,979 shares of the oil and gas producer’s stock valued at $627,000 after buying an additional 2,211 shares in the last quarter. Captrust Financial Advisors raised its stake in Suncor Energy by 8.1% during the third quarter. Captrust Financial Advisors now owns 51,164 shares of the oil and gas producer’s stock valued at $1,889,000 after buying an additional 3,830 shares in the last quarter. Erste Asset Management GmbH bought a new position in Suncor Energy during the 3rd quarter worth approximately $638,000. Finally, Janus Henderson Group PLC grew its position in shares of Suncor Energy by 11.3% in the 3rd quarter. Janus Henderson Group PLC now owns 1,022,237 shares of the oil and gas producer’s stock worth $37,771,000 after acquiring an additional 103,453 shares in the last quarter. 67.37% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on SU shares. Tudor Pickering upgraded Suncor Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, February 10th. Bank of America initiated coverage on shares of Suncor Energy in a research report on Wednesday, February 26th. They issued a “neutral” rating on the stock. StockNews.com raised shares of Suncor Energy from a “hold” rating to a “buy” rating in a research report on Tuesday. Tudor, Pickering, Holt & Co. raised shares of Suncor Energy from a “hold” rating to a “buy” rating in a report on Monday, February 10th. Finally, Scotiabank raised Suncor Energy to a “hold” rating in a report on Wednesday, March 19th. Four equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Suncor Energy presently has an average rating of “Moderate Buy” and a consensus price target of $59.20.

Suncor Energy Stock Performance

Shares of NYSE SU opened at $39.03 on Wednesday. Suncor Energy Inc. has a 12-month low of $33.81 and a 12-month high of $41.95. The company has a current ratio of 1.33, a quick ratio of 0.86 and a debt-to-equity ratio of 0.21. The company has a market cap of $48.28 billion, a PE ratio of 11.31, a P/E/G ratio of 2.94 and a beta of 1.11. The stock has a 50 day simple moving average of $38.11 and a 200-day simple moving average of $38.22.

Suncor Energy (NYSE:SU) (TSE:SU) last issued its quarterly earnings results on Wednesday, February 5th. The oil and gas producer reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.82 by $0.07. Suncor Energy had a return on equity of 15.37% and a net margin of 11.80%. On average, equities research analysts forecast that Suncor Energy Inc. will post 3.42 EPS for the current year.

Suncor Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 25th. Investors of record on Tuesday, March 4th were paid a dividend of $0.399 per share. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.09%. Suncor Energy’s dividend payout ratio is presently 45.51%.

About Suncor Energy

Suncor Energy Inc operates as an integrated energy company in Canada, the United States, and internationally. It operates through Oil Sands; Exploration and Production; and Refining and Marketing segments. The Oil Sands segment explores, develops, and produces bitumen, synthetic crude oil, and related products.