On September 3, 2023, it was reported that OMERS Administration Corp had acquired a new position in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) during the first quarter. According to the company’s recent 13F filing with the Securities and Exchange Commission (SEC), the institutional investor purchased 101,400 shares of Suncor Energy’s stock, amounting to approximately $3,144,000 in value.
Suncor Energy Inc. is an integrated energy company that operates both within Canada and internationally. The company is segmented into Oil Sands; Exploration and Production; and Refining and Marketing divisions. Within the Oil Sands segment, Suncor explores, develops, and produces products such as bitumen and synthetic crude oil. They are also involved in syncrude oil sands mining and upgrading operations.
Additionally, Suncor engages in various aspects of marketing, supply, transportation, and risk management relating to crude oil, natural gas, power, and byproducts.
This latest acquisition by OMERS Administration Corp indicates a belief in the potential growth and value of Suncor Energy Inc. As an institutional investor with a significant financial stake in various companies’ success, OMERS Administration Corp did not take this decision lightly.
It is worth noting that investing in the energy sector can be subject to volatility due to factors such as fluctuating commodity prices or regulatory changes. Therefore, it is crucial for investors to thoroughly research companies like Suncor Energy before making investment decisions.
As always when dealing with investments of any kind, investors should seek professional advice tailored to their specific circumstances before making any financial commitments.
In conclusion,OMERS ADMINISTRATION Corp’s recent investment in Suncor Energy demonstrates their confidence in the company’s potential future growth within the energy sector. By acquiring a substantial number of shares valued at over $3 million during the first quarter of this year,OMERS ADMINISTRATION Corp has shown their belief in Suncor’s ability to succeed and generate returns for its shareholders. However, as with any investment, it is important to conduct thorough research and seek professional advice before making any financial commitments.
[bs_slider_forecast ticker=”SU”]
Suncor Energy’s Stock Attracts Attention from Investors and Research Firms
Suncor Energy, an integrated energy company operating in Canada and internationally, has seen several modifications to its holdings by hedge funds and institutional investors. UBS Group AG, for instance, raised its position in Suncor Energy by 12.5% during the first quarter. Consequently, they now own 2,213,302 shares of the oil and gas producer’s stock valued at $68,723,000 after acquiring an additional 246,373 shares. Similarly, Public Sector Pension Investment Board boosted its position in the company by 4.7% during the first quarter and now owns 364,688 shares worth $11,307,000.
Sei Investments Co. also experienced a significant increase in its position in Suncor Energy by 39.1%, now owning 47,863 shares valued at $1,486,000 after purchasing an additional 13,443 shares during the last quarter. Moreover,
Dimensional Fund Advisors LP increased its stake in Suncor Energy by 0.8% during the first quarter and Wellington Management Group LLP lifted its position in the company by 4.0%.
With all these modifications to their holdings by various institutional investors and hedge funds it is clear that Suncor Energy’s stock carries significant value among knowledgeable market players.
Several research firms have commented on Suncor Energy’s stock performance as well. StockNews.com recently began coverage on the stock with a “hold” rating while UBS Group initiated coverage with a “buy” rating for the company. On the other hand,
BMO Capital Markets lowered their initial “outperform” rating to a “market perform” rating.
Despite this variance of ratings from different research firms,
Wells Fargo & Company upgraded Suncor Energy from an “equal weight” to an “overweight” rating and increased their price objective for the company from $44.00 to $54.00.
Overall, according to Bloomberg, the consensus rating for Suncor Energy is “Hold” with a consensus price target of $53.67.
Suncor Energy operates across three segments: Oil Sands, Exploration and Production, and Refining and Marketing. The Oil Sands segment is involved in exploring, developing, and producing bitumen, synthetic crude oil, and related products. It also engages in syncrude oil sands mining and upgrading operations and handles marketing, supply, transportation, as well as risk management of crude oil, natural gas, power, and byproducts.
As of September 3rd,
Suncor Energy’s stock was trading at $34.27 with a trading volume of 2,497,106 shares during midday trading on that day. Its 1-year low stands at $26.42 while its 1-year high reaches $37.23. Suncor Energy boasts a market capitalization of $44.58 billion along with a price-to-earnings ratio of 10.05.
The company has also recently declared an increase in its quarterly dividend payment. Stockholders of record on Friday, September 1st will receive a dividend payout of $0.393 on Monday,
September 25th. Compared to its previous quarterly dividend of $0.38,
this represents an annualized dividend amounting to $1.57 with a dividend yield of 4.59%. With a current dividend payout ratio at 45.40%, this news may attract further attention from investors looking for stable returns.
Overall,
Suncor Energy remains an integral player in the energy sector both domestically in Canada and internationally.
With modifications to holdings by institutional investors and hedge funds coupled with varying opinions from research firms,
it signals that there continues to be substantial interest surrounding the company’s stock within the market.
The recent increase in the dividend payment further solidifies Suncor Energy’s commitment to long-term shareholder value.
