Barclays PLC Reaffirms Overweight Rating for Suncor Energy Inc. (SU)
Suncor Energy Inc. (NYSE:SU)‘s stock had its “overweight” rating reaffirmed by Barclays PLC in a research report issued to clients and investors on Monday. They presently have a $50.00 target price on the stock, up from their prior target price of $48.00. Barclays PLC’s target price would indicate a potential upside of 76.06% from the company’s current price.
SU has been the subject of several other reports. RBC Capital Markets reaffirmed an “outperform” rating and issued a $42.00 price objective on shares of Suncor Energy in a report on Sunday, October 2nd. Nomura reaffirmed a “buy” rating on shares of Suncor Energy in a report on Monday, September 26th. Bank of America Corp. began coverage on Suncor Energy in a report on Friday, August 19th. They issued a “buy” rating and a $33.00 price objective for the company. Zacks Investment Research cut Suncor Energy from a “buy” rating to a “hold” rating in a report on Monday, August 8th. Finally, Scotiabank reaffirmed an “outperform” rating and issued a $38.00 price objective on shares of Suncor Energy in a report on Sunday, July 31st. Two investment analysts have rated the stock with a sell rating, two have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. Suncor Energy currently has a consensus rating of “Buy” and an average price target of $39.16.
Shares of Suncor Energy (NYSE:SU) traded up 2.31% during mid-day trading on Monday, hitting $28.40. The stock had a trading volume of 3,150,704 shares. The stock has a 50 day moving average price of $27.19 and a 200 day moving average price of $27.38. The firm’s market cap is $47.27 billion. Suncor Energy has a 52 week low of $18.71 and a 52 week high of $30.70.
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Suncor Energy (NYSE:SU) last released its quarterly earnings results on Wednesday, July 27th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.21) by $0.15. Suncor Energy had a negative net margin of 11.29% and a negative return on equity of 1.59%. During the same period in the prior year, the company earned $0.63 earnings per share. Equities research analysts expect that Suncor Energy will post ($0.35) EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, September 26th. Shareholders of record on Tuesday, September 6th were issued a $0.2194 dividend. The ex-dividend date of this dividend was Thursday, September 1st. This represents a $0.88 dividend on an annualized basis and a yield of 3.09%. Suncor Energy’s payout ratio is presently -60.54%.
A number of institutional investors have recently modified their holdings of the company. Advisory Services Network LLC boosted its position in shares of Suncor Energy by 1.7% in the third quarter. Advisory Services Network LLC now owns 8,412 shares of the company’s stock worth $234,000 after buying an additional 142 shares during the last quarter. Telemus Capital LLC boosted its position in shares of Suncor Energy by 39.2% in the third quarter. Telemus Capital LLC now owns 24,074 shares of the company’s stock worth $669,000 after buying an additional 6,775 shares during the last quarter. Cardinal Capital Management Inc. boosted its position in shares of Suncor Energy by 3.6% in the third quarter. Cardinal Capital Management Inc. now owns 1,590,613 shares of the company’s stock worth $44,165,000 after buying an additional 55,550 shares during the last quarter. BNP Paribas Arbitrage SA boosted its position in shares of Suncor Energy by 1.5% in the third quarter. BNP Paribas Arbitrage SA now owns 21,972 shares of the company’s stock worth $617,000 after buying an additional 329 shares during the last quarter. Finally, Evercore Wealth Management LLC boosted its position in shares of Suncor Energy by 9.8% in the second quarter. Evercore Wealth Management LLC now owns 8,235 shares of the company’s stock worth $228,000 after buying an additional 735 shares during the last quarter. 64.08% of the stock is owned by institutional investors and hedge funds.
Suncor Energy Company Profile
Suncor Energy Inc (Suncor) is an integrated energy company. The Company is focused on developing Canada’s petroleum resource basin, Athabasca oil sands. The Company operates in three business segments: Oil Sands, Exploration and Production (E&P), and Refining and Marketing. The Company’s Oil Sands segment includes Oil Sands operations and Oil Sands ventures operations.
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