Suncor Energy (NYSE:SU) Reaches New 52-Week High – What’s Next?

Suncor Energy Inc. (NYSE:SU) (TSE:SU) shares hit a new 52-week high during trading on Tuesday . The company traded as high as $64.95 and last traded at $65.14, with a volume of 777478 shares traded. The stock had previously closed at $63.19.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. JPMorgan Chase & Co. raised Suncor Energy from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $46.15 to $54.00 in a research report on Tuesday, January 20th. Zacks Research downgraded Suncor Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 20th. Wall Street Zen cut Suncor Energy from a “buy” rating to a “hold” rating in a research note on Sunday, December 28th. The Goldman Sachs Group raised their price target on Suncor Energy from $55.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, March 12th. Finally, Royal Bank Of Canada lifted their price target on Suncor Energy from $69.00 to $75.00 and gave the stock an “outperform” rating in a research report on Thursday, February 5th. Five analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, Suncor Energy currently has an average rating of “Moderate Buy” and a consensus target price of $63.67.

Suncor Energy Trading Up 3.1%

The company has a current ratio of 1.39, a quick ratio of 0.89 and a debt-to-equity ratio of 0.20. The stock has a market capitalization of $77.54 billion, a PE ratio of 18.75 and a beta of 0.42. The stock has a 50 day moving average price of $55.28 and a 200-day moving average price of $47.01.

Suncor Energy (NYSE:SU) (TSE:SU) last posted its quarterly earnings data on Tuesday, February 3rd. The oil and gas producer reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.02. Suncor Energy had a return on equity of 12.51% and a net margin of 11.99%.The company had revenue of $8.77 billion during the quarter, compared to analysts’ expectations of $8.79 billion. During the same quarter in the prior year, the business earned $1.25 earnings per share. Sell-side analysts expect that Suncor Energy Inc. will post 3.42 earnings per share for the current year.

Suncor Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 25th. Stockholders of record on Wednesday, March 4th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Wednesday, March 4th. This represents a $2.40 annualized dividend and a dividend yield of 3.7%. Suncor Energy’s dividend payout ratio is presently 50.72%.

Hedge Funds Weigh In On Suncor Energy

Institutional investors and hedge funds have recently made changes to their positions in the business. CWA Asset Management Group LLC grew its position in shares of Suncor Energy by 64.9% during the third quarter. CWA Asset Management Group LLC now owns 117,779 shares of the oil and gas producer’s stock worth $4,924,000 after purchasing an additional 46,342 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Suncor Energy by 0.6% in the 3rd quarter. Principal Financial Group Inc. now owns 18,854,921 shares of the oil and gas producer’s stock worth $789,213,000 after purchasing an additional 106,765 shares in the last quarter. Picton Mahoney Asset Management boosted its stake in Suncor Energy by 314.8% in the 3rd quarter. Picton Mahoney Asset Management now owns 627,313 shares of the oil and gas producer’s stock worth $26,246,000 after purchasing an additional 476,077 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in Suncor Energy by 45.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 723,965 shares of the oil and gas producer’s stock worth $29,871,000 after purchasing an additional 227,197 shares during the period. Finally, Swiss Life Asset Management Ltd grew its holdings in Suncor Energy by 35.0% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 101,192 shares of the oil and gas producer’s stock valued at $4,240,000 after buying an additional 26,252 shares in the last quarter. Hedge funds and other institutional investors own 67.37% of the company’s stock.

About Suncor Energy

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.