5 Best Canadian Stocks to Buy

3. Suncor Energy Inc. (NYSE:SU)

Percentage of iShares MSCI Canada ETF: 2.62%

Number of Hedge Fund Holders: 47

Calgary, Alberta-based Suncor Energy Inc. (NYSE:SU) is an integrated energy company with operations across oil sands development, production and upgrading, offshore oil and gas production, petroleum refining in Canada and the United States and its Petro-Canada retail and wholesale distribution networks.

In August, Suncor Energy Inc. (NYSE:SU) reported the financial results for the quarter ended July 31, 2022. Its revenue increased by 70% y-o-y to $12.5 billion, while it generated a net income of $3.1 billion, for the quarter. It reported a normalized EPS of $2.11 for the quarter, beating the consensus by $0.02.

On August 8, Credit Suisse analyst William Janela assumed coverage of Suncor Energy Inc. (NYSE:SU) with an ‘Outperform’ rating and unchanged price target of C$63.

According to the Insider Monkey data on 895 leading hedge funds, 47 hedge funds were long Suncor Energy Inc. (NYSE:SU) shares as of Q2 2022, with the total shares held by hedge funds valued at $2.4 billion. Arrowstreet Capital was the largest shareholder on record with ownership of 16.6 million shares valued at $583 million.