Cormark Brokers Increase Earnings Estimates for Suncor Energy Inc. (SU)
Suncor Energy Inc. (NYSE:SU) (TSE:SU) – Equities research analysts at Cormark upped their Q3 2018 earnings estimates for shares of Suncor Energy in a note issued to investors on Tuesday. Cormark analyst A. Arif now expects that the oil and gas producer will earn $0.47 per share for the quarter, up from their previous forecast of $0.47. Cormark also issued estimates for Suncor Energy’s Q4 2018 earnings at $0.49 EPS.
Several other equities analysts have also issued reports on SU. Canaccord Genuity reaffirmed a “buy” rating and issued a $51.00 price target on shares of Suncor Energy in a research report on Thursday, October 26th. TD Securities downgraded Suncor Energy from a “buy” rating to a “hold” rating and set a $50.00 price objective for the company. in a report on Thursday, November 16th. Zacks Investment Research downgraded Suncor Energy from a “buy” rating to a “hold” rating in a report on Monday, November 20th. Edward Jones upgraded Suncor Energy from a “hold” rating to a “buy” rating in a report on Monday, November 20th. Finally, AltaCorp Capital reiterated a “hold” rating and issued a $51.00 price objective on shares of Suncor Energy in a report on Monday, January 15th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. Suncor Energy has a consensus rating of “Buy” and an average price target of $46.67.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. SeaCrest Wealth Management LLC bought a new stake in shares of Suncor Energy during the 4th quarter valued at about $100,000. Cerebellum GP LLC bought a new stake in shares of Suncor Energy during the 4th quarter valued at about $134,000. IFG Advisory LLC bought a new stake in shares of Suncor Energy during the 4th quarter valued at about $371,000. Forward Management LLC bought a new stake in shares of Suncor Energy during the 3rd quarter valued at about $154,000. Finally, UBS Asset Management Americas Inc. grew its stake in shares of Suncor Energy by 13.7% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 4,658 shares of the oil and gas producer’s stock valued at $136,000 after purchasing an additional 562 shares during the period. Institutional investors own 65.69% of the company’s stock.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 26th. Investors of record on Monday, March 5th will be issued a $0.286 dividend. This represents a $1.14 annualized dividend and a yield of 3.41%. This is an increase from Suncor Energy’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Friday, March 2nd. Suncor Energy’s dividend payout ratio (DPR) is presently 48.56%.
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About Suncor Energy
Suncor Energy Inc is a Canada-based integrated energy company. The Company is focused on developing Canada’s petroleum resource basin, Athabasca oil sands. The Company operates in three business segments: Oil Sands, Exploration and Production (E&P), and Refining and Marketing. The Company’s Oil Sands segment includes Oil Sands operations and Oil Sands ventures operations.
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