Suncor Energy Inc. (SU) Receives Consensus Rating of “Buy” from Brokerages
Shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) have been assigned an average rating of “Buy” from the twenty-one research firms that are covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $42.66.
A number of research firms recently issued reports on SU. BidaskClub downgraded shares of Suncor Energy from a “hold” rating to a “sell” rating in a report on Friday. Citigroup Inc. reissued a “buy” rating on shares of Suncor Energy in a report on Wednesday, August 2nd. AltaCorp Capital downgraded shares of Suncor Energy from an “outperform” rating to a “sector perform” rating in a report on Friday, July 28th. Zacks Investment Research downgraded shares of Suncor Energy from a “buy” rating to a “hold” rating in a report on Wednesday, July 19th. Finally, Barclays PLC reissued an “overweight” rating and issued a $52.00 price objective (up previously from $47.00) on shares of Suncor Energy in a report on Wednesday, July 12th.
Several large investors have recently added to or reduced their stakes in SU. FMR LLC boosted its stake 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 last quarter. Wellington Management Group LLP boosted its stake 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 last quarter. Vanguard Group Inc. boosted its stake in Suncor Energy by 4.9% in the second quarter. Vanguard Group Inc. now owns 40,423,181 shares of the oil and gas producer’s stock valued at $1,180,357,000 after buying an additional 1,892,375 shares during the last quarter. Dodge & Cox boosted its stake in Suncor Energy by 7.6% in the second quarter. Dodge & Cox now owns 36,821,800 shares of the oil and gas producer’s stock valued at $1,075,197,000 after buying an additional 2,587,900 shares during the last quarter. Finally, BlackRock Inc. boosted its stake in Suncor Energy by 3.6% in the second quarter. BlackRock Inc. now owns 24,405,196 shares of the oil and gas producer’s stock valued at $712,632,000 after buying an additional 848,549 shares during the last quarter. Hedge funds and other institutional investors own 65.59% of the company’s stock.
Suncor Energy (NYSE SU) traded up 0.64% during mid-day trading on Friday, hitting $31.42. 1,786,685 shares of the stock traded hands. The company’s 50 day moving average price is $30.98 and its 200-day moving average price is $30.93. The stock has a market cap of $52.14 billion, a price-to-earnings ratio of 24.39 and a beta of 0.82. Suncor Energy has a 1-year low of $25.70 and a 1-year high of $33.79.
The company also recently announced a quarterly dividend, which will be paid on Monday, September 25th. Shareholders of record on Tuesday, September 5th will be paid a dividend of $0.2552 per share. This is a boost from Suncor Energy ‘s previous quarterly dividend of $0.24. The ex-dividend date is Thursday, August 31st. This represents a $1.02 dividend on an annualized basis and a yield of 3.25%. Suncor Energy ‘s dividend payout ratio (DPR) is presently 77.87%.
Suncor Energy announced that its board has initiated a stock repurchase plan 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 stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.
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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