Principal Financial Group Inc. Purchases 1,296,142 Shares of Suncor Energy Inc. (NYSE:SU)

Principal Financial Group Inc. boosted its stake in shares of Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 23.0% in the 3rd quarter, according to its most recent Form 13F 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 acquiring an additional 1,296,142 shares during the quarter. Principal Financial Group Inc. owned 0.55% of Suncor Energy worth $256,429,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SU. Eastern Bank acquired a new position in shares of Suncor Energy in the 3rd quarter worth approximately $25,000. Summit Securities Group LLC acquired a new position in Suncor Energy in the second quarter worth $27,000. Richardson Financial Services Inc. grew its holdings 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 worth $28,000 after purchasing an additional 328 shares during the last quarter. Ridgewood Investments LLC acquired a new stake in shares of Suncor Energy in the second quarter valued at $29,000. Finally, Waldron Private Wealth LLC bought a new position in shares of Suncor Energy in the third quarter valued at about $49,000. 67.37% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on SU. Desjardins raised shares of Suncor Energy from a "hold" rating to a "buy" rating in a report on Thursday, November 14th. Royal Bank of Canada reissued an "outperform" rating and set a $66.00 price target on shares of Suncor Energy in a research note on Friday. Morgan Stanley cut shares of Suncor Energy from an "overweight" rating to an "equal weight" rating in a research report on Monday. Finally, StockNews.com lowered Suncor Energy from a "buy" rating to a "hold" rating in a research report on Monday. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $58.00.

Suncor Energy Trading Down 0.3 %

SU traded down $0.11 during trading on Friday, reaching $34.50. 3,725,013 shares of the company's stock were exchanged, compared to its average volume of 4,325,141. The company's fifty day moving average price is $38.79 and its 200-day moving average price is $38.60. The firm has a market capitalization of $43.41 billion, a PE ratio of 7.52, a P/E/G ratio of 2.43 and a beta of 1.11. Suncor Energy Inc. has a fifty-two week low of $31.03 and a fifty-two 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 Increases Dividend

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

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.