Suncor Energy (NYSE:SU) Rating Increased to Buy at Desjardins

Desjardins upgraded shares of Suncor Energy (NYSE:SU) (TSE:SU) from a hold rating to a buy rating in a report issued on Thursday morning, Marketbeat.com reports.

SU has been the topic of a number of other reports. StockNews.com upgraded shares of Suncor Energy from a “hold” rating to a “buy” rating in a research note on Thursday, November 7th. Wolfe Research began coverage on shares of Suncor Energy in a report on Thursday, July 18th. They set an “outperform” rating and a $68.00 price objective on the stock. TD Securities raised shares of Suncor Energy from a “hold” rating to a “buy” rating in a report on Wednesday, August 7th. Finally, BMO Capital Markets raised shares of Suncor Energy from a “market perform” rating to an “outperform” rating in a report on Wednesday, August 7th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $56.40.

Suncor Energy Trading Up 0.1 %

Shares of Suncor Energy stock opened at $40.48 on Thursday. Suncor Energy has a 52-week low of $29.45 and a 52-week high of $41.94. The company has a quick ratio of 0.93, a current ratio of 1.59 and a debt-to-equity ratio of 0.24. The company’s 50-day simple moving average is $38.40 and its 200-day simple moving average is $38.76. The firm has a market cap of $51.08 billion, a price-to-earnings ratio of 8.82, a price-to-earnings-growth ratio of 2.87 and a beta of 1.12.

Suncor Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 24th. Shareholders of record on Tuesday, December 3rd will be issued a $0.4089 dividend. This represents a $1.64 annualized dividend and a dividend yield of 4.04%. 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’s dividend payout ratio is 35.29%.

Institutional Trading of Suncor Energy

Institutional investors and hedge funds have recently modified their holdings of the business. Eastern Bank purchased a new position in shares of Suncor Energy during the third quarter valued at approximately $25,000. Trust Co. of Vermont purchased a new position in shares of Suncor Energy during the second quarter valued at approximately $26,000. Summit Securities Group LLC purchased a new position in shares of Suncor Energy during the second quarter valued at approximately $27,000. Richardson Financial Services Inc. lifted its stake in shares of Suncor Energy by 82.8% during the second quarter. Richardson Financial Services Inc. now owns 724 shares of the oil and gas producer’s stock valued at $28,000 after buying an additional 328 shares during the period. Finally, Ridgewood Investments LLC purchased a new position in shares of Suncor Energy during the second quarter valued at approximately $29,000. Hedge funds and other institutional investors own 67.37% of the company’s stock.

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.