NewEdge Wealth LLC Has $71.54 Million Stock Position in Suncor Energy Inc. $SU

NewEdge Wealth LLC grew its position in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 8.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,082,177 shares of the oil and gas producer’s stock after buying an additional 81,565 shares during the quarter. Suncor Energy makes up about 0.9% of NewEdge Wealth LLC’s investment portfolio, making the stock its 23rd biggest position. NewEdge Wealth LLC owned 0.09% of Suncor Energy worth $71,543,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of SU. Formidable Asset Management LLC boosted its holdings in shares of Suncor Energy by 1.1% in the 1st quarter. Formidable Asset Management LLC now owns 16,004 shares of the oil and gas producer’s stock worth $1,058,000 after acquiring an additional 171 shares in the last quarter. Mitchell & Pahl Private Wealth LLC increased its holdings in Suncor Energy by 0.8% during the 1st quarter. Mitchell & Pahl Private Wealth LLC now owns 24,278 shares of the oil and gas producer’s stock valued at $1,605,000 after purchasing an additional 190 shares in the last quarter. IFP Advisors Inc increased its holdings in Suncor Energy by 22.6% during the 4th quarter. IFP Advisors Inc now owns 1,047 shares of the oil and gas producer’s stock valued at $46,000 after purchasing an additional 193 shares in the last quarter. DGS Capital Management LLC raised its position in Suncor Energy by 3.2% in the 4th quarter. DGS Capital Management LLC now owns 6,149 shares of the oil and gas producer’s stock valued at $273,000 after purchasing an additional 193 shares during the last quarter. Finally, Bryn Mawr Trust Advisors LLC raised its position in Suncor Energy by 3.5% in the 4th quarter. Bryn Mawr Trust Advisors LLC now owns 5,742 shares of the oil and gas producer’s stock valued at $255,000 after purchasing an additional 196 shares during the last quarter. Institutional investors and hedge funds own 67.37% of the company’s stock.

Suncor Energy Stock Up 1.7%

NYSE:SU opened at $64.75 on Thursday. Suncor Energy Inc. has a 12-month low of $37.76 and a 12-month high of $70.29. 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 firm has a market capitalization of $76.46 billion, a P/E ratio of 17.00 and a beta of 0.30. The stock’s fifty day simple moving average is $60.97 and its 200-day simple moving average is $59.19.

Suncor Energy (NYSE:SU) (TSE:SU) last released 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 during 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 prior year, the company posted $1.31 EPS. Equities research analysts expect that Suncor Energy Inc. will post 6.9 earnings per share for the current year.

Suncor Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 25th. Investors of record on Thursday, June 4th were issued a dividend of $0.60 per share. The ex-dividend date was Thursday, June 4th. This represents a $2.40 dividend on an annualized basis and a yield of 3.7%. Suncor Energy’s payout ratio is currently 45.67%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on SU shares. Weiss Ratings lowered Suncor Energy from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, July 14th. The Goldman Sachs Group lowered shares of Suncor Energy from a “buy” rating to a “neutral” rating and set a $72.00 price objective on the stock. in a report on Friday, June 5th. ATB Cormark Capital Markets raised shares of Suncor Energy from a “hold” rating to a “moderate buy” rating in a report on Wednesday, April 1st. Scotiabank upgraded Suncor Energy to a “strong-buy” rating in a research report on Friday, June 26th. Finally, Royal Bank Of Canada boosted their target price on Suncor Energy from $75.00 to $89.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 1st. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Suncor Energy presently 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.