Summerhill's New Stakes
Summerhill Capital Management Acquires Millions in New Energy and Financial Stakes
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Key Points
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Pembina Pipeline: Hedge funds collectively own about 55.37% of Pembina stock, highlighting heavy institutional interest beyond Summerhill’s new 13,662-share purchase (approx. $610,000) and its 26th-largest holding status. Other notable buyers cited include Empowered Funds LLC (24,449 shares), Ethic Inc. (14,150), Brown Brothers Harriman & Co. (9,768), Oppenheimer Asset Management Inc. (21,014), and Larson Financial Group LLC (1,059).
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Cenovus Energy: Hedge funds own a majority stake — about 51.19% of Cenovus shares — with UBS Asset Management owning 747,472 shares worth roughly $10.4 million and Jones Financial Companies LLLP increasing its position to 21,607 shares. Summerhill’s Cenovus stake amounts to about 1.9% of its portfolio (17th-largest position).
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TC Energy: Institutional ownership of TRP stands at 83.13%, underscoring a high concentration of ownership. Analyst activity includes RBC raising its price target to $95 with an outperform rating, alongside other updates such as Goldman Sachs upgrading to a neutral with a higher target, reflecting positive sentiment around the stock.
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Bank of Montreal: The stock is Summerhill’s 29th-largest holding with 45.82% of its shares held by institutional investors. Notable activity includes Cidel Asset Management increasing its stake by 513.3% to 130,608 shares (~$17.6 million) and other funds like Union Bancaire Privee and Ritholtz Wealth Management boosting positions.
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Suncor Energy: Institutional investors own about 67.37% of the company. RBC increased Suncor’s price objective to $89, while research notes from Zacks downgraded the stock to hold and other firms, such as Wall Street Zen, issued more conservative takes, illustrating mixed analyst sentiment despite the new stake.
Summerhill Capital Management Inc. quietly built five new positions in Canadian energy and financial stocks during the first quarter of 2026, deploying roughly $4.7 million across Pembina Pipeline, Cenovus Energy, TC Energy, Bank of Montreal, and Suncor Energy. The moves signal a deliberate bet on high-yield, infrastructure-heavy Canadian assets at a time when institutional investors are flocking to stable, dividend-paying companies. Ticker Report and Watchlist News confirmed the disclosures through SEC 13F filings.
Cenovus Energy is Summerhill's biggest new bet — 82,822 shares worth about $2.19 million, now its 17th-largest holding. The four other stakes are smaller but still meaningful, each landing between 25th and 29th place in the firm's portfolio.
Five New Stakes Spread Across Energy and Banking
Summerhill bought 13,662 shares of Pembina Pipeline for roughly $610,000, making it its 26th-largest holding. The firm also picked up 10,663 shares of TC Energy for about $666,000 and 12,761 shares of Suncor Energy for around $842,000. Its smallest new position was Bank of Montreal — just 2,907 shares worth approximately $393,000, ranking 29th in its portfolio, according to Watchlist News.
Together, the five positions cover a range of energy types. Pembina and TC Energy are midstream pipeline operators — they earn money moving oil and gas, not just selling it. Cenovus and Suncor are integrated oil producers. Bank of Montreal gives Summerhill a financial sector anchor tied closely to the Canadian economy.
Institutional Investors Already Dominate These Stocks
Summerhill is far from alone in these names. TC Energy has the highest institutional ownership of the group — 83.13% of its shares are held by big funds. Suncor sits at 67.37%, Pembina at 55.37%, and Cenovus at 51.19%. Bank of Montreal has the lowest institutional concentration at 45.82%, according to SEC ownership data.
Other notable buyers are active alongside Summerhill. UBS Asset Management holds 747,472 shares of Cenovus worth roughly $10.4 million. Cidel Asset Management raised its Bank of Montreal stake by 513.3%, growing to 130,608 shares valued at about $17.6 million. In Pembina, buyers like Empowered Funds LLC (24,449 shares) and Oppenheimer Asset Management (21,014 shares) have also been adding, per Watchlist News.
Analysts Are Bullish on TC Energy, Divided on Suncor
TC Energy is getting strong praise from Wall Street. RBC Capital Markets raised its price target on the stock to $95 with an "Outperform" rating. Goldman Sachs upgraded TC Energy to "Neutral" with a higher target, suggesting that the company's toughest regulatory and cost hurdles may be behind it. Institutional investors appear to agree — 83.13% ownership is among the highest concentrations for any major Canadian energy name.
Suncor tells a different story. RBC raised its price objective on Suncor to $89, a bullish signal. But Zacks Investment Research downgraded the stock to "Hold," pointing to potential weakness in global crude demand and ongoing internal restructuring. Wall Street Zen also issued a more cautious view, noting that Suncor's dividend is attractive but its share price may lag behind faster-moving U.S. shale producers.
Why Canadian Energy Pipelines Are Drawing Smart Money
The timing of Summerhill's buys is not random. The completion of major projects like the Trans Mountain Expansion has opened new export routes for Canadian oil, narrowing the price gap between Western Canadian Select and U.S. benchmark crude. That makes pipeline throughput — the volume of oil moving through pipes — more predictable and more valuable.
Investors watching these midstream names are betting on volume, not commodity prices. That matters because pipeline operators like Pembina and TC Energy earn stable, contract-based fees regardless of whether oil prices rise or fall. With dividend yields often running between 4% and 7%, these stocks increasingly act like bonds with growth potential — exactly what income-focused funds like Summerhill tend to chase.
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