Suncor Energy (NYSE:SU) Reaches New 12-Month High – What’s Next?

Suncor Energy Inc. (NYSE:SU) (TSE:SU) reached a new 52-week high during trading on Wednesday . The stock traded as high as $72.06 and last traded at $71.8510, with a volume of 4237478 shares traded. The stock had previously closed at $68.72.

Analyst Ratings Changes

A number of research analysts recently issued reports on SU shares. Zacks Research downgraded Suncor Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 4th. Weiss Ratings upgraded shares of Suncor Energy from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 29th. Morgan Stanley set a $106.00 price target on shares of Suncor Energy in a report on Wednesday, August 19th. Desjardins upgraded shares of Suncor Energy to a “moderate buy” rating in a research report on Thursday, July 16th. Finally, Scotiabank raised shares of Suncor Energy to a “strong-buy” rating in a research note on Friday, June 26th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $80.25.

Suncor Energy Stock Performance

The firm’s 50 day simple moving average is $65.64 and its 200 day simple moving average is $63.38. The firm has a market cap of $81.33 billion, a PE ratio of 12.81, a PEG ratio of 0.50 and a beta of 0.30. The company has a current ratio of 1.65, a quick ratio of 1.08 and a debt-to-equity ratio of 0.19.

Suncor Energy (NYSE:SU) (TSE:SU) last issued its earnings results on Tuesday, August 4th. The oil and gas producer reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.14 by $0.19. Suncor Energy had a return on equity of 20.05% and a net margin of 15.62%.The firm had revenue of $13.41 billion for the quarter, compared to analysts’ expectations of $11.68 billion. During the same period in the previous year, the firm posted $0.71 earnings per share. On average, research analysts forecast that Suncor Energy Inc. will post 7.39 EPS for the current fiscal year.

Suncor Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be paid a dividend of $0.60 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $2.40 dividend on an annualized basis and a yield of 3.5%. Suncor Energy’s dividend payout ratio is presently 31.86%.

Hedge Funds Weigh In On Suncor Energy

Institutional investors and hedge funds have recently made changes to their positions in the business. Wellington Altus USA Inc. increased its holdings in shares of Suncor Energy by 26.5% in the 2nd quarter. Wellington Altus USA Inc. now owns 4,373 shares of the oil and gas producer’s stock worth $235,000 after buying an additional 915 shares during the last quarter. Sequoia Financial Advisors LLC raised its position in shares of Suncor Energy by 2.0% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 49,966 shares of the oil and gas producer’s stock valued at $2,682,000 after buying an additional 1,000 shares in the last quarter. Engineers Gate Manager LP lifted its holdings in shares of Suncor Energy by 349.9% in the 2nd quarter. Engineers Gate Manager LP now owns 876,008 shares of the oil and gas producer’s stock valued at $47,024,000 after acquiring an additional 681,283 shares during the last quarter. Cidel Asset Management Inc. lifted its holdings in shares of Suncor Energy by 170.6% in the 2nd quarter. Cidel Asset Management Inc. now owns 376,897 shares of the oil and gas producer’s stock valued at $20,269,000 after acquiring an additional 237,609 shares during the last quarter. Finally, Integrated Wealth Concepts LLC increased its stake in Suncor Energy by 4.2% during the second quarter. Integrated Wealth Concepts LLC now owns 16,523 shares of the oil and gas producer’s stock worth $887,000 after acquiring an additional 666 shares during the last quarter. 67.37% of the stock is owned by hedge funds and other institutional investors.

About Suncor Energy

Suncor Energy Inc is an integrated energy company headquartered in Calgary, Alberta, Canada. Its operations include the development, production and upgrading of oil sands resources, conventional oil and natural gas production, and the refining and marketing of petroleum products.

Suncor produces crude oil, synthetic crude oil, refined fuels, lubricants and petrochemical feedstocks. Through its Petro-Canada brand, the company operates retail fuel stations and convenience stores across Canada, while its refining and marketing activities serve customers in Canada and the United States.

Founded in 1919, Suncor has evolved from an oil sands producer into one of Canada’s largest integrated energy companies.