Principal Financial Group Inc. Increases Stock Position in Suncor Energy Inc. (NYSE:SU)

Principal Financial Group Inc. lifted its holdings in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 23.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,939,573 shares of the oil and gas producer’s stock after purchasing an additional 1,296,142 shares during the period. Principal Financial Group Inc. owned about 0.54% of Suncor Energy worth $256,429,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the stock. Eastern Bank purchased a new position in Suncor Energy in the 3rd quarter valued at about $25,000. Trust Co. of Vermont purchased a new position in shares of Suncor Energy during the second quarter valued at approximately $26,000. Summit Securities Group LLC acquired a new stake in Suncor Energy during the second quarter worth approximately $27,000. Richardson Financial Services Inc. grew its stake in Suncor Energy by 82.8% in the 2nd quarter. Richardson Financial Services Inc. now owns 724 shares of the oil and gas producer’s stock worth $28,000 after acquiring an additional 328 shares during the period. Finally, Ridgewood Investments LLC acquired a new position in Suncor Energy in the 2nd quarter valued at $29,000. 67.37% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on SU shares. TD Securities raised Suncor Energy from a “hold” rating to a “buy” rating in a research report on Wednesday, August 7th. BMO Capital Markets upgraded shares of Suncor Energy from a “market perform” rating to an “outperform” rating in a report on Wednesday, August 7th. Wolfe Research initiated coverage on shares of Suncor Energy in a report on Thursday, July 18th. They issued an “outperform” rating and a $68.00 target price for the company. Scotiabank cut their price target 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, StockNews.com raised shares of Suncor Energy from a “hold” rating to a “buy” rating in a research note on Thursday. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Suncor Energy currently has an average rating of “Moderate Buy” and a consensus target price of $55.83.

Suncor Energy Stock Up 1.0 %

Shares of Suncor Energy stock opened at $39.59 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 cap of $49.95 billion, a price-to-earnings ratio of 9.19, a price-to-earnings-growth ratio of 2.71 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 company has a fifty day moving average price of $38.39 and a 200 day moving average price of $38.75.

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 business had revenue of $12.90 billion during the quarter, compared to analyst estimates of $9.30 billion. Suncor Energy had a return on equity of 16.22% and a net margin of 14.40%. The company’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.71 earnings per share. Equities research analysts forecast that Suncor Energy Inc. will post 3.53 earnings per share for the current fiscal year.

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.