Hedge Funds Are Betting On Suncor Energy Inc. (USA) (SU)

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Suncor Energy Inc. (USA) (NYSE:SU) has experienced an increase in hedge fund interest in recent months.

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Consequently, we’re going to take a glance at the recent action regarding Suncor Energy Inc. (USA) (NYSE:SU).

What have hedge funds been doing with Suncor Energy Inc. (USA) (NYSE:SU)?

Heading into Q2, a total of 32 of the hedge funds we track were bullish in this stock, a change of 10% from the first quarter. With hedgies’ capital changing hands, there exists a few noteworthy hedge fund managers who were upping their stakes significantly.

Suncor Energy Inc. (USA) (NYSE:SU)Of the funds we track, SAC Capital Advisors, managed by Steven Cohen, holds the biggest position in Suncor Energy Inc. (USA) (NYSE:SU). SAC Capital Advisors has a $213 million position in the stock, comprising 1% of its 13F portfolio. Coming in second is Daniel Bubis of Tetrem Capital Management, with a $140.7 million position; 4.3% of its 13F portfolio is allocated to the company. Remaining peers that hold long positions include Ken Griffin’s Citadel Investment Group, Rob Citrone’s Discovery Capital Management and Daniel Bubis’s Tetrem Capital Management.

As industrywide interest jumped, some big names have jumped into Suncor Energy Inc. (USA) (NYSE:SU) headfirst. 3G Capital, managed by Jorge Paulo Lemann, created the most outsized position in Suncor Energy Inc. (USA) (NYSE:SU). 3G Capital had 10.5 million invested in the company at the end of the quarter. Steven Cohen’s SAC Capital Advisors also initiated a $6 million position during the quarter. The following funds were also among the new SU investors: Mark Kingdon’s Kingdon Capital, Jonathan Kolatch’s Redwood Capital Management, and Jeffrey Vinik’s Vinik Asset Management.

What have insiders been doing with Suncor Energy Inc. (USA) (NYSE:SU)?

Insider trading activity, especially when it’s bullish, is particularly usable when the company we’re looking at has experienced transactions within the past six months. Over the last half-year time period, Suncor Energy Inc. (USA) (NYSE:SU) has seen zero unique insiders buying, and zero insider sales (see the details of insider trades here).

Let’s go over hedge fund and insider activity in other stocks similar to Suncor Energy Inc. (USA) (NYSE:SU). These stocks are Apache Corporation (NYSE:APA), EOG Resources Inc (NYSE:EOG), Canadian Natural Resource Ltd (USA) (NYSE:CNQ), Enterprise Products Partners L.P. (NYSE:EPD), and Anadarko Petroleum Corporation (NYSE:APC). This group of stocks belong to the independent oil & gas industry and their market caps are closest to SU’s market cap.

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