SVB Wealth LLC Invests $824,000 in Suncor Energy Inc. (NYSE:SU)

SVB Wealth LLC acquired a new stake in Suncor Energy Inc. (NYSE:SU) (TSE:SU) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 23,105 shares of the oil and gas producer’s stock, valued at approximately $824,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of SU. Assenagon Asset Management S.A. lifted its position in Suncor Energy by 1,324.8% during the 4th quarter. Assenagon Asset Management S.A. now owns 3,469,008 shares of the oil and gas producer’s stock worth $123,774,000 after acquiring an additional 3,225,543 shares during the period. Principal Financial Group Inc. raised its stake in shares of Suncor Energy by 39.9% in the fourth quarter. Principal Financial Group Inc. now owns 9,706,616 shares of the oil and gas producer’s stock worth $346,298,000 after purchasing an additional 2,767,043 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Suncor Energy by 23.3% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 9,695,560 shares of the oil and gas producer’s stock worth $357,827,000 after purchasing an additional 1,829,936 shares during the period. Bank of New York Mellon Corp boosted its position in Suncor Energy by 104.2% in the fourth quarter. Bank of New York Mellon Corp now owns 3,083,440 shares of the oil and gas producer’s stock valued at $110,017,000 after buying an additional 1,573,726 shares during the last quarter. Finally, Fisher Asset Management LLC increased its holdings in Suncor Energy by 136.2% in the 3rd quarter. Fisher Asset Management LLC now owns 1,891,781 shares of the oil and gas producer’s stock worth $69,845,000 after buying an additional 1,090,988 shares during the period. 67.37% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have commented on the stock. Desjardins upgraded shares of Suncor Energy from a “hold” rating to a “buy” rating in a research note on Thursday, November 14th. Tudor Pickering raised shares of Suncor Energy from a “hold” rating to a “strong-buy” rating in a report on Monday, February 10th. Bank of America started coverage on Suncor Energy in a research note on Wednesday, February 26th. They set a “neutral” rating for the company. Tudor, Pickering, Holt & Co. upgraded Suncor Energy from a “hold” rating to a “buy” rating in a research note on Monday, February 10th. Finally, Cibc World Mkts upgraded Suncor Energy from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, February 11th. Five research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $58.00.

Suncor Energy Stock Performance

NYSE SU opened at $36.25 on Tuesday. The company has a current ratio of 1.33, a quick ratio of 0.86 and a debt-to-equity ratio of 0.21. Suncor Energy Inc. has a twelve month low of $34.12 and a twelve month high of $41.94. The stock has a 50-day moving average of $38.30 and a 200 day moving average of $38.56. The stock has a market capitalization of $45.00 billion, a price-to-earnings ratio of 10.51, a PEG ratio of 2.94 and a beta of 1.12.

Suncor Energy (NYSE:SU) (TSE:SU) last announced its earnings results on Wednesday, February 5th. The oil and gas producer reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.07. Suncor Energy had a return on equity of 15.37% and a net margin of 11.80%. Sell-side analysts anticipate that Suncor Energy Inc. will post 3.42 EPS for the current fiscal year.

Suncor Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Tuesday, March 4th will be issued a dividend of $0.399 per share. This represents a $1.60 annualized dividend and a yield of 4.40%. The ex-dividend date is Tuesday, March 4th. Suncor Energy’s payout ratio is 45.22%.

Suncor Energy Company Profile

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.