Suncor Energy Inc. (NYSE:SU) to Issue C$0.60 Quarterly Dividend

Suncor Energy Inc. (NYSE:SU) (TSE:SU) declared a quarterly dividend on Tuesday, August 4th. Shareholders of record on Friday, September 4th will be given a dividend of 0.60 per share by the oil and gas producer on Friday, September 25th. This represents a c) annualized dividend and a yield of 3.7%. The ex-dividend date is Friday, September 4th.

Suncor Energy has increased its dividend by an average of 0.2%annually over the last three years and has raised its dividend every year for the last 4 years. Suncor Energy has a dividend payout ratio of 57.9% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Suncor Energy to earn $5.88 per share next year, which means the company should continue to be able to cover its $1.73 annual dividend with an expected future payout ratio of 29.4%.

Suncor Energy Price Performance

Suncor Energy stock traded down $0.06 during midday trading on Wednesday, reaching $64.39. The company’s stock had a trading volume of 500,663 shares, compared to its average volume of 4,745,922. The firm has a market capitalization of $76.03 billion, a PE ratio of 16.90, a P/E/G ratio of 0.49 and a beta of 0.29. Suncor Energy has a fifty-two week low of $37.76 and a fifty-two week high of $70.29. The stock’s 50 day simple moving average is $60.57 and its 200 day simple moving average is $60.40. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.92 and a current ratio of 1.42.

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 for the quarter, compared to analyst estimates of $9.22 billion. During the same period last year, the company earned $1.31 earnings per share. On average, equities research analysts forecast that Suncor Energy will post 7.11 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Zacks Research raised shares of Suncor Energy from a “hold” rating to a “strong-buy” rating in a report on Monday, July 6th. Weiss Ratings raised Suncor Energy from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 29th. Scotiabank raised Suncor Energy to a “strong-buy” rating in a report on Friday, June 26th. The Goldman Sachs Group downgraded Suncor Energy from a “buy” rating to a “neutral” rating and set a $72.00 price target for the company. in a research note on Friday, June 5th. Finally, Desjardins upgraded shares of Suncor Energy to a “moderate buy” rating in a research report on Thursday, July 16th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Suncor Energy currently has a consensus rating of “Buy” and a consensus price target of $71.67.

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.