Suncor Energy Inc. (SU) Cut to Sell at BidaskClub
BidaskClub downgraded shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) from a hold rating to a sell rating in a research note published on Friday.
Other equities research analysts have also issued reports about the stock. Zacks Investment Research upgraded shares of Suncor Energy from a sell rating to a buy rating and set a $33.00 target price on the stock in a report on Tuesday, July 4th. Citigroup Inc. reiterated a buy rating on shares of Suncor Energy in a report on Wednesday, August 2nd. National Bank Financial started coverage on shares of Suncor Energy in a report on Tuesday, June 27th. They set an outperform rating on the stock. Piper Jaffray Companies reduced their target price on shares of Suncor Energy from $40.00 to $38.00 and set an overweight rating on the stock in a report on Monday, July 3rd. Finally, Barclays PLC reiterated an overweight rating and set a $52.00 target price (up from $47.00) on shares of Suncor Energy in a report on Wednesday, July 12th. One analyst has rated the stock with a sell rating, four have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Suncor Energy presently has an average rating of Buy and an average price target of $42.86.
Suncor Energy (NYSE SU) opened at 30.96 on Friday. The stock has a market capitalization of $51.37 billion, a price-to-earnings ratio of 24.32 and a beta of 0.82. Suncor Energy has a one year low of $25.70 and a one year high of $33.79. The company’s 50-day moving average is $31.03 and its 200 day moving average is $30.93.
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Suncor Energy announced that its board has approved a stock buyback program on Wednesday, April 26th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the oil and gas producer to buy up to 3.9% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 25th. Investors of record on Tuesday, September 5th will be paid a dividend of $0.2552 per share. The ex-dividend date is Thursday, August 31st. This represents a $1.02 dividend on an annualized basis and a yield of 3.30%. This is a boost from Suncor Energy ‘s previous quarterly dividend of $0.24. Suncor Energy ‘s dividend payout ratio is currently 77.87%.
Several hedge funds have recently added to or reduced their stakes in SU. Renaissance Technologies LLC purchased a new stake in Suncor Energy during the fourth quarter valued at approximately $1,062,000. UBS Asset Management Americas Inc. purchased a new stake in Suncor Energy during the fourth quarter valued at approximately $152,000. Teachers Advisors LLC boosted its stake in Suncor Energy by 12,173.3% in the fourth quarter. Teachers Advisors LLC now owns 388,819 shares of the oil and gas producer’s stock valued at $12,710,000 after buying an additional 385,651 shares during the period. Ferguson Wellman Capital Management Inc. boosted its stake in Suncor Energy by 4.5% in the first quarter. Ferguson Wellman Capital Management Inc. now owns 290,934 shares of the oil and gas producer’s stock valued at $8,946,000 after buying an additional 12,560 shares during the period. Finally, Guinness Asset Management Ltd boosted its stake in Suncor Energy by 8.8% in the first quarter. Guinness Asset Management Ltd now owns 381,362 shares of the oil and gas producer’s stock valued at $11,675,000 after buying an additional 31,000 shares during the period. Institutional investors own 65.59% of the company’s stock.
About Suncor Energy
Suncor Energy Inc (Suncor) is an integrated energy company. The Company is focused on developing Canada’s petroleum resource basin, Athabasca oil sands. The Company operates in three business segments: Oil Sands, Exploration and Production (E&P), and Refining and Marketing. The Company’s Oil Sands segment includes Oil Sands operations and Oil Sands ventures operations.
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