Analysts Set Suncor Energy Inc. (NYSE:SU) PT at $56.40

Shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) have received an average recommendation of “Moderate Buy” from the eight brokerages that are presently covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $56.40.

Several analysts recently weighed in on the stock. Desjardins raised shares of Suncor Energy from a “hold” rating to a “buy” rating in a report on Thursday, November 14th. StockNews.com upgraded shares of Suncor Energy from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th.

Hedge Funds Weigh In On Suncor Energy

Several institutional investors and hedge funds have recently modified their holdings of SU. The Manufacturers Life Insurance Company grew its holdings in Suncor Energy by 5.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 25,134,149 shares of the oil and gas producer’s stock valued at $956,850,000 after buying an additional 1,209,073 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in Suncor Energy by 1.6% in the second quarter. Massachusetts Financial Services Co. MA now owns 23,048,048 shares of the oil and gas producer’s stock valued at $878,131,000 after purchasing an additional 366,432 shares during the period. Toronto Dominion Bank increased its position in Suncor Energy by 1.8% during the third quarter. Toronto Dominion Bank now owns 18,546,207 shares of the oil and gas producer’s stock worth $684,726,000 after purchasing an additional 333,440 shares during the last quarter. CIBC Asset Management Inc raised its stake in Suncor Energy by 1.3% during the third quarter. CIBC Asset Management Inc now owns 13,942,455 shares of the oil and gas producer’s stock worth $516,728,000 after purchasing an additional 180,533 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Suncor Energy by 23.3% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 9,695,560 shares of the oil and gas producer’s stock valued at $357,827,000 after purchasing an additional 1,829,936 shares during the last quarter. Hedge funds and other institutional investors own 67.37% of the company’s stock.

Suncor Energy Price Performance

Shares of SU opened at $38.19 on Tuesday. The company has a quick ratio of 1.04, a current ratio of 1.59 and a debt-to-equity ratio of 0.24. Suncor Energy has a fifty-two week low of $29.45 and a fifty-two week high of $41.94. The company has a market cap of $48.05 billion, a P/E ratio of 8.32, a PEG ratio of 2.54 and a beta of 1.11. The firm’s 50 day moving average price is $39.29 and its 200 day moving average price is $38.79.

Suncor Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 24th. Stockholders of record on Tuesday, December 3rd will be given a $0.4089 dividend. This is an increase from Suncor Energy’s previous quarterly dividend of $0.40. This represents a $1.64 annualized dividend and a dividend yield of 4.28%. The ex-dividend date of this dividend is Tuesday, December 3rd. Suncor Energy’s dividend payout ratio is currently 36.82%.

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.