Shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) have been given a consensus rating of “Buy” by the twenty-one ratings firms that are presently covering the firm, Marketbeat.com reports. Five investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $42.66.
Several equities research analysts recently issued reports on the company. Piper Jaffray Companies dropped their price objective on Suncor Energy from $40.00 to $38.00 and set an “overweight” rating for the company in a research note on Monday, July 3rd. Simmons dropped their price objective on Suncor Energy from $43.00 to $41.00 and set an “overweight” rating for the company in a research note on Wednesday, April 19th. National Bank Financial assumed coverage on Suncor Energy in a research note on Tuesday, June 27th. They set an “outperform” rating for the company. Scotiabank lowered Suncor Energy from an “outperform” rating to a “sector perform” rating in a research note on Friday, June 9th. Finally, AltaCorp Capital lowered Suncor Energy from an “outperform” rating to a “sector perform” rating in a research note on Friday, July 28th.
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Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Public Sector Pension investment Board increased its position in Suncor Energy by 23.4% in the second quarter. Public Sector Pension investment Board now owns 3,306,510 shares of the oil and gas producer’s stock valued at $96,468,000 after buying an additional 627,900 shares in the last quarter. Pinebridge Investments L.P. increased its position in Suncor Energy by 108.0% in the second quarter. Pinebridge Investments L.P. now owns 37,301 shares of the oil and gas producer’s stock valued at $1,413,000 after buying an additional 19,372 shares in the last quarter. Van ECK Associates Corp increased its position in Suncor Energy by 11.6% in the second quarter. Van ECK Associates Corp now owns 20,943 shares of the oil and gas producer’s stock valued at $612,000 after buying an additional 2,181 shares in the last quarter. UBS Asset Management Americas Inc. increased its position in Suncor Energy by 13.7% in the second quarter. UBS Asset Management Americas Inc. now owns 4,658 shares of the oil and gas producer’s stock valued at $136,000 after buying an additional 562 shares in the last quarter. Finally, Pring Turner Capital Group Inc. increased its position in Suncor Energy by 4.2% in the second quarter. Pring Turner Capital Group Inc. now owns 89,315 shares of the oil and gas producer’s stock valued at $2,608,000 after buying an additional 3,570 shares in the last quarter. Hedge funds and other institutional investors own 65.62% of the company’s stock.
Suncor Energy (NYSE SU) traded up 0.28% during trading on Monday, hitting $32.48. The stock had a trading volume of 2,016,571 shares. The stock has a market capitalization of $53.90 billion, a P/E ratio of 25.22 and a beta of 0.82. The company has a 50-day moving average of $30.53 and a 200-day moving average of $30.93. Suncor Energy has a 52 week low of $25.70 and a 52 week high of $33.79.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 25th. Stockholders of record on Tuesday, September 5th will be issued a $0.2552 dividend. The ex-dividend date of this dividend is Thursday, August 31st. This represents a $1.02 annualized dividend and a dividend yield of 3.15%. This is an increase from Suncor Energy ‘s previous quarterly dividend of $0.24. Suncor Energy ‘s payout ratio is currently 77.87%.
Suncor Energy declared that its board has approved a stock buyback program on Wednesday, April 26th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the oil and gas producer to buy up to 3.9% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
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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