Golden State Wealth Management LLC Makes New Investment in Suncor Energy Inc. (NYSE:SU)

Golden State Wealth Management LLC acquired a new stake in Suncor Energy Inc. (NYSE:SU) (TSE:SU) in the fourth quarter, HoldingsChannel.com reports. The fund acquired 1,094 shares of the oil and gas producer’s stock, valued at approximately $39,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in SU. Assenagon Asset Management S.A. lifted its holdings in Suncor Energy by 1,324.8% during the 4th quarter. Assenagon Asset Management S.A. now owns 3,469,008 shares of the oil and gas producer’s stock valued at $123,774,000 after purchasing an additional 3,225,543 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Suncor Energy by 23.3% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 9,695,560 shares of the oil and gas producer’s stock valued at $357,827,000 after purchasing an additional 1,829,936 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Suncor Energy by 23.0% during the 3rd quarter. Principal Financial Group Inc. now owns 6,939,573 shares of the oil and gas producer’s stock worth $256,429,000 after buying an additional 1,296,142 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in shares of Suncor Energy by 136.2% during the 3rd quarter. Fisher Asset Management LLC now owns 1,891,781 shares of the oil and gas producer’s stock worth $69,845,000 after buying an additional 1,090,988 shares during the period. Finally, Public Employees Retirement System of Ohio acquired a new position in Suncor Energy in the 3rd quarter valued at about $23,286,000. 67.37% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on SU. Desjardins upgraded shares of Suncor Energy from a “hold” rating to a “buy” rating in a research report on Thursday, November 14th. Morgan Stanley downgraded Suncor Energy from an “overweight” rating to an “equal weight” rating in a research note on Monday, December 16th. Royal Bank of Canada reiterated an “outperform” rating and set a $66.00 price objective on shares of Suncor Energy in a research report on Tuesday, January 7th. Tudor, Pickering, Holt & Co. raised shares of Suncor Energy from a “hold” rating to a “buy” rating in a research report on Monday. Finally, StockNews.com raised shares of Suncor Energy from a “hold” rating to a “buy” rating in a research report on Tuesday, January 14th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $58.00.

Suncor Energy Stock Performance

SU opened at $40.65 on Wednesday. The firm has a market cap of $50.59 billion, a P/E ratio of 11.78, a price-to-earnings-growth ratio of 2.96 and a beta of 1.12. The business’s fifty day moving average is $37.64 and its 200-day moving average is $38.56. Suncor Energy Inc. has a 52-week low of $31.25 and a 52-week high of $41.94. 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 (NYSE:SU) (TSE:SU) last announced its quarterly earnings data on Wednesday, February 5th. The oil and gas producer reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.82 by $0.07. Suncor Energy had a net margin of 11.80% and a return on equity of 15.33%. Sell-side analysts expect that Suncor Energy Inc. will post 3.25 EPS for the current fiscal year.

Suncor Energy Cuts Dividend

The company also recently disclosed 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. The ex-dividend date of this dividend is Tuesday, March 4th. This represents a $1.60 annualized dividend and a yield of 3.93%. Suncor Energy’s dividend payout ratio is currently 46.67%.

About Suncor Energy

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.