BMO Capital Markets Upgrades Suncor Energy (NYSE:SU) to Outperform

BMO Capital Markets upgraded shares of Suncor Energy (NYSE:SU) (TSE:SU) from a market perform rating to an outperform rating in a research note published on Wednesday morning, Marketbeat.com reports.

A number of other research analysts have also recently issued reports on the company. Wolfe Research assumed coverage on Suncor Energy in a research note on Thursday, July 18th. They set an outperform rating and a $68.00 price objective on the stock. Scotiabank reduced their price target on Suncor Energy from $61.00 to $60.00 and set a sector perform rating on the stock in a research report on Friday, July 12th. Raymond James upgraded Suncor Energy to a hold rating in a research report on Tuesday, May 28th. The Goldman Sachs Group lifted their target price on shares of Suncor Energy from $38.00 to $45.00 and gave the stock a buy rating in a research note on Thursday, May 23rd. Finally, StockNews.com cut shares of Suncor Energy from a buy rating to a hold rating in a research report on Saturday, July 20th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Suncor Energy currently has a consensus rating of Moderate Buy and a consensus price target of $54.75.

Suncor Energy Stock Performance

Shares of NYSE SU opened at $39.67 on Wednesday. The stock has a market cap of $50.62 billion, a price-to-earnings ratio of 8.84, a P/E/G ratio of 3.37 and a beta of 1.12. The stock’s 50-day moving average is $38.06 and its 200 day moving average is $37.05. The company has a current ratio of 1.51, a quick ratio of 0.97 and a debt-to-equity ratio of 0.25. Suncor Energy has a 1-year low of $29.45 and a 1-year high of $41.50.

Suncor Energy (NYSE:SU) (TSE:SU) last announced its quarterly earnings data on Tuesday, August 6th. The oil and gas producer reported $1.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.51. Suncor Energy had a net margin of 14.40% and a return on equity of 16.28%. The firm had revenue of $12.90 billion during the quarter, compared to analyst estimates of $9.30 billion. During the same period in the previous year, the business posted $0.71 EPS. The business’s quarterly revenue was up 10.1% on a year-over-year basis. On average, sell-side analysts anticipate that Suncor Energy will post 3.67 EPS for the current fiscal year.

Suncor Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Wednesday, September 4th will be given a $0.395 dividend. The ex-dividend date of this dividend is Wednesday, September 4th. This represents a $1.58 annualized dividend and a dividend yield of 3.98%. Suncor Energy’s dividend payout ratio is 35.63%.

Institutional Investors Weigh In On Suncor Energy

Hedge funds have recently made changes to their positions in the company. Massachusetts Financial Services Co. MA raised its position in shares of Suncor Energy by 1.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 23,048,048 shares of the oil and gas producer’s stock worth $878,131,000 after purchasing an additional 366,432 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in Suncor Energy by 5.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 656,635 shares of the oil and gas producer’s stock valued at $25,018,000 after purchasing an additional 36,069 shares in the last quarter. Oppenheimer Asset Management Inc. raised its holdings in Suncor Energy by 21.0% in the second quarter. Oppenheimer Asset Management Inc. now owns 48,823 shares of the oil and gas producer’s stock worth $1,860,000 after buying an additional 8,467 shares during the last quarter. Beverly Hills Private Wealth LLC lifted its stake in shares of Suncor Energy by 58.5% in the second quarter. Beverly Hills Private Wealth LLC now owns 45,320 shares of the oil and gas producer’s stock worth $1,727,000 after buying an additional 16,731 shares in the last quarter. Finally, Barings LLC lifted its stake in shares of Suncor Energy by 21.4% in the second quarter. Barings LLC now owns 1,523,300 shares of the oil and gas producer’s stock worth $58,045,000 after buying an additional 268,785 shares in the last quarter. 67.37% of the stock is currently owned by institutional investors.

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.