Suncor Energy (NYSE:SU) Stock Rating Upgraded by Zacks Research

Suncor Energy (NYSE:SU) (TSE:SU) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Monday, Zacks reports.

SU has been the subject of several other research reports. Morgan Stanley set a $106.00 price target on shares of Suncor Energy in a research report on Wednesday, August 19th. Wall Street Zen lowered shares of Suncor Energy from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 1st. Desjardins raised shares of Suncor Energy to a “moderate buy” rating in a report on Thursday, July 16th. Scotiabank raised shares of Suncor Energy to a “strong-buy” rating in a report on Friday, June 26th. Finally, Weiss Ratings raised Suncor Energy from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 29th. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $80.25.

Suncor Energy Stock Down 0.6%

SU stock opened at $68.34 on Monday. Suncor Energy has a fifty-two week low of $37.76 and a fifty-two week high of $72.06. The company’s 50 day moving average price is $67.08 and its 200 day moving average price is $64.26. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.08 and a current ratio of 1.65. The firm has a market capitalization of $79.94 billion, a price-to-earnings ratio of 12.59, a PEG ratio of 0.50 and a beta of 0.36.

Suncor Energy (NYSE:SU) (TSE:SU) last announced its quarterly earnings results on Tuesday, August 4th. The oil and gas producer reported $2.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.14 by $0.19. Suncor Energy had a return on equity of 20.05% and a net margin of 15.62%.The firm had revenue of $13.41 billion during the quarter, compared to the consensus estimate of $11.68 billion. During the same period in the prior year, the company posted $0.71 earnings per share. On average, equities research analysts anticipate that Suncor Energy will post 7.39 EPS for the current fiscal year.

Hedge Funds Weigh In On Suncor Energy

A number of institutional investors have recently modified their holdings of SU. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Suncor Energy in the 2nd quarter valued at $816,551,000. The Manufacturers Life Insurance Company purchased a new stake in shares of Suncor Energy during the 2nd quarter worth about $790,952,000. Arrowstreet Capital Limited Partnership increased its position in shares of Suncor Energy by 121.4% in the first quarter. Arrowstreet Capital Limited Partnership now owns 26,085,360 shares of the oil and gas producer’s stock worth $1,724,954,000 after acquiring an additional 14,304,131 shares in the last quarter. Canada Pension Plan Investment Board purchased a new position in shares of Suncor Energy in the 2nd quarter valued at $466,810,000. Finally, Bank of America Corp DE purchased a new position in shares of Suncor Energy in the 2nd quarter valued at $351,892,000. Institutional investors and hedge funds own 67.37% of the company’s stock.

About Suncor Energy

Suncor Energy Inc is an integrated energy company headquartered in Calgary, Alberta. Its operations span the development and production of crude oil from Canada’s oil sands, offshore petroleum production, refining, and the marketing and distribution of petroleum products.

The company produces synthetic crude oil, bitumen and conventional crude oil, which are processed through its refining operations into fuels and other refined products. Suncor markets fuel and convenience products through the Petro-Canada retail network and supplies commercial, wholesale and industrial customers.