5 Best TSX Stocks To Buy Right Now

3. Suncor Energy Inc. (NYSE:SU)

Number of Hedge Fund Holders: 45

Suncor Energy Inc. (NYSE:SU) is involved in the integrated energy sector, with its operations divided into three segments – Oil Sands, Exploration and Production, and Refining and Marketing. Suncor Energy Inc. (NYSE:SU) was established in 1917 and is headquartered in Calgary, Canada. It is one of the top TSX stocks to watch. 

On May 8, Suncor Energy Inc. (NYSE:SU) reported earnings per share of $1.02, beating market estimates by $0.09. The revenue of $9.16 billion dropped almost 12% year-over-year but outperformed Wall Street expectations by $1.36 billion. 

According to Insider Monkey’s first quarter database, 45 hedge funds were bullish on Suncor Energy Inc. (NYSE:SU), compared to 47 funds in the prior quarter. Paul Singer’s Elliott Management is the biggest stakeholder of the company, with 10 million shares worth $310.2 million. 

Artisan International Value Fund made the following comment about Suncor Energy Inc. (NYSE:SU) in its Q4 2022 investor letter:

“Suncor Energy Inc. (NYSE:SU), a Canada-based operator of oil sands mines, refineries and retail gas stations, was the third-largest contributor to return for the year, mainly due to higher oil prices. The share price increased by one third. Notably, the portfolio generated significant returns from energy stocks, including Suncor, Tenaris, Imperial Oil and tangentially Alimentation Couche-Tarde and Seven & i Holdings, both of which are in the gas station business. Given the cyclicality and commodity nature of the oil business, we have sold shares of these investments, including the complete sale of both Tenaris and Imperial Oil.”