Suncor Energy (NYSE:SU) Stock Rating Upgraded by JPMorgan Chase & Co.

Suncor Energy (NYSE:SU) (TSE:SU) was upgraded by investment analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research note issued to investors on Tuesday, MarketBeat Ratings reports. The brokerage presently has a $54.00 price objective on the oil and gas producer’s stock, up from their prior price objective of $46.15. JPMorgan Chase & Co.‘s price target points to a potential upside of 6.94% from the stock’s previous close.

Several other equities research analysts have also commented on the stock. Raymond James Financial raised shares of Suncor Energy from a “market perform” rating to an “outperform” rating in a research note on Thursday, November 6th. Wall Street Zen lowered shares of Suncor Energy from a “buy” rating to a “hold” rating in a report on Sunday, December 28th. Weiss Ratings restated a “buy (b)” rating on shares of Suncor Energy in a research note on Monday, December 29th. Zacks Research raised Suncor Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 22nd. Finally, The Goldman Sachs Group boosted their target price on Suncor Energy from $46.00 to $48.00 and gave the stock a “buy” rating in a report on Friday, January 2nd. Three equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Suncor Energy currently has a consensus rating of “Buy” and an average target price of $55.67.

Suncor Energy Price Performance

Shares of SU stock opened at $50.50 on Tuesday. The business’s fifty day moving average is $44.99 and its 200 day moving average is $41.94. The company has a quick ratio of 0.85, a current ratio of 1.35 and a debt-to-equity ratio of 0.19. The stock has a market cap of $60.27 billion, a price-to-earnings ratio of 16.56 and a beta of 0.46. Suncor Energy has a twelve month low of $30.79 and a twelve month high of $50.82.

Suncor Energy (NYSE:SU) (TSE:SU) last announced its quarterly earnings data on Tuesday, November 4th. The oil and gas producer reported $1.07 EPS for the quarter, beating the consensus estimate of $0.85 by $0.22. The business had revenue of $9.04 billion during the quarter, compared to analyst estimates of $8.82 billion. Suncor Energy had a return on equity of 13.01% and a net margin of 10.61%.During the same quarter last year, the firm posted $1.48 earnings per share. Research analysts expect that Suncor Energy will post 3.42 EPS for the current fiscal year.

Institutional Investors Weigh In On Suncor Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Artisan Partners Limited Partnership lifted its stake in shares of Suncor Energy by 38.5% in the 2nd quarter. Artisan Partners Limited Partnership now owns 33,722,975 shares of the oil and gas producer’s stock worth $1,264,043,000 after purchasing an additional 9,378,552 shares during the period. Fisher Asset Management LLC grew its position in Suncor Energy by 85.5% during the third quarter. Fisher Asset Management LLC now owns 15,530,965 shares of the oil and gas producer’s stock valued at $649,350,000 after buying an additional 7,158,953 shares during the period. Arrowstreet Capital Limited Partnership increased its holdings in Suncor Energy by 62.2% during the third quarter. Arrowstreet Capital Limited Partnership now owns 13,335,239 shares of the oil and gas producer’s stock valued at $557,682,000 after buying an additional 5,113,280 shares during the last quarter. Canada Pension Plan Investment Board raised its position in Suncor Energy by 29.5% in the second quarter. Canada Pension Plan Investment Board now owns 10,555,381 shares of the oil and gas producer’s stock worth $395,649,000 after acquiring an additional 2,406,000 shares during the period. Finally, OMERS ADMINISTRATION Corp purchased a new position in shares of Suncor Energy during the 2nd quarter worth $74,767,000. Hedge funds and other institutional investors own 67.37% of the company’s stock.

Suncor Energy Company Profile

Suncor Energy Inc is a Canadian integrated energy company headquartered in Calgary, Alberta. The company’s operations span the full oil and gas value chain, with principal activities in oil sands development and production, conventional exploration and production, refining, distribution and retail marketing of petroleum products. Suncor supplies crude, synthetic crude and refined fuels as well as related products and services to commercial and consumer markets.

Upstream, Suncor is a major developer and operator of oil sands projects in Alberta, using both mining and in situ technologies to produce bitumen and synthetic crude.