Top 5 Dividend Increases of 2021

4. Suncor Energy Inc. (NYSE:SU)

Dividend Yield as of January 20: 4.65%

Dividend Increase in 2021: 100%

Number of Hedge Fund Holders: 32

Suncor Energy Inc. (NYSE:SU) is a Canadian energy company that produces synthetic crude oil, petroleum, natural gas, and petrochemicals. As of January 20, Suncor Energy Inc. (NYSE:SU) offers a dividend yield of 4.65%.

Suncor Energy Inc. (NYSE:SU) declared a C$0.42 per share quarterly dividend on October 28, which is a 100% increase from the prior dividend of C$0.21. The dividend was paid on December 24, to shareholders of record on December 3.

BofA analyst Doug Leggate reinstated coverage of Suncor Energy Inc. (NYSE:SU) on January 10 with a Buy rating and price target of $34. The “old school” integrated company with a strategy intended to maximize value of regional crude through refining now offers about a 5% yield that “pays investors to wait on the ‘show me’ story”. He sees Suncor Energy Inc. (NYSE:SU) reaching a $2 billion free cash expansion that will support a fair value about 30% above current levels, Leggate tells investors.

According to Insider Monkey’s Q3 data, Arrowstreet Capital is the biggest Suncor Energy Inc. (NYSE:SU) stakeholder from the 32 hedge funds that were bullish on the stock, with 8.8 million shares worth $184 million.