Suncor Energy (NYSE:SU) Rating Increased to Overweight at JPMorgan Chase & Co.

Suncor Energy (NYSE:SU) (TSE:SU) was upgraded by analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a note issued to investors on Tuesday, Marketbeat Ratings reports.

Other equities research analysts also recently issued reports about the company. Royal Bank Of Canada restated an “outperform” rating and set a $65.00 price objective on shares of Suncor Energy in a research report on Friday, October 3rd. Weiss Ratings restated a “buy (b)” rating on shares of Suncor Energy in a report on Monday, December 29th. Wall Street Zen lowered shares of Suncor Energy from a “buy” rating to a “hold” rating in a research note on Sunday, December 28th. Raymond James Financial upgraded shares of Suncor Energy from a “market perform” rating to an “outperform” rating in a research report on Thursday, November 6th. Finally, Zacks Research upgraded shares of Suncor Energy from a “hold” rating to a “strong-buy” rating in a report on Monday, December 22nd. Three analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $56.50.

Suncor Energy Price Performance

SU stock opened at $49.73 on Tuesday. Suncor Energy has a 52 week low of $30.79 and a 52 week high of $50.24. The firm has a market capitalization of $59.35 billion, a P/E ratio of 16.30 and a beta of 0.46. The company has a fifty day simple moving average of $44.75 and a two-hundred day simple moving average of $41.80. The company has a quick ratio of 0.85, a current ratio of 1.35 and a debt-to-equity ratio of 0.19.

Suncor Energy (NYSE:SU) (TSE:SU) last announced its earnings results on Tuesday, November 4th. The oil and gas producer reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.22. Suncor Energy had a net margin of 10.61% and a return on equity of 13.01%. The firm had revenue of $9.04 billion for the quarter, compared to analysts’ expectations of $8.82 billion. During the same period in the prior year, the company earned $1.48 EPS. Analysts anticipate that Suncor Energy will post 3.42 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Suncor Energy

Several hedge funds have recently made changes to their positions in SU. Richardson Financial Services Inc. raised its holdings in shares of Suncor Energy by 64.1% in the third quarter. Richardson Financial Services Inc. now owns 704 shares of the oil and gas producer’s stock valued at $29,000 after acquiring an additional 275 shares in the last quarter. Headlands Technologies LLC bought a new position in Suncor Energy during the 2nd quarter worth about $31,000. Maseco LLP purchased a new position in Suncor Energy during the 2nd quarter valued at about $32,000. Hanson & Doremus Investment Management raised its holdings in shares of Suncor Energy by 143.5% in the 3rd quarter. Hanson & Doremus Investment Management now owns 789 shares of the oil and gas producer’s stock valued at $33,000 after purchasing an additional 465 shares in the last quarter. Finally, Smartleaf Asset Management LLC lifted its position in shares of Suncor Energy by 95.8% in the 3rd quarter. Smartleaf Asset Management LLC now owns 793 shares of the oil and gas producer’s stock worth $33,000 after purchasing an additional 388 shares during the period. 67.37% of the stock is currently owned by hedge funds and other institutional investors.

About Suncor Energy

Suncor Energy Inc is a Canadian integrated energy company headquartered in Calgary, Alberta. The company’s operations span the full oil and gas value chain, with principal activities in oil sands development and production, conventional exploration and production, refining, distribution and retail marketing of petroleum products. Suncor supplies crude, synthetic crude and refined fuels as well as related products and services to commercial and consumer markets.

Upstream, Suncor is a major developer and operator of oil sands projects in Alberta, using both mining and in situ technologies to produce bitumen and synthetic crude.