Analysts Issue Forecasts for Suncor Energy FY2024 Earnings

Suncor Energy Inc. (NYSE:SU) (TSE:SU) – Investment analysts at Raymond James increased their FY2024 EPS estimates for shares of Suncor Energy in a report released on Wednesday, November 13th. Raymond James analyst M. Barth now forecasts that the oil and gas producer will post earnings of $3.81 per share for the year, up from their prior estimate of $3.61. The consensus estimate for Suncor Energy’s current full-year earnings is $3.63 per share. Raymond James also issued estimates for Suncor Energy’s FY2025 earnings at $3.50 EPS, FY2026 earnings at $3.12 EPS, FY2027 earnings at $3.25 EPS and FY2028 earnings at $3.25 EPS.

SU has been the topic of several other research reports. Desjardins raised shares of Suncor Energy from a “hold” rating to a “buy” rating in a research report on Thursday, November 14th. StockNews.com upgraded Suncor Energy from a “hold” rating to a “buy” rating in a report on Tuesday. BMO Capital Markets upgraded Suncor Energy from a “market perform” rating to an “outperform” rating in a report on Wednesday, August 7th. Finally, TD Securities upgraded Suncor Energy from a “hold” rating to a “buy” rating in a research note on Wednesday, August 7th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $56.40.

Suncor Energy Stock Up 0.4 %

Suncor Energy stock opened at $40.98 on Monday. The firm has a market capitalization of $51.70 billion, a price-to-earnings ratio of 8.93, a price-to-earnings-growth ratio of 2.79 and a beta of 1.12. The firm’s fifty day moving average price is $38.56 and its two-hundred day moving average price is $38.81. Suncor Energy has a 1-year low of $29.45 and a 1-year high of $41.94. The company has a current ratio of 1.59, a quick ratio of 1.04 and a debt-to-equity ratio of 0.24.

Suncor Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 24th. Investors of record on Tuesday, December 3rd will be issued a dividend of $0.4089 per share. This is a positive change from Suncor Energy’s previous quarterly dividend of $0.40. This represents a $1.64 dividend on an annualized basis and a yield of 3.99%. The ex-dividend date of this dividend is Tuesday, December 3rd. Suncor Energy’s dividend payout ratio (DPR) is 35.29%.

Hedge Funds Weigh In On Suncor Energy

Institutional investors have recently added to or reduced their stakes in the stock. Eastern Bank purchased a new stake in Suncor Energy in the third quarter worth $25,000. Trust Co. of Vermont bought a new position in shares of Suncor Energy during the 2nd quarter worth $26,000. Summit Securities Group LLC bought a new position in shares of Suncor Energy during the 2nd quarter worth $27,000. Richardson Financial Services Inc. increased its holdings in Suncor Energy by 82.8% in the 2nd quarter. Richardson Financial Services Inc. now owns 724 shares of the oil and gas producer’s stock worth $28,000 after acquiring an additional 328 shares during the last quarter. Finally, Ridgewood Investments LLC purchased a new stake in Suncor Energy during the second quarter valued at about $29,000. Institutional investors own 67.37% of the company’s stock.

About Suncor Energy

Suncor Energy Inc operates as an integrated energy company in Canada, the United States, and internationally. It operates through Oil Sands; Exploration and Production; and Refining and Marketing segments. The Oil Sands segment explores, develops, and produces bitumen, synthetic crude oil, and related products.