Legal & General Group Plc Buys 329,373 Shares of Suncor Energy Inc. (NYSE:SU)

Legal & General Group Plc boosted its stake in Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 4.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,643,418 shares of the oil and gas producer’s stock after purchasing an additional 329,373 shares during the period. Legal & General Group Plc’s holdings in Suncor Energy were worth $291,308,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Richardson Financial Services Inc. bought a new position in shares of Suncor Energy in the 4th quarter valued at $25,000. Trust Co. of Vermont acquired a new position in Suncor Energy in the 2nd quarter worth about $26,000. Summit Securities Group LLC bought a new position in Suncor Energy in the second quarter valued at about $27,000. Ridgewood Investments LLC acquired a new stake in shares of Suncor Energy during the second quarter valued at about $29,000. Finally, Adirondack Trust Co. grew its holdings in shares of Suncor Energy by 45.6% during the fourth quarter. Adirondack Trust Co. now owns 1,000 shares of the oil and gas producer’s stock worth $34,000 after purchasing an additional 313 shares during the last quarter. Institutional investors and hedge funds own 67.37% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on SU shares. Scotiabank cut their target price on shares of Suncor Energy from $61.00 to $60.00 and set a “sector perform” rating on the stock in a research report on Friday, July 12th. BMO Capital Markets raised shares of Suncor Energy from a “market perform” rating to an “outperform” rating in a research note on Wednesday, August 7th. Wolfe Research started coverage on shares of Suncor Energy in a research note on Thursday, July 18th. They issued an “outperform” rating and a $68.00 price objective on the stock. StockNews.com raised Suncor Energy from a “hold” rating to a “buy” rating in a research report on Saturday. Finally, TD Securities upgraded Suncor Energy from a “hold” rating to a “buy” rating in a research report on Wednesday, August 7th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Suncor Energy has an average rating of “Moderate Buy” and an average price target of $55.83.

Suncor Energy Price Performance

Shares of NYSE SU opened at $36.80 on Friday. The company has a market capitalization of $46.75 billion, a PE ratio of 8.20, a P/E/G ratio of 2.57 and a beta of 1.13. The company has a quick ratio of 0.93, a current ratio of 1.46 and a debt-to-equity ratio of 0.26. Suncor Energy Inc. has a twelve month low of $29.45 and a twelve month high of $41.94. The firm has a fifty day simple moving average of $38.76 and a 200 day simple moving average of $38.45.

Suncor Energy (NYSE:SU) (TSE:SU) last posted its quarterly earnings data on Tuesday, August 6th. The oil and gas producer reported $1.27 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.51. Suncor Energy had a return on equity of 16.22% and a net margin of 14.40%. The firm had revenue of $12.90 billion during the quarter, compared to analyst estimates of $9.30 billion. During the same period last year, the company posted $0.71 EPS. The business’s quarterly revenue was up 10.1% on a year-over-year basis. On average, sell-side analysts forecast that Suncor Energy Inc. will post 3.71 EPS for the current year.

Suncor Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 4th were issued a dividend of $0.395 per share. This represents a $1.58 dividend on an annualized basis and a dividend yield of 4.29%. The ex-dividend date of this dividend was Wednesday, September 4th. Suncor Energy’s payout ratio is 36.08%.

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.