Suncor Energy (NYSE:SU) Rating Increased to Moderate Buy at Desjardins

Desjardins upgraded shares of Suncor Energy (NYSE:SU) (TSE:SU) to a moderate buy rating in a research note issued to investors on Thursday morning,Zacks.com reports.

A number of other research analysts also recently commented on SU. ATB Cormark Capital Markets upgraded Suncor Energy from a “hold” rating to a “moderate buy” rating in a research note on Wednesday, April 1st. Scotiabank raised Suncor Energy to a “strong-buy” rating in a research note on Friday, June 26th. Weiss Ratings lowered Suncor Energy from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday. Royal Bank Of Canada boosted their price target on Suncor Energy from $75.00 to $89.00 and gave the company an “outperform” rating in a research note on Wednesday, April 1st. Finally, Wall Street Zen upgraded Suncor Energy from a “buy” rating to a “strong-buy” rating in a report on Sunday, July 12th. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Suncor Energy currently has a consensus rating of “Buy” and a consensus price target of $71.67.

Suncor Energy Trading Up 2.9%

Suncor Energy stock opened at $62.45 on Thursday. The company’s fifty day simple moving average is $61.11 and its 200-day simple moving average is $58.68. The company has a quick ratio of 0.92, a current ratio of 1.42 and a debt-to-equity ratio of 0.20. Suncor Energy has a 12 month low of $37.76 and a 12 month high of $70.29. The stock has a market cap of $73.73 billion, a P/E ratio of 16.39 and a beta of 0.30.

Suncor Energy (NYSE:SU) (TSE:SU) last posted its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $1.41 earnings per share for the quarter, missing analysts’ consensus estimates of $1.45 by ($0.04). Suncor Energy had a return on equity of 13.96% and a net margin of 12.29%.The company had revenue of $10.41 billion during the quarter, compared to analyst estimates of $9.22 billion. During the same period last year, the company posted $1.31 earnings per share. As a group, sell-side analysts forecast that Suncor Energy will post 7.07 EPS for the current fiscal year.

Suncor Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 25th. Stockholders of record on Thursday, June 4th were issued a dividend of $0.60 per share. The ex-dividend date of this dividend was Thursday, June 4th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.8%. Suncor Energy’s dividend payout ratio is currently 45.41%.

Institutional Investors Weigh In On Suncor Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. AQR Capital Management LLC raised its position in shares of Suncor Energy by 14.2% in the first quarter. AQR Capital Management LLC now owns 25,015 shares of the oil and gas producer’s stock valued at $959,000 after purchasing an additional 3,115 shares during the period. Geneos Wealth Management Inc. lifted its stake in shares of Suncor Energy by 172.5% in the first quarter. Geneos Wealth Management Inc. now owns 1,981 shares of the oil and gas producer’s stock worth $77,000 after buying an additional 1,254 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of Suncor Energy by 21.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,667 shares of the oil and gas producer’s stock worth $100,000 after buying an additional 464 shares during the period. AXA S.A. boosted its holdings in shares of Suncor Energy by 17.2% during the 2nd quarter. AXA S.A. now owns 50,278 shares of the oil and gas producer’s stock worth $1,883,000 after buying an additional 7,395 shares during the period. Finally, NewEdge Advisors LLC grew its stake in Suncor Energy by 6.4% in the 2nd quarter. NewEdge Advisors LLC now owns 67,142 shares of the oil and gas producer’s stock valued at $2,514,000 after buying an additional 4,043 shares during the last quarter. 67.37% of the stock is currently owned by institutional investors and hedge funds.

Suncor Energy Company Profile

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.