Principal Financial Group Inc. Has $256.43 Million Stake in Suncor Energy Inc. (NYSE:SU)

Principal Financial Group Inc. grew 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 13F filing with the Securities and Exchange Commission. The firm owned 6,939,573 shares of the oil and gas producer’s stock after acquiring an additional 1,296,142 shares during the period. Principal Financial Group Inc. owned 0.55% of Suncor Energy worth $256,429,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Grove Bank & Trust acquired a new position in shares of Suncor Energy during the 2nd quarter valued at $59,000. Allspring Global Investments Holdings LLC grew its stake in shares of Suncor Energy by 16.6% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 77,434 shares of the oil and gas producer’s stock valued at $2,950,000 after buying an additional 11,040 shares during the period. Gold Investment Management Ltd. grew its stake in shares of Suncor Energy by 0.5% in the 2nd quarter. Gold Investment Management Ltd. now owns 143,584 shares of the oil and gas producer’s stock valued at $5,472,000 after buying an additional 733 shares during the period. Summit Securities Group LLC acquired a new position in Suncor Energy during the 2nd quarter worth approximately $27,000. Finally, Atomi Financial Group Inc. raised its stake in Suncor Energy by 48.5% during the 2nd quarter. Atomi Financial Group Inc. now owns 13,048 shares of the oil and gas producer’s stock worth $497,000 after buying an additional 4,262 shares during the period. 67.37% of the stock is owned by institutional investors.

Suncor Energy Price Performance

SU opened at $34.61 on Friday. Suncor Energy Inc. has a 1 year low of $31.03 and a 1 year high of $41.94. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 1.04. The company has a market capitalization of $43.55 billion, a price-to-earnings ratio of 7.54, a P/E/G ratio of 2.43 and a beta of 1.11. The firm’s fifty day moving average price is $38.79 and its two-hundred day moving average price is $38.60.

Suncor Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 24th. Shareholders of record on Tuesday, December 3rd will be given a $0.4089 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 4.73%. This is an increase from Suncor Energy’s previous quarterly dividend of $0.40. The ex-dividend date is Tuesday, December 3rd. Suncor Energy’s dividend payout ratio is presently 36.60%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on SU shares. StockNews.com downgraded Suncor Energy from a “buy” rating to a “hold” rating in a report on Monday. Desjardins upgraded shares of Suncor Energy from a “hold” rating to a “buy” rating in a report on Thursday, November 14th. Finally, Morgan Stanley lowered shares of Suncor Energy from an “overweight” rating to an “equal weight” rating in a research note on Monday. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $56.40.

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.