Allspring Global Investments Holdings LLC Increases Holdings in Suncor Energy Inc. (NYSE:SU)

Allspring Global Investments Holdings LLC raised its stake in Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 286.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 299,604 shares of the oil and gas producer’s stock after purchasing an additional 222,170 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Suncor Energy were worth $11,061,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC lifted its position in shares of Suncor Energy by 6.5% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 83,731 shares of the oil and gas producer’s stock worth $3,091,000 after purchasing an additional 5,082 shares in the last quarter. Kathmere Capital Management LLC acquired a new position in Suncor Energy in the 1st quarter worth $230,000. Independence Bank of Kentucky boosted its position in Suncor Energy by 6.7% in the 1st quarter. Independence Bank of Kentucky now owns 5,050 shares of the oil and gas producer’s stock valued at $186,000 after buying an additional 315 shares during the last quarter. First Bank & Trust grew its stake in shares of Suncor Energy by 8.7% during the first quarter. First Bank & Trust now owns 8,267 shares of the oil and gas producer’s stock valued at $305,000 after acquiring an additional 662 shares in the last quarter. Finally, Aviance Capital Partners LLC acquired a new position in shares of Suncor Energy in the first quarter worth about $408,000. Hedge funds and other institutional investors own 67.37% of the company’s stock.

Suncor Energy Stock Up 1.2 %

Shares of Suncor Energy stock opened at $38.97 on Friday. Suncor Energy Inc. has a twelve month low of $29.45 and a twelve month high of $41.94. The stock has a market capitalization of $49.93 billion, a price-to-earnings ratio of 8.68, a PEG ratio of 2.78 and a beta of 1.12. The company has a current ratio of 1.46, a quick ratio of 0.93 and a debt-to-equity ratio of 0.26. The business’s 50 day simple moving average is $38.85 and its 200-day simple moving average is $38.74.

Suncor Energy (NYSE:SU) (TSE:SU) last posted its earnings results on Tuesday, August 6th. The oil and gas producer reported $1.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.51. The company had revenue of $12.90 billion for the quarter, compared to analysts’ expectations of $9.30 billion. Suncor Energy had a return on equity of 16.22% and a net margin of 14.40%. The firm’s quarterly revenue was up 10.1% compared to the same quarter last year. During the same period last year, the business posted $0.71 earnings per share. Equities research analysts forecast that Suncor Energy Inc. will post 3.53 earnings per share for the current year.

Suncor Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 4th were given a $0.395 dividend. This represents a $1.58 annualized dividend and a yield of 4.05%. The ex-dividend date of this dividend was Wednesday, September 4th. Suncor Energy’s dividend payout ratio (DPR) is 35.86%.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. BMO Capital Markets upgraded Suncor Energy from a “market perform” rating to an “outperform” rating in a report on Wednesday, August 7th. StockNews.com cut shares of Suncor Energy from a “buy” rating to a “hold” rating in a report on Thursday, October 17th. Wolfe Research initiated coverage on shares of Suncor Energy in a report on Thursday, July 18th. They set an “outperform” rating and a $68.00 price objective for the company. 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 note on Friday, July 12th. Finally, TD Securities upgraded Suncor Energy from a “hold” rating to a “buy” rating in a research note on Wednesday, August 7th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $55.83.

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.