Tidal Investments LLC Grows Stake in Suncor Energy Inc. (NYSE:SU)

Tidal Investments LLC boosted its stake in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 59.6% during the 3rd quarter, HoldingsChannel reports. The fund owned 21,971 shares of the oil and gas producer’s stock after purchasing an additional 8,207 shares during the period. Tidal Investments LLC’s holdings in Suncor Energy were worth $811,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Eastern Bank purchased a new stake in shares of Suncor Energy in the third quarter valued at $25,000. Summit Securities Group LLC bought a new stake in Suncor Energy in the second quarter worth about $27,000. Richardson Financial Services Inc. boosted its position in shares of Suncor Energy by 82.8% during the second quarter. Richardson Financial Services Inc. now owns 724 shares of the oil and gas producer’s stock valued at $28,000 after buying an additional 328 shares during the period. Ridgewood Investments LLC bought a new position in shares of Suncor Energy during the second quarter valued at approximately $29,000. Finally, Waldron Private Wealth LLC purchased a new stake in shares of Suncor Energy in the third quarter worth approximately $49,000. 67.37% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SU has been the topic of several research analyst reports. Desjardins raised Suncor Energy from a “hold” rating to a “buy” rating in a research report on Thursday, November 14th. StockNews.com downgraded shares of Suncor Energy from a “buy” rating to a “hold” rating in a research note on Monday, December 16th. Morgan Stanley cut shares of Suncor Energy from an “overweight” rating to an “equal weight” rating in a research report on Monday, December 16th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $66.00 target price on shares of Suncor Energy in a research report on Friday. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Suncor Energy currently has an average rating of “Moderate Buy” and an average price target of $58.00.

Suncor Energy Trading Down 0.3 %

NYSE:SU opened at $34.50 on Friday. The firm has a 50-day simple moving average of $38.68 and a 200-day simple moving average of $38.57. Suncor Energy Inc. has a one year low of $31.03 and a one year high of $41.94. The firm has a market cap of $43.41 billion, a P/E ratio of 7.52, a P/E/G ratio of 2.43 and a beta of 1.11. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.04 and a current ratio of 1.59.

Suncor Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 24th. Shareholders of record on Tuesday, December 3rd will be issued a dividend of $0.4089 per share. The ex-dividend date of this dividend is Tuesday, December 3rd. This represents a $1.64 dividend on an annualized basis and a yield of 4.74%. This is a positive change from Suncor Energy’s previous quarterly dividend of $0.40. Suncor Energy’s dividend payout ratio is currently 36.60%.

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.