Activist Elliott sees more upside in Suncor Energy, almost doubles stake to $3B
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Contributor since / Followers
Contributor since / Followers
1 month ago
Marvin Samuel Tolentino Pineda
Activist investor Elliott Investment Management, which first disclosed a stake in Suncor Energy (NYSE:SU) more than two years ago, has doubled its stake to nearly $3 billion, Elliott portfolio manager Mike Tomkins disclosed at the 13D Monitor Active-Passive Investor Summit in New York City.
Shares of Suncor (SU) edged higher by 0.7% on Tuesday. Elliott last disclosed a $2 billion stake in Suncor (SU) in its most recent 13-F filing.
Since 2023, Suncor (SU) has been meeting or exceeding targets and is earning back investor trust, with a new CEO, new chairman and new independent directors, Tomkins highlighted during the presentation. Suncor has also remediated operating and safety issues.
Elliott sees significant further upside in the stock, Tomkins added.
Elliott first disclosed a stake of 3.4% in Suncor (SU) in April 2022 and flagged at the time several operational and safety issues, which had plagued the business in recent years.