Wells Fargo & Company Forecasts Strong Price Appreciation for Suncor Energy (TSE:SU) Stock

Suncor Energy (TSE:SU) (NYSE:SU) had its price target hoisted by Wells Fargo & Company from C$59.00 to C$60.00 in a research note issued to investors on Thursday,BayStreet.CA reports. The brokerage currently has an overweight rating on the stock.

Several other analysts have also weighed in on SU. TD Securities reduced their price objective on Suncor Energy from C$63.00 to C$62.00 and set a “buy” rating on the stock in a research note on Wednesday, May 7th. Raymond James Financial raised their price objective on Suncor Energy from C$54.00 to C$56.00 and gave the company a “market perform” rating in a research note on Thursday, May 8th. Desjardins reduced their price objective on Suncor Energy from C$63.00 to C$62.00 and set a “buy” rating on the stock in a research note on Thursday, May 8th. Scotiabank raised Suncor Energy to a “hold” rating in a research note on Wednesday, March 19th. Finally, JPMorgan Chase & Co. reduced their price objective on Suncor Energy from C$63.00 to C$62.00 and set a “neutral” rating on the stock in a research note on Friday, April 11th. Four research analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Suncor Energy currently has an average rating of “Moderate Buy” and a consensus price target of C$62.67.

Suncor Energy Stock Performance

SU opened at C$51.76 on Thursday. The firm has a market cap of C$64.92 billion, a P/E ratio of 8.17, a price-to-earnings-growth ratio of 0.15 and a beta of 1.47. Suncor Energy has a 52-week low of C$43.59 and a 52-week high of C$58.58. The company has a debt-to-equity ratio of 33.35, a quick ratio of 0.83 and a current ratio of 1.59. The business’s fifty day moving average is C$50.46 and its 200-day moving average is C$52.24.

Suncor Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 25th. Stockholders of record on Wednesday, June 25th were paid a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 4.40%. The ex-dividend date was Wednesday, June 4th. Suncor Energy’s payout ratio is 34.42%.

Insider Activity

In related news, Director Russell Girling acquired 10,000 shares of the business’s stock in a transaction that occurred on Friday, June 6th. The shares were bought at an average cost of C$50.41 per share, with a total value of C$504,100.00. Also, Senior Officer Jacqueline Sue Moore sold 25,585 shares of Suncor Energy stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of C$55.99, for a total value of C$1,432,478.57. Insiders own 0.01% of the company’s stock.

Suncor Energy Company Profile

Suncor Energy Inc is an integrated energy company. The company’s operations include oil sands development, production and upgrading, offshore oil and gas, petroleum refining in Canada and the U.S. and the company’s PetroCanada retail and wholesale distribution networks. The company is developing petroleum resources while advancing the transition to a low-emissions future through investment in power, renewable fuels and hydrogen.