Jupiter Asset Management Ltd. Increases Stake in Suncor Energy Inc. (NYSE:SU)

Jupiter Asset Management Ltd. raised its holdings in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 2,061.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,438,291 shares of the oil and gas producer’s stock after buying an additional 2,325,503 shares during the period. Suncor Energy comprises 0.8% of Jupiter Asset Management Ltd.’s portfolio, making the stock its 15th largest holding. Jupiter Asset Management Ltd. owned 0.20% of Suncor Energy worth $86,990,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Assenagon Asset Management S.A. boosted its position in shares of Suncor Energy by 1,324.8% in the fourth 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 purchasing an additional 3,225,543 shares during the period. Principal Financial Group Inc. boosted its position 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 period. Fisher Asset Management LLC boosted its position in shares of Suncor Energy by 97.4% in the fourth quarter. Fisher Asset Management LLC now owns 3,734,572 shares of the oil and gas producer’s stock worth $133,250,000 after purchasing an additional 1,842,791 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Suncor Energy by 23.3% in 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. Finally, Bank of New York Mellon Corp boosted its position in shares of 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 worth $110,017,000 after purchasing an additional 1,573,726 shares during the period. 67.37% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on SU shares. Tudor Pickering upgraded shares of Suncor Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday, February 10th. Bank of America started coverage on shares of Suncor Energy in a research report on Wednesday, February 26th. They issued a “neutral” rating for the company. Morgan Stanley lowered shares of Suncor Energy from an “overweight” rating to an “equal weight” rating in a research report on Monday, December 16th. Royal Bank of Canada restated an “outperform” rating and set a $66.00 target price on shares of Suncor Energy in a research report on Tuesday, January 7th. Finally, Tudor, Pickering, Holt & Co. upgraded shares of Suncor Energy from a “hold” rating to a “buy” rating in a research report on Monday, February 10th. Four research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $58.00.

Suncor Energy Price Performance

SU stock opened at $35.39 on Wednesday. Suncor Energy Inc. has a 52 week low of $33.81 and a 52 week high of $41.95. The company has a quick ratio of 0.86, a current ratio of 1.33 and a debt-to-equity ratio of 0.21. The company has a fifty day simple moving average of $38.29 and a two-hundred day simple moving average of $38.33. The firm has a market capitalization of $43.78 billion, a P/E ratio of 10.26, a price-to-earnings-growth ratio of 2.94 and a beta of 1.11.

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, beating the consensus estimate of $0.82 by $0.07. Suncor Energy had a net margin of 11.80% and a return on equity of 15.37%. Analysts anticipate that Suncor Energy Inc. will post 3.42 earnings per share for the current fiscal year.

Suncor Energy Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Tuesday, March 4th will be paid a $0.399 dividend. This represents a $1.60 annualized dividend and a dividend yield of 4.51%. The ex-dividend date is Tuesday, March 4th. Suncor Energy’s dividend payout ratio is currently 45.51%.

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.