Zacks Investment Research Upgrades Suncor Energy Inc. (SU) to Buy
Suncor Energy Inc. (NYSE:SU) (TSE:SU) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The firm currently has a $39.00 target price on the oil and gas producer’s stock. Zacks Investment Research‘s target price points to a potential upside of 12.98% from the stock’s previous close.
According to Zacks, “Suncor is one of the best positioned companies in the energy space given its access to abundant resources, rich operating experience and technical know-how. SU's last reported quarter saw its total production rise by 63% year-over year due to the increased ownership stakes in the Syncrude oil sands project. The company is also committed to returning cash to shareholders over the long-term. SU’s steady dividend growth and share buyback plans have boosted the confidence of the investors. Further, Suncor’s integrated business model reduces commodity price exposure within its upstream unit. We see an upside potential due to the improved full-year production forecast, significant generation of free cash flow and enhanced margins. These factors have also reflected in the impressive pricing strength of SU, which has rallied 23% over the year, handily outperforming the broader industry. Therefore, we take a bullish stance on the stock.”
Several other equities research analysts have also issued reports on the stock. National Bank Financial initiated coverage on shares of Suncor Energy in a report on Tuesday, June 27th. They issued an “outperform” rating for the company. Piper Jaffray Companies lowered their target price on shares of Suncor Energy from $40.00 to $38.00 and set an “overweight” rating for the company in a report on Monday, July 3rd. Barclays PLC restated an “overweight” rating and issued a $52.00 target price (up previously from $47.00) on shares of Suncor Energy in a report on Wednesday, July 12th. AltaCorp Capital lowered shares of Suncor Energy from an “outperform” rating to a “sector perform” rating in a report on Friday, July 28th. Finally, BidaskClub upgraded shares of Suncor Energy from a “sell” rating to a “hold” rating in a report on Wednesday, August 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $43.36.
Shares of Suncor Energy (SU) traded down 0.12% during trading on Wednesday, hitting $34.52. 2,948,505 shares of the stock traded hands. The stock has a market cap of $57.28 billion, a PE ratio of 25.95 and a beta of 0.83. Suncor Energy has a 12 month low of $27.67 and a 12 month high of $35.18. The firm’s 50-day moving average price is $33.37 and its 200-day moving average price is $31.49.
Hedge funds and other institutional investors have recently bought and sold shares of the business. First Personal Financial Services increased its position in Suncor Energy by 144.1% during the 2nd quarter. First Personal Financial Services now owns 3,845 shares of the oil and gas producer’s stock valued at $112,000 after purchasing an additional 2,270 shares during the period. Quadrant Capital Group LLC increased its position in Suncor Energy by 90.8% during the 2nd quarter. Quadrant Capital Group LLC now owns 4,725 shares of the oil and gas producer’s stock valued at $124,000 after purchasing an additional 2,248 shares during the period. UBS Asset Management Americas Inc. increased its position in Suncor Energy by 13.7% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 4,658 shares of the oil and gas producer’s stock valued at $136,000 after purchasing an additional 562 shares during the period. Whittier Trust Co. of Nevada Inc. increased its position in Suncor Energy by 680.3% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 5,735 shares of the oil and gas producer’s stock valued at $167,000 after purchasing an additional 5,000 shares during the period. Finally, Bronfman E.L. Rothschild L.P. increased its position in Suncor Energy by 50.6% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 6,362 shares of the oil and gas producer’s stock valued at $186,000 after purchasing an additional 2,138 shares during the period. 64.05% of the stock is currently owned by institutional investors and hedge funds.
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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