Shake-Up Alert: 40 Companies Facing Activist Pressure

Page 12 of 31

20. Elliot Management at Suncor Energy Inc. (NYSE:SU)

Stock Return: -9.76%

S&P 500 Return: 30.54%

Investment date: 28/04/2022

Number of hedge funds holding stakes: 35

Suncor Energy Inc. (NYSE:SU) is an integrated energy company that explores and produces oil and gas on the East Coast of Canada. Elliott Management has been pursuing an activist campaign in the company, and its efforts are slowly bearing fruit.

The activist investor succeeded in pushing for management changes, which resulted in appointing former Exxon Mobil executive Rich Kruger as CEO last year. Likewise, Suncor Energy Inc. (NYSE:SU) is already up by 21% for the year, having announced plans to ramp up share buybacks. It has bolstered its spending on share repurchases to 75% of free funds flow.

As of Q1 2024, 35 out of 920 tracked by the Insider Monkey database held stakes in Suncor Energy Inc. (NYSE:SU).

Page 12 of 31