Suncor Energy (NYSE:SU) Hits New 1-Year High – Here’s What Happened

Suncor Energy Inc. (NYSE:SU) (TSE:SU) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $64.95 and last traded at $65.14, with a volume of 777478 shares trading hands. The stock had previously closed at $63.19.

Analyst Upgrades and Downgrades

Several analysts recently commented on SU shares. Zacks Research lowered shares of Suncor Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 20th. Weiss Ratings reiterated a “buy (b)” rating on shares of Suncor Energy in a research report on Monday, December 29th. The Goldman Sachs Group increased their target price on shares of Suncor Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, March 12th. Royal Bank Of Canada raised their target price on Suncor Energy from $69.00 to $75.00 and gave the company an “outperform” rating in a research report on Thursday, February 5th. Finally, JPMorgan Chase & Co. upgraded Suncor Energy from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $46.15 to $54.00 in a research note on Tuesday, January 20th. Five equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $63.67.

Suncor Energy Stock Up 1.0%

The business’s 50 day moving average is $55.90 and its 200-day moving average is $47.31. The stock has a market cap of $77.01 billion, a price-to-earnings ratio of 18.65 and a beta of 0.43. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.89 and a current ratio of 1.39.

Suncor Energy (NYSE:SU) (TSE:SU) last posted its quarterly earnings data on Tuesday, February 3rd. The oil and gas producer reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.02. The company had revenue of $8.77 billion during the quarter, compared to analysts’ expectations of $8.79 billion. Suncor Energy had a net margin of 11.99% and a return on equity of 12.51%. During the same period in the prior year, the business posted $1.25 earnings per share. On average, sell-side analysts predict that Suncor Energy Inc. will post 3.42 EPS for the current fiscal year.

Suncor Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 25th. Stockholders of record on Wednesday, March 4th were paid a dividend of $0.60 per share. The ex-dividend date of this dividend was Wednesday, March 4th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.7%. Suncor Energy’s payout ratio is currently 50.72%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. CWA Asset Management Group LLC raised its holdings in shares of Suncor Energy by 64.9% during the 3rd quarter. CWA Asset Management Group LLC now owns 117,779 shares of the oil and gas producer’s stock worth $4,924,000 after acquiring an additional 46,342 shares during the period. Principal Financial Group Inc. boosted its position in shares of Suncor Energy by 0.6% during the 3rd quarter. Principal Financial Group Inc. now owns 18,854,921 shares of the oil and gas producer’s stock valued at $789,213,000 after acquiring an additional 106,765 shares during the last quarter. Swiss Life Asset Management Ltd grew its holdings in shares of Suncor Energy by 35.0% in the third quarter. Swiss Life Asset Management Ltd now owns 101,192 shares of the oil and gas producer’s stock valued at $4,240,000 after purchasing an additional 26,252 shares during the period. Picton Mahoney Asset Management grew its holdings in shares of Suncor Energy by 314.8% in the third quarter. Picton Mahoney Asset Management now owns 627,313 shares of the oil and gas producer’s stock valued at $26,246,000 after purchasing an additional 476,077 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its position in Suncor Energy by 45.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 723,965 shares of the oil and gas producer’s stock worth $29,871,000 after purchasing an additional 227,197 shares during the last quarter. 67.37% of the stock is owned by hedge funds and other institutional investors.

About Suncor Energy

Suncor Energy Inc is a Canadian integrated energy company headquartered in Calgary, Alberta. The company’s operations span the full oil and gas value chain, with principal activities in oil sands development and production, conventional exploration and production, refining, distribution and retail marketing of petroleum products. Suncor supplies crude, synthetic crude and refined fuels as well as related products and services to commercial and consumer markets.

Upstream, Suncor is a major developer and operator of oil sands projects in Alberta, using both mining and in situ technologies to produce bitumen and synthetic crude.