5 Best Upside Stocks to Buy Right Now

2. Suncor Energy Inc. (NYSE: SU)

Number of Hedge Fund Holders: 33    

Suncor Energy Inc. (NYSE: SU) is a Canada-based energy company. It was founded in 1917 and is placed second on our list of 10 best upside stocks to buy right now. The company mines and refines oil and markets petroleum products. It also trades in natural gas and related products. Suncor has been stepping up investments in the clean energy business in recent years, especially in wind farms. It has a market cap of over $38 billion and posted more than $19 billion in revenue in 2020. 

On May 4, Suncor Energy Inc. (NYSE: SU) posted earnings results for the first quarter, reporting earnings per share of C$0.49, beating market estimates by C$0.09. On May 3, the firm declared a quarterly dividend of C$0.21 per share, in line with previous. 

At the end of the first quarter of 2021, 33 hedge funds in the database of Insider Monkey held stakes worth $1 billion in Suncor Energy Inc. (NYSE: SU), up from 25 in the preceding quarter worth $686 million.

In its Q2 2020 investor letter, Brown Advisory, an asset management firm, highlighted a few stocks and Suncor Energy Inc. (NYSE: SU) was one of them. Here is what the fund said:

“We eliminated our small holding in Cimarex Energy in favor of consolidating our oil-related investments by adding to existing holding Suncor Energy, which we believe is a stronger company to own with oil prices at a historic low.”