Grove Bank & Trust Purchases Shares of 8,186 Suncor Energy Inc. $SU

Grove Bank & Trust purchased a new stake in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) in the second quarter, according to its most recent 13F filing with the SEC. The fund purchased 8,186 shares of the oil and gas producer’s stock, valued at approximately $439,000.

Several other institutional investors have also recently made changes to their positions in SU. Pacific Excel Wealth Advisors Inc. bought a new position in shares of Suncor Energy in the second quarter worth $308,000. Versant Capital Management Inc boosted its stake in Suncor Energy by 418.9% during the second quarter. Versant Capital Management Inc now owns 493 shares of the oil and gas producer’s stock valued at $26,000 after buying an additional 398 shares during the period. Eastern Bank boosted its stake in Suncor Energy by 51.7% during the second quarter. Eastern Bank now owns 1,024 shares of the oil and gas producer’s stock valued at $55,000 after buying an additional 349 shares during the period. Sapient Capital LLC purchased a new position in Suncor Energy during the first quarter worth about $269,000. Finally, Rathbones Group PLC grew its position in Suncor Energy by 15.3% during the first quarter. Rathbones Group PLC now owns 12,046 shares of the oil and gas producer’s stock worth $794,000 after buying an additional 1,596 shares in the last quarter. Institutional investors own 67.37% of the company’s stock.

Suncor Energy Trading Down 2.4%

NYSE SU opened at $62.91 on Thursday. The company has a quick ratio of 0.92, a current ratio of 1.42 and a debt-to-equity ratio of 0.20. The stock’s 50-day simple moving average is $60.55 and its two-hundred day simple moving average is $60.50. Suncor Energy Inc. has a twelve month low of $37.76 and a twelve month high of $70.29. The company has a market capitalization of $74.28 billion, a price-to-earnings ratio of 11.59, a PEG ratio of 0.48 and a beta of 0.30.

Suncor Energy (NYSE:SU) (TSE:SU) last posted its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $1.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.45 by ($0.04). The firm had revenue of $10.41 billion during the quarter, compared to analysts’ expectations of $9.22 billion. Suncor Energy had a return on equity of 20.35% and a net margin of 15.62%.During the same quarter in the previous year, the company posted $1.31 earnings per share. Research analysts forecast that Suncor Energy Inc. will post 7.11 EPS for the current fiscal year.

Suncor Energy Dividend Announcement

The company also recently announced 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. The ex-dividend date is Friday, September 4th. This represents a $2.40 dividend on an annualized basis and a yield of 3.8%. Suncor Energy’s payout ratio is presently 45.67%.

Key Stories Impacting Suncor Energy

Here are the key news stories impacting Suncor Energy this week:

• Positive Sentiment: Quarterly earnings beat expectations: Suncor reported second-quarter earnings of C$2.33 per share, above the C$2.14 consensus estimate and well ahead of C$0.71 a year earlier. Revenue reached C$13.41 billion versus the C$11.68 billion estimate, while net profit was reported at approximately C$3.7 billion. Higher crude-price realizations and stronger refining margins drove the improvement. Suncor beats quarterly profit estimates on higher crude realizations, refining margins
• Positive Sentiment: Dividend maintained: Suncor declared a quarterly dividend of C$0.60 per share, payable September 25 to shareholders of record September 4. The annualized payout represents a yield of roughly 3.8%, supporting the stock’s income appeal. Suncor Energy declares dividend
• Neutral Sentiment: Policy backdrop is favorable: Federal and Alberta governments are pursuing reforms intended to support Canadian oil-industry growth. However, the immediate financial benefit remains uncertain. Suncor not ready to speed output growth
• Negative Sentiment: Management is resisting faster production growth: CEO Rich Kruger said Suncor is not yet prepared to accelerate planned output increases despite the pro-oil policy environment. This limits near-term volume upside and may disappoint investors seeking faster growth from the company’s oil-sands assets. Suncor not ready to speed output growth

Analysts Set New Price Targets

Several research firms have weighed in on SU. Wall Street Zen cut Suncor Energy from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 1st. The Goldman Sachs Group cut shares of Suncor Energy from a “buy” rating to a “neutral” rating and set a $72.00 price objective on the stock. in a research report on Friday, June 5th. Scotiabank raised shares of Suncor Energy to a “strong-buy” rating in a research note on Friday, June 26th. Weiss Ratings upgraded shares of Suncor Energy from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 29th. Finally, Zacks Research raised shares of Suncor Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 6th. Two research 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 company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $71.67.

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.