$6.18 Billion in Sales Expected for Suncor Energy Inc. (SU) This Quarter
Brokerages predict that Suncor Energy Inc. (NYSE:SU) (TSE:SU) will report $6.18 billion in sales for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for Suncor Energy’s earnings, with estimates ranging from $5.56 billion to $6.79 billion. Suncor Energy posted sales of $4.06 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 52.2%. The business is expected to announce its next earnings results on Wednesday, April 26th.
On average, analysts expect that Suncor Energy will report full year sales of $6.18 billion for the current year, with estimates ranging from $22.41 billion to $27.12 billion. For the next fiscal year, analysts anticipate that the business will report sales of $25.82 billion per share, with estimates ranging from $23.59 billion to $28.05 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that follow Suncor Energy.
SU has been the subject of several recent analyst reports. Canaccord Genuity reiterated a “buy” rating and issued a $52.00 target price on shares of Suncor Energy in a report on Saturday, March 11th. Zacks Investment Research upgraded shares of Suncor Energy from a “hold” rating to a “buy” rating and set a $35.00 target price for the company in a report on Tuesday, April 11th. TheStreet upgraded shares of Suncor Energy from a “d+” rating to a “c” rating in a report on Thursday, February 9th. Goldman Sachs Group Inc upgraded shares of Suncor Energy from a “buy” rating to a “conviction-buy” rating and raised their target price for the stock from $25.00 to $34.00 in a report on Wednesday, April 5th. They noted that the move was a valuation call. Finally, Macquarie cut shares of Suncor Energy from an “outperform” rating to a “neutral” rating and decreased their target price for the stock from $36.75 to $31.28 in a report on Tuesday, January 24th. Two analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the company. Suncor Energy currently has a consensus rating of “Buy” and a consensus price target of $42.46.
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A number of institutional investors have recently modified their holdings of SU. Dodge & Cox acquired a new position in shares of Suncor Energy during the fourth quarter valued at $681,400,000. Norges Bank acquired a new position in shares of Suncor Energy during the fourth quarter valued at $577,935,000. FMR LLC raised its position in shares of Suncor Energy by 15.3% in the fourth quarter. FMR LLC now owns 101,699,114 shares of the oil and gas producer’s stock valued at $3,325,208,000 after buying an additional 13,528,687 shares during the last quarter. Capital Research Global Investors raised its position in shares of Suncor Energy by 18.1% in the third quarter. Capital Research Global Investors now owns 83,187,261 shares of the oil and gas producer’s stock valued at $2,309,295,000 after buying an additional 12,754,839 shares during the last quarter. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of Suncor Energy during the third quarter valued at $318,438,000. 64.84% of the stock is currently owned by hedge funds and other institutional investors.
Suncor Energy (NYSE:SU) traded down 0.23% during mid-day trading on Friday, reaching $30.08. 1,650,188 shares of the company were exchanged. Suncor Energy has a 12 month low of $25.31 and a 12 month high of $33.79. The company’s 50 day moving average price is $30.70 and its 200-day moving average price is $31.04. The stock has a market capitalization of $50.20 billion, a P/E ratio of 150.40 and a beta of 0.96.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 24th. Investors of record on Friday, March 3rd were given a dividend of $0.2457 per share. This represents a $0.98 annualized dividend and a yield of 3.26%. The ex-dividend date was Wednesday, March 1st. This is a positive change from Suncor Energy’s previous quarterly dividend of $0.22. Suncor Energy’s dividend payout ratio (DPR) is presently 477.78%.
About Suncor Energy
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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