Suncor Energy Inc. (NYSE:SU) Plans Dividend Increase – $0.26 Per Share
Suncor Energy Inc. (NYSE:SU) (TSE:SU) declared a quarterly dividend on Thursday, July 27th, Wall Street Journal reports. Stockholders of record on Tuesday, September 5th will be paid a dividend of 0.2552 per share by the oil and gas producer on Monday, September 25th. This represents a $1.02 annualized dividend and a dividend yield of 3.25%. The ex-dividend date is Thursday, August 31st. This is a positive change from Suncor Energy ‘s previous quarterly dividend of $0.24.
Suncor Energy has raised its dividend by an average of 7.6% annually over the last three years. Suncor Energy has a dividend payout ratio of 71.4% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Suncor Energy to earn $1.21 per share next year, which means the company should continue to be able to cover its $0.95 annual dividend with an expected future payout ratio of 78.5%.
Suncor Energy (SU) traded up 0.83% during trading on Thursday, reaching $31.66. The company had a trading volume of 5,000,491 shares. The stock has a market capitalization of $52.85 billion, a price-to-earnings ratio of 42.96 and a beta of 0.80. The firm has a 50-day moving average of $29.68 and a 200-day moving average of $30.89. Suncor Energy has a 1-year low of $25.70 and a 1-year high of $33.79.
Suncor Energy declared that its board has initiated a share buyback program on Wednesday, April 26th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the oil and gas producer to buy up to 3.9% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
A number of equities analysts recently issued reports on the company. Zacks Investment Research raised Suncor Energy from a “hold” rating to a “buy” rating and set a $35.00 price target on the stock in a report on Tuesday, April 11th. BidaskClub upgraded shares of Suncor Energy from a “strong sell” rating to a “sell” rating in a research report on Monday. Goldman Sachs Group, Inc. (The) upgraded shares of Suncor Energy from a “buy” rating to a “conviction-buy” rating and raised their price objective for the company from $25.00 to $34.00 in a research report on Wednesday, April 5th. They noted that the move was a valuation call. Scotiabank downgraded shares of Suncor Energy from an “outperform” rating to a “sector perform” rating in a research report on Friday, June 9th. Finally, Simmons reduced their price objective on shares of Suncor Energy from $43.00 to $41.00 and set an “overweight” rating for the company in a research report on Wednesday, April 19th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $42.10.
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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