Suncor Energy Inc. (NYSE:SU) Raises Dividend to $0.41 Per Share

Suncor Energy Inc. (NYSE:SU) (TSE:SU) announced a quarterly dividend on Wednesday, November 13th,Wall Street Journal reports. Shareholders 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 4.03%. The ex-dividend date of this dividend is Tuesday, December 3rd. This is an increase 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 dividend payout ratio of 50.0% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Suncor Energy to earn $2.90 per share next year, which means the company should continue to be able to cover its $1.62 annual dividend with an expected future payout ratio of 55.9%.

Suncor Energy Trading Up 2.4 %

Shares of SU stock traded up $0.94 during trading hours on Thursday, hitting $40.54. 1,299,668 shares of the company’s stock traded hands, compared to its average volume of 4,238,353. The company has a quick ratio of 0.93, a current ratio of 1.46 and a debt-to-equity ratio of 0.26. Suncor Energy has a 12 month low of $29.45 and a 12 month high of $41.94. The stock has a market cap of $51.15 billion, a PE ratio of 8.63, a price-to-earnings-growth ratio of 2.70 and a beta of 1.12. The stock’s 50 day simple moving average is $38.29 and its 200 day simple moving average is $38.74.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on SU shares. Desjardins upgraded Suncor Energy from a “hold” rating to a “buy” rating in a research report on Thursday. Wolfe Research initiated coverage on Suncor Energy in a report on Thursday, July 18th. They issued an “outperform” rating and a $68.00 target price on the stock. StockNews.com upgraded shares of Suncor Energy from a “hold” rating to a “buy” rating in a report on Thursday, November 7th. 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. Finally, TD Securities upgraded shares of Suncor Energy from a “hold” rating to a “buy” rating in a research report on Wednesday, August 7th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus 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.