Suncor Energy (NYSE:SU) Announces Earnings Results

Suncor Energy (NYSE:SU) (TSE:SU) issued its earnings results on Tuesday. The oil and gas producer reported $1.07 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.22, Zacks reports. Suncor Energy had a net margin of 11.35% and a return on equity of 13.21%. The business had revenue of $9.04 billion for the quarter, compared to analyst estimates of $8.82 billion. During the same period in the previous year, the business earned $1.48 EPS.

Suncor Energy Price Performance

Shares of SU stock traded up $0.64 during trading hours on Thursday, reaching $41.86. 839,456 shares of the company were exchanged, compared to its average volume of 4,483,059. The stock’s fifty day moving average is $40.78 and its two-hundred day moving average is $38.84. Suncor Energy has a fifty-two week low of $30.79 and a fifty-two week high of $43.48. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.26 and a quick ratio of 0.77. The company has a market cap of $50.50 billion, a price-to-earnings ratio of 12.88, a P/E/G ratio of 3.52 and a beta of 0.75.

Suncor Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 24th. Investors of record on Wednesday, December 3rd will be given a dividend of $0.60 per share. This is a positive change from Suncor Energy’s previous quarterly dividend of $0.41. The ex-dividend date is Wednesday, December 3rd. This represents a $2.40 annualized dividend and a yield of 5.7%. Suncor Energy’s dividend payout ratio is currently 54.10%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Raymond James Financial upgraded shares of Suncor Energy from a “market perform” rating to an “outperform” rating in a research report on Thursday. Wells Fargo & Company started coverage on Suncor Energy in a report on Friday, October 17th. They set an “equal weight” rating on the stock. Zacks Research cut Suncor Energy from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 15th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $65.00 price target on shares of Suncor Energy in a research report on Friday, October 3rd. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Suncor Energy in a research note on Wednesday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $65.00.

Hedge Funds Weigh In On Suncor Energy

Several large investors have recently made changes to their positions in SU. Headlands Technologies LLC acquired a new position in shares of Suncor Energy during the second quarter valued at $31,000. WealthCollab LLC lifted its holdings in Suncor Energy by 38.5% in the second quarter. WealthCollab LLC now owns 1,701 shares of the oil and gas producer’s stock valued at $64,000 after buying an additional 473 shares during the period. Geneos Wealth Management Inc. lifted its holdings in Suncor Energy by 172.5% in the first quarter. Geneos Wealth Management Inc. now owns 1,981 shares of the oil and gas producer’s stock valued at $77,000 after buying an additional 1,254 shares during the period. Transamerica Financial Advisors LLC lifted its holdings in Suncor Energy by 18.4% in the second quarter. Transamerica Financial Advisors LLC now owns 2,081 shares of the oil and gas producer’s stock valued at $78,000 after buying an additional 323 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its holdings in Suncor Energy by 21.1% in the second quarter. EverSource Wealth Advisors LLC now owns 2,667 shares of the oil and gas producer’s stock valued at $100,000 after buying an additional 464 shares during the period. Institutional investors and hedge funds own 67.37% of the company’s stock.

Suncor Energy Company Profile

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.