Billionaire Dan Loeb is Adding These 5 Stocks in his Portfolio

4. Suncor Energy Inc. (NYSE:SU)

Third Point’s Stake Value: $114.12 million

Percentage of Third Point’s 13F Portfolio: 1.48%

Number of Hedge Fund Holders: 41

Suncor Energy Inc. (NYSE:SU) is a Canadian oil and gas company. It produces synthetic crude from the world’s largest crude oil deposit situated in the Canadian oil sands. In the first quarter of 2022, Suncor Energy Inc. (NYSE:SU) was part of 41 hedge fund portfolios with a combined value of $2.07 billion.

According to the most recent reports, Suncor Energy Inc. (NYSE:SU) has over $3.1 billion worth of liquid assets, which include close to $1.6 billion in cash and cash equivalents. In Q1 2022, the company reduced its net debt to approximately $11.6 billion and plans to reduce it even further to roughly $9.3 billion by the second half of FY2022. In the first quarter, the company returned close to $1.43 billion to its shareholders in the form of dividends and share buybacks.

On July 18, National Bank analyst Travis Wood lowered Suncor Energy Inc. (NYSE:SU)’s price target to $64 from $73 and maintained a Sector Perform rating on the company shares.

ClearBridge Investments mentioned Suncor Energy Inc. (NYSE:SU) in its first-quarter 2022 investor letter. Here is what the firm said:

“Also within the structural bucket, we added to our commodity exposure with the purchase of Suncor Energy (NYSE:SU). Suncor, a past holding, is a Canadian integrated oil company where we capitalized on attractive valuation due to a COVID-19-induced slowdown. We expect recovery in oil demand and strong pricing will result in faster than expected free cash flow growth and financial deleveraging.

The structural bucket has the shortest investment horizon across the spectrum of growth companies we target in the Strategy. We closely monitor the macro impacts and turnaround progress of these companies and will be disciplined sellers when the thesis for a holding plays out.”