Summit Global Investments Makes New Investment in Suncor Energy Inc. (NYSE:SU)

Summit Global Investments acquired a new position in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) during the fourth quarter, Holdings Channel reports. The institutional investor acquired 66,869 shares of the oil and gas producer’s stock, valued at approximately $2,386,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Lee Danner & Bass Inc. acquired a new stake in Suncor Energy in the fourth quarter valued at approximately $36,000. Northwest & Ethical Investments L.P. raised its stake in Suncor Energy by 2.0% in the fourth quarter. Northwest & Ethical Investments L.P. now owns 216,713 shares of the oil and gas producer’s stock valued at $7,722,000 after buying an additional 4,334 shares in the last quarter. Lingohr Asset Management GmbH purchased a new stake in Suncor Energy during the 4th quarter worth about $449,000. Maryland State Retirement & Pension System boosted its position in shares of Suncor Energy by 4.4% during the 4th quarter. Maryland State Retirement & Pension System now owns 238,885 shares of the oil and gas producer’s stock worth $8,523,000 after acquiring an additional 10,157 shares in the last quarter. Finally, Signaturefd LLC increased its holdings in shares of Suncor Energy by 4.2% in the 4th quarter. Signaturefd LLC now owns 29,467 shares of the oil and gas producer’s stock valued at $1,051,000 after acquiring an additional 1,200 shares during the last quarter. 67.37% of the stock is currently owned by hedge funds and other institutional investors.

Suncor Energy Stock Performance

Shares of SU stock opened at $37.46 on Friday. Suncor Energy Inc. has a 52-week low of $33.81 and a 52-week high of $41.95. The stock’s 50-day moving average price is $38.22 and its 200 day moving average price is $38.15. 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 stock has a market capitalization of $46.34 billion, a PE ratio of 10.86, a price-to-earnings-growth ratio of 2.94 and a beta of 1.11.

Suncor Energy (NYSE:SU) (TSE:SU) last issued its quarterly earnings results on Wednesday, February 5th. The oil and gas producer reported $0.89 earnings per share for the quarter, topping 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%. As a group, equities research analysts forecast that Suncor Energy Inc. will post 3.42 EPS for the current year.

Suncor Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Tuesday, March 4th will be given a dividend of $0.399 per share. This represents a $1.60 annualized dividend and a yield of 4.26%. The ex-dividend date of this dividend is Tuesday, March 4th. Suncor Energy’s payout ratio is 45.51%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on SU shares. Royal Bank of Canada restated an “outperform” rating and set a $66.00 target price on shares of Suncor Energy in a research note on Tuesday, January 7th. Tudor, Pickering, Holt & Co. upgraded shares of Suncor Energy from a “hold” rating to a “buy” rating in a report on Monday, February 10th. StockNews.com raised shares of Suncor Energy from a “hold” rating to a “buy” rating in a research report on Saturday. Tudor Pickering upgraded shares of Suncor Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, February 10th. Finally, Morgan Stanley cut Suncor Energy from an “overweight” rating to an “equal weight” rating in a research report on Monday, December 16th. Four investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $58.00.

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.