5 Cheap Global Stocks to Buy

4. Suncor Energy Inc. (NYSE:SU)

PE Ratio (TTM) as of March 30: 6.44

Number of Hedge Fund Holders: 47

On February 14, Suncor Energy Inc. (NYSE:SU) announced earnings for the fiscal fourth quarter of 2022. The company reported an EPS of $1.36 and beat EPS expectations by $0.03. The stock is one of the best cheap global stocks to buy now. As of March 30, Suncor Energy Inc. (NYSE:SU) is trading at a PE multiple of 6x.

This March, Morgan Stanley analyst Devin McDermott revised his price target on Suncor Energy Inc. (NYSE:SU) to C$58 from C$61 and reiterated an Overweight rating on the shares.

Suncor Energy Inc. (NYSE:SU) was held by 47 hedge funds at the end of Q4 2022. These funds disclosed collective stakes worth $2.46 billion in the company, up from $2.01 billion in the previous quarter when 45 hedge funds held stakes in the company. The hedge fund sentiment for the stock is positive.

As of December 31, Elliott Management is the top shareholder in Suncor Energy Inc. (NYSE:SU) and has a stake worth $317.3 million.

Artisan Partners made the following comment about Suncor Energy Inc. (NYSE:SU) in its Q4 2022 investor letter:

“Suncor Energy Inc. (NYSE:SU), a Canada-based operator of oil sands mines, refineries and retail gas stations, was the third-largest contributor to return for the year, mainly due to higher oil prices. The share price increased by one third. Notably, the portfolio generated significant returns from energy stocks, including Suncor, Tenaris, Imperial Oil and tangentially Alimentation Couche-Tarde and Seven & i Holdings, both of which are in the gas station business. Given the cyclicality and commodity nature of the oil business, we have sold shares of these investments, including the complete sale of both Tenaris and Imperial Oil.”