Summit Financial LLC Takes $1.98 Million Position in Suncor Energy Inc. (NYSE:SU)

Summit Financial LLC acquired a new position in Suncor Energy Inc. (NYSE:SU) (TSE:SU) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 55,476 shares of the oil and gas producer’s stock, valued at approximately $1,979,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. HHM Wealth Advisors LLC grew its position in Suncor Energy by 62.1% in the fourth quarter. HHM Wealth Advisors LLC now owns 848 shares of the oil and gas producer’s stock worth $30,000 after buying an additional 325 shares during the last quarter. Crowley Wealth Management Inc. acquired a new position in shares of Suncor Energy in the 4th quarter worth $35,000. Lee Danner & Bass Inc. acquired a new stake in shares of Suncor Energy during the fourth quarter worth $36,000. Golden State Wealth Management LLC purchased a new stake in shares of Suncor Energy during the fourth quarter valued at $39,000. Finally, Stonebridge Financial Group LLC acquired a new position in shares of Suncor Energy in the 4th quarter valued at $45,000. 67.37% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Morgan Stanley lowered shares of Suncor Energy from an “overweight” rating to an “equal weight” rating in a research note on Monday, December 16th. StockNews.com upgraded shares of Suncor Energy from a “hold” rating to a “buy” rating in a research report on Tuesday. Royal Bank of Canada reiterated an “outperform” rating and set a $66.00 price objective on shares of Suncor Energy in a research report on Tuesday, January 7th. Scotiabank upgraded Suncor Energy to a “hold” rating in a report on Wednesday, March 19th. Finally, Tudor, Pickering, Holt & Co. upgraded Suncor Energy from a “hold” rating to a “buy” rating in a report on Monday, February 10th. Four investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.20.

Suncor Energy Stock Performance

Shares of NYSE SU opened at $39.03 on Wednesday. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.33 and a quick ratio of 0.86. Suncor Energy Inc. has a one year low of $33.81 and a one year high of $41.95. The business’s 50-day moving average price is $38.11 and its two-hundred day moving average price is $38.22. The company has a market capitalization of $48.28 billion, a P/E ratio of 11.31, a price-to-earnings-growth ratio of 2.94 and a beta of 1.11.

Suncor Energy (NYSE:SU) (TSE:SU) last announced its quarterly earnings results on Wednesday, February 5th. The oil and gas producer reported $0.89 EPS for the quarter, beating 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%. Analysts anticipate that Suncor Energy Inc. will post 3.42 earnings per share for the current fiscal year.

Suncor Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 25th. Stockholders of record on Tuesday, March 4th were issued a dividend of $0.399 per share. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.09%. Suncor Energy’s dividend payout ratio is currently 45.51%.

Suncor Energy 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.