NEW YORK, Oct 22 (Reuters) - Two years after first

pressing for changes at Canada's Suncor Energy ( SU ), Elliott

Investment Management is so convinced that ongoing improvements

will yield a higher share price that it has nearly doubled the

size of its investment.

Elliott now owns a stake of nearly $3 billion in the

company, up from the $1.6 billion stake, or around 3.4 pct, it

owned in 2022 when it pushed the company to refresh the board,

overhaul management and begin a strategic review, Elliott

portfolio manager Mike Tomkins said on Tuesday at the 13D

Monitor Active-Passive Investor Summit.

Soon after Elliott arrived the company installed a new chief

executive, Rich Kruger, who has helped improve the company's

safety record after more than a dozen deaths and improve

performance.

Tomkins called Kruger and his management team "rockstars"

and said that the CEO has helped change the company's culture so

dramatically that investors who had fled are now returning.

But Tomkins noted that the stock price, even though it has

gained 22% since January, has not re-rated.

"This does not surprise us," Tomkins said, adding that

"these turnaround stories take a while to actually roll into the

stock price."

He remains convinced that the stock price will continue to

climb.

"This is an example where we think over a multi-year period

there is significant upside," he said.