This article discusses Paul Singer’s Elliott Management top 5 stock picks at the end of June 2022. To discover Elliott Management’s latest activist bets in detail, the fund’s history, and changes it made to its portfolio recently, please go to Paul Singer’s Latest Portfolio: Top 10 Stock Picks.
5. Suncor Energy Inc. (NYSE:SU)
Elliott Management’s Stake Value: $350,744,000
Percentage of Elliott Management’s 13F Portfolio: 4.04%
Number of Hedge Fund Holders: 47
Not only has Suncor Energy Inc.’s (NYSE:SU) stock skyrocketed by more than 80% in the last one year, but its popularity among smart money investors has also been on the rise. From 895 hedge funds tracked by Insider Monkey, 47 funds disclosed a stake in Suncor Energy Inc. (NYSE:SU) at the end of Jun 2022, more than double from 22 funds that reported a stake at the end of Q3 2020. Though Elliott Management didn’t add to its stake of 10 million shares of the company that it initiated in Q1, the value of the fund’s holdings in the company grew to $350.7 million from $326.1 million due to the rise in Suncor Energy Inc.’s (NYSE:SU) stock in Q2.
For its fiscal 2022 second quarter, Suncor Energy Inc. (NYSE:SU), on August 4, reported GAAP EPS of $2.20 on revenue of $12.6 billion, beating analysts’ estimates by $0.26 and $2.38 billion, respectively. However, despite beating estimates, Suncor Energy Inc.’s (NYSE:SU) stock declined post the earnings release as the company reduced its production guidance for the financial year 2022.