Suncor Energy Inc. (NYSE:SU) Receives Average Recommendation of “Buy” from Analysts
Shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) have been given a consensus recommendation of “Buy” by the eighteen brokerages that are presently covering the stock, MarketBeat reports. Three research analysts have rated the stock with a hold recommendation, thirteen have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $42.66.
A number of equities analysts have issued reports on SU shares. Zacks Investment Research upgraded Suncor Energy from a “sell” rating to a “buy” rating and set a $33.00 price target on the stock in a research report on Tuesday, July 4th. Goldman Sachs Group, Inc. (The) upgraded Suncor Energy from a “buy” rating to a “conviction-buy” rating and increased their price target for the stock from $25.00 to $34.00 in a research report on Wednesday, April 5th. They noted that the move was a valuation call. National Bank Financial started coverage on Suncor Energy in a research report on Tuesday, June 27th. They set an “outperform” rating on the stock. Barclays PLC reiterated an “overweight” rating and set a $52.00 price target (up previously from $47.00) on shares of Suncor Energy in a research report on Wednesday, July 12th. Finally, Simmons lowered their price target on Suncor Energy from $43.00 to $41.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 19th.
Suncor Energy (NYSE SU) traded up 0.23% on Monday, hitting $30.71. 2,079,945 shares of the company traded hands. The firm has a market capitalization of $51.27 billion, a PE ratio of 41.67 and a beta of 0.80. Suncor Energy has a 1-year low of $25.70 and a 1-year high of $33.79. The firm’s 50 day moving average price is $29.68 and its 200 day moving average price is $30.90.
The company also recently announced a quarterly dividend, which was paid on Monday, June 26th. Stockholders of record on Monday, June 5th were given a $0.2371 dividend. The ex-dividend date was Thursday, June 1st. This represents a $0.95 annualized dividend and a dividend yield of 3.09%. Suncor Energy ‘s dividend payout ratio (DPR) is presently 141.79%.
Suncor Energy declared that its board has authorized a stock repurchase plan on Wednesday, April 26th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the oil and gas producer to buy up to 3.9% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
Institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its position in Suncor Energy by 11,547,276.0% in the first quarter. BlackRock Inc. now owns 23,556,647 shares of the oil and gas producer’s stock valued at $724,366,000 after buying an additional 23,556,443 shares during the period. OppenheimerFunds Inc. increased its position in Suncor Energy by 39.1% in the first quarter. OppenheimerFunds Inc. now owns 15,323,679 shares of the oil and gas producer’s stock valued at $471,203,000 after buying an additional 4,309,173 shares during the period. FMR LLC increased its position in Suncor Energy by 3.4% in the first quarter. FMR LLC now owns 105,191,127 shares of the oil and gas producer’s stock valued at $3,229,653,000 after buying an additional 3,492,013 shares during the period. Wellington Management Group LLP increased its position in Suncor Energy by 5.2% in the first quarter. Wellington Management Group LLP now owns 62,617,740 shares of the oil and gas producer’s stock valued at $1,922,960,000 after buying an additional 3,103,397 shares during the period. Finally, Bank of America Corp DE increased its position in Suncor Energy by 30.4% in the first quarter. Bank of America Corp DE now owns 8,870,177 shares of the oil and gas producer’s stock valued at $272,758,000 after buying an additional 2,065,451 shares during the period. Institutional investors and hedge funds own 65.22% of the company’s stock.
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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