Suncor Energy Inc. (NYSE:SU) Announces Dividend Increase – $0.41 Per Share

Suncor Energy Inc. (NYSE:SU) (TSE:SU) announced a quarterly dividend on Wednesday, November 13th,Wall Street Journal reports. Stockholders of record on Tuesday, December 3rd will be given a dividend of 0.4089 per share by the oil and gas producer on Tuesday, December 24th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 4.14%. The ex-dividend date of this dividend is Tuesday, December 3rd. This is a boost from Suncor Energy’s previous quarterly dividend of $0.40.

Suncor Energy has increased its dividend by an average of 24.3% per year over the last three years. Suncor Energy has a payout ratio of 49.8% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Suncor Energy to earn $3.13 per share next year, which means the company should continue to be able to cover its $1.63 annual dividend with an expected future payout ratio of 52.1%.

Suncor Energy Price Performance

SU opened at $39.48 on Friday. The stock has a fifty day moving average of $39.12 and a 200-day moving average of $38.86. The firm has a market capitalization of $49.67 billion, a P/E ratio of 8.60, a PEG ratio of 2.61 and a beta of 1.12. Suncor Energy has a 12-month low of $29.45 and a 12-month high of $41.94. The company has a quick ratio of 1.04, a current ratio of 1.59 and a debt-to-equity ratio of 0.24.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. StockNews.com raised shares of Suncor Energy from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Desjardins raised shares of Suncor Energy from a “hold” rating to a “buy” rating in a research note on Thursday, November 14th. TD Securities raised shares of Suncor Energy from a “hold” rating to a “buy” rating in a research note on Wednesday, August 7th. Finally, BMO Capital Markets raised shares of Suncor Energy from a “market perform” rating to an “outperform” rating in a research note on Wednesday, August 7th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Suncor Energy has an average rating of “Moderate Buy” and a consensus price target of $56.40.

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.