Barometer Capital Management Inc. Makes New Investment in Suncor Energy Inc. $SU

Barometer Capital Management Inc. acquired a new position in Suncor Energy Inc. (NYSE:SU) (TSE:SU) during the first quarter, HoldingsChannel reports. The firm acquired 151,020 shares of the oil and gas producer’s stock, valued at approximately $9,984,000. Suncor Energy accounts for 4.1% of Barometer Capital Management Inc.’s holdings, making the stock its 3rd biggest position.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. increased its position in Suncor Energy by 2.1% during the 4th quarter. Vanguard Group Inc. now owns 55,720,921 shares of the oil and gas producer’s stock worth $2,473,173,000 after purchasing an additional 1,166,405 shares in the last quarter. FIL Ltd lifted its position in Suncor Energy by 14.0% during the fourth quarter. FIL Ltd now owns 21,050,387 shares of the oil and gas producer’s stock valued at $934,312,000 after buying an additional 2,592,516 shares in the last quarter. Principal Financial Group Inc. lifted its position in Suncor Energy by 2.7% during the fourth quarter. Principal Financial Group Inc. now owns 19,371,704 shares of the oil and gas producer’s stock valued at $860,933,000 after buying an additional 516,783 shares in the last quarter. Fisher Asset Management LLC grew its stake in Suncor Energy by 8.3% during the fourth quarter. Fisher Asset Management LLC now owns 16,820,924 shares of the oil and gas producer’s stock worth $746,176,000 after buying an additional 1,289,959 shares during the period. Finally, Morgan Stanley grew its stake in Suncor Energy by 17.5% during the fourth quarter. Morgan Stanley now owns 12,877,899 shares of the oil and gas producer’s stock worth $571,264,000 after buying an additional 1,917,612 shares during the period. 67.37% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on SU shares. Desjardins raised shares of Suncor Energy to a “moderate buy” rating in a research report on Thursday, July 16th. The Goldman Sachs Group cut shares of Suncor Energy from a “buy” rating to a “neutral” rating and set a $72.00 price target for the company. in a research report on Friday, June 5th. Royal Bank Of Canada increased 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. Zacks Research raised Suncor Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 6th. Finally, Weiss Ratings cut Suncor Energy from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, July 14th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Suncor Energy presently has an average rating of “Buy” and a consensus price target of $71.67.

Suncor Energy Stock Up 2.3%

Shares of NYSE:SU opened at $63.67 on Wednesday. The firm has a market cap of $75.18 billion, a PE ratio of 16.71 and a beta of 0.30. The company has a fifty day simple moving average of $61.00 and a 200 day simple moving average of $59.04. The company has a current ratio of 1.42, a quick ratio of 0.92 and a debt-to-equity ratio of 0.20. 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 posted its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $1.41 EPS 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 last year, the company earned $1.31 earnings per share. On average, equities research analysts anticipate that Suncor Energy Inc. will post 6.9 EPS for the current fiscal 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 paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date was Thursday, June 4th. Suncor Energy’s dividend payout ratio is 45.67%.

Suncor Energy 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.