By Ketki Saxena
Investing.com -- Ninepoint Partners LP has recently acquired a significant position in Suncor Energy Inc. (NYSE:TSX:SU) during the first quarter of 2023, making it the fourth largest position in their portfolio. The investment firm purchased 3,000,000 shares valued at approximately $93,150,000, accounting for 10.3% of their portfolio.
This acquisition is part of a broader trend as other institutional investors and hedge funds have also been active in trading Suncor Energy shares. Notably, Arlington Partners LLC and Delta Asset Management LLC TN both purchased new stakes in the company during the first and fourth quarters respectively. Toth Financial Advisory Corp and Allworth Financial LP also increased their positions significantly.
Suncor Energy's stock performance has been robust with NYSE:SU trading up $0.74 on Friday, reaching $30.80 per share. The oil and gas producer has a market capitalization of $40.22 billion with a debt-to-equity ratio of 0.25.
Several equities research analysts recently changed their ratings on Suncor. BMO (TSX:BMO) Capital Markets downgraded Suncor Energy from an “outperform” rating to a “market perform” rating in a report on Thursday, July 13th. UBS Group started coverage on Suncor Energy in a report on Wednesday, July 12th.
Suncor Energy operates as an integrated energy company primarily in Canada and internationally through Oil Sands; Exploration and Production; and Refining and Marketing segments.