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

Suncor Energy Inc. (NYSE:SU) (TSE:SU)’s share price reached a new 52-week high on Thursday . The company traded as high as $53.19 and last traded at $52.9980, with a volume of 4189751 shares trading hands. The stock had previously closed at $52.03.

Analyst Upgrades and Downgrades

SU has been the topic of several research analyst reports. Raymond James Financial upgraded Suncor Energy from a “market perform” rating to an “outperform” rating in a research note on Thursday, November 6th. Zacks Research cut Suncor Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 20th. The Goldman Sachs Group increased their price target on Suncor Energy from $48.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday, January 23rd. JPMorgan Chase & Co. upgraded Suncor Energy from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $46.15 to $54.00 in a research note on Tuesday, January 20th. Finally, Wells Fargo & Company initiated coverage on shares of Suncor Energy in a research report on Friday, October 17th. They set an “equal weight” rating for the company. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $57.67.

Suncor Energy Trading Up 1.9%

The firm has a 50 day simple moving average of $45.67 and a 200 day simple moving average of $42.37. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.85 and a current ratio of 1.35. The firm has a market cap of $63.25 billion, a P/E ratio of 17.38 and a beta of 0.46.

Suncor Energy (NYSE:SU) (TSE:SU) last announced its quarterly earnings results on Tuesday, November 4th. The oil and gas producer reported $1.07 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.22. Suncor Energy had a return on equity of 13.01% and a net margin of 10.61%.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 business posted $1.48 earnings per share. On average, equities research analysts predict that Suncor Energy Inc. will post 3.42 EPS for the current fiscal year.

Suncor Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 24th. Shareholders of record on Wednesday, December 3rd were issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend was Wednesday, December 3rd. This is a positive change from Suncor Energy’s previous quarterly dividend of $0.41. Suncor Energy’s payout ratio is 56.39%.

Institutional Investors Weigh In On Suncor Energy

Institutional investors and hedge funds have recently made changes to their positions in the business. Atlantic Edge Private Wealth Management LLC raised its holdings in shares of Suncor Energy by 54.9% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 635 shares of the oil and gas producer’s stock valued at $28,000 after acquiring an additional 225 shares in the last quarter. Richardson Financial Services Inc. increased its position 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 worth $29,000 after purchasing an additional 275 shares during the last quarter. Hanson & Doremus Investment Management raised its stake in Suncor Energy by 143.5% in the third 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. Smartleaf Asset Management LLC lifted its position in Suncor Energy by 95.8% during the third quarter. Smartleaf Asset Management LLC now owns 793 shares of the oil and gas producer’s stock valued at $33,000 after purchasing an additional 388 shares during the last quarter. Finally, Headlands Technologies LLC bought a new stake in Suncor Energy during the second quarter valued at approximately $31,000. Hedge funds and other institutional investors own 67.37% of the company’s stock.

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.