Assenagon Asset Management S.A. Buys New Stake in Suncor Energy Inc. (NYSE:SU)

Assenagon Asset Management S.A. bought a new stake in Suncor Energy Inc. (NYSE:SU) (TSE:SU) during the second quarter, Holdings Channel reports. The fund bought 43,124 shares of the oil and gas producer’s stock, valued at approximately $1,258,000.

Several other hedge funds have also added to or reduced their stakes in the company. CENTRAL TRUST Co boosted its position in Suncor Energy by 90.8% in the first quarter. CENTRAL TRUST Co now owns 3,641 shares of the oil and gas producer’s stock valued at $112,000 after buying an additional 1,733 shares in the last quarter. Howe & Rusling Inc. boosted its position in Suncor Energy by 19.3% in the first quarter. Howe & Rusling Inc. now owns 4,143 shares of the oil and gas producer’s stock valued at $127,000 after buying an additional 670 shares in the last quarter. YorkBridge Wealth Partners LLC boosted its position in Suncor Energy by 1.0% in the first quarter. YorkBridge Wealth Partners LLC now owns 4,061 shares of the oil and gas producer’s stock valued at $128,000 after buying an additional 42 shares in the last quarter. Bronfman E.L. Rothschild L.P. boosted its position in Suncor Energy by 6.0% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 4,224 shares of the oil and gas producer’s stock valued at $130,000 after buying an additional 238 shares in the last quarter. Finally, UBS Asset Management Americas Inc. purchased a new position in Suncor Energy during the fourth quarter valued at $152,000. Hedge funds and other institutional investors own 65.22% of the company’s stock.

Shares of Suncor Energy Inc. (SU) traded up 0.36% during midday trading on Thursday, hitting $30.72. The company had a trading volume of 882,171 shares. Suncor Energy Inc. has a 12 month low of $25.70 and a 12 month high of $33.79. The company has a market capitalization of $51.28 billion, a PE ratio of 42.02 and a beta of 0.80. The company has a 50-day moving average of $29.73 and a 200-day moving average of $30.96.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 26th. Investors of record on Monday, June 5th were given a $0.2371 dividend. The ex-dividend date of this dividend was Thursday, June 1st. This represents a $0.95 annualized dividend and a yield of 3.10%. Suncor Energy ‘s payout ratio is 141.79%.

Suncor Energy declared that its Board of Directors has authorized a stock repurchase program on Wednesday, April 26th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the oil and gas producer to repurchase up to 3.9% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.

SU has been the subject of several research analyst reports. Zacks Investment Research cut Suncor Energy from a “hold” rating to a “sell” rating in a report on Wednesday, April 26th. Simmons cut their price target on Suncor Energy from $43.00 to $41.00 and set an “overweight” rating for the company in a report on Wednesday, April 19th. Scotiabank cut Suncor Energy from an “outperform” rating to a “sector perform” rating in a report on Friday, June 9th. Goldman Sachs Group, Inc. (The) upgraded Suncor Energy from a “buy” rating to a “conviction-buy” rating and raised their price target for the company from $25.00 to $34.00 in a report on Wednesday, April 5th. They noted that the move was a valuation call. Finally, Piper Jaffray Companies dropped their target price on Suncor Energy from $40.00 to $38.00 and set an “overweight” rating for the company in a report on Monday, July 3rd. Three research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $42.10.

Suncor Energy Company Profile

Suncor Energy Inc (Suncor) is an integrated energy company. The Company is focused on developing Canada’s petroleum resource basin, Athabasca oil sands. The Company operates in three business segments: Oil Sands, Exploration and Production (E&P), and Refining and Marketing. The Company’s Oil Sands segment includes Oil Sands operations and Oil Sands ventures operations.

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