Suncor Energy (NYSE:SU) Sees Unusually-High Trading Volume – Here’s Why

Suncor Energy Inc. (NYSE:SU) (TSE:SU) saw an uptick in trading volume on Wednesday . 10,534,314 shares changed hands during trading, an increase of 122% from the previous session’s volume of 4,755,223 shares.The stock last traded at $65.81 and had previously closed at $65.31.

Wall Street Analyst Weigh In

SU has been the subject of a number of analyst reports. Royal Bank Of Canada upped their price target on Suncor Energy from $75.00 to $89.00 and gave the stock an “outperform” rating in a report on Wednesday, April 1st. Weiss Ratings cut Suncor Energy from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday. Zacks Research cut Suncor Energy from a “strong-buy” rating to a “hold” rating in a report on Monday. The Goldman Sachs Group set a $72.00 price target on Suncor Energy in a report on Friday. Finally, ATB Cormark Capital Markets upgraded Suncor Energy from a “hold” rating to a “moderate buy” rating in a report on Wednesday, April 1st. Six analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $71.67.

Suncor Energy Trading Down 0.1%

The company has a current ratio of 1.42, a quick ratio of 0.92 and a debt-to-equity ratio of 0.20. The business’s 50-day simple moving average is $65.36 and its two-hundred day simple moving average is $55.71. The company has a market capitalization of $77.31 billion, a PE ratio of 17.18 and a beta of 0.27.

Suncor Energy (NYSE:SU) (TSE:SU) last posted its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $1.41 earnings per share for the quarter, missing analysts’ consensus estimates of $1.45 by ($0.04). The firm had revenue of $10.41 billion during the quarter, compared to analysts’ expectations of $9.22 billion. Suncor Energy had a net margin of 12.29% and a return on equity of 13.96%. During the same period in the previous year, the company earned $1.31 earnings per share. On average, analysts predict that Suncor Energy Inc. will post 7.07 earnings per share for the current year.

Suncor Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 25th. Shareholders of record on Thursday, June 4th will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend is Thursday, June 4th. Suncor Energy’s dividend payout ratio is presently 45.41%.

Hedge Funds Weigh In On Suncor Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Swiss Life Asset Management Ltd raised its stake in shares of Suncor Energy by 35.0% in the 3rd 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 in the last quarter. Picton Mahoney Asset Management raised its stake in shares of Suncor Energy by 314.8% in the 3rd 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 in the last quarter. Intact Investment Management Inc. raised its stake in shares of Suncor Energy by 36.3% in the 4th quarter. Intact Investment Management Inc. now owns 1,695,160 shares of the oil and gas producer’s stock valued at $75,236,000 after purchasing an additional 451,110 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Suncor Energy by 2.1% in the 3rd quarter. American Century Companies Inc. now owns 896,556 shares of the oil and gas producer’s stock valued at $37,519,000 after purchasing an additional 18,231 shares in the last quarter. Finally, SCP Investment LP acquired a new stake in shares of Suncor Energy in the 3rd quarter valued at about $1,915,000. 67.37% of the stock is owned by hedge funds and other institutional investors.

Suncor Energy Company Profile

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.