Morgan Stanley Raises Suncor Energy Inc. (SU) Price Target to $52.00
Suncor Energy Inc. (NYSE:SU) (TSE:SU) had its price target raised by Morgan Stanley from $48.00 to $52.00 in a research note released on Friday. They currently have an overweight rating on the oil and gas producer’s stock.
Several other equities research analysts also recently commented on the company. Zacks Investment Research downgraded Suncor Energy from a buy rating to a hold rating in a report on Thursday, October 12th. BidaskClub cut Suncor Energy from a hold rating to a sell rating in a research report on Friday, August 18th. Citigroup Inc. reissued a buy rating on shares of Suncor Energy in a research report on Wednesday, August 2nd. AltaCorp Capital cut Suncor Energy from an outperform rating to a sector perform rating in a research report on Friday, July 28th. Finally, Barclays PLC reissued an overweight rating and issued a $52.00 target price (up from $47.00) on shares of Suncor Energy in a research report on Wednesday, July 12th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus target price of $43.94.
Suncor Energy (NYSE:SU) opened at 33.63 on Friday. The stock has a market capitalization of $55.80 billion, a P/E ratio of 25.29 and a beta of 0.83. The company has a 50 day moving average of $33.67 and a 200-day moving average of $31.56. Suncor Energy has a one year low of $27.96 and a one year high of $35.18.
The business also recently disclosed a quarterly dividend, which was paid on Monday, September 25th. Stockholders of record on Tuesday, September 5th were given a dividend of $0.2552 per share. This is a boost from Suncor Energy ‘s previous quarterly dividend of $0.24. This represents a $1.02 dividend on an annualized basis and a dividend yield of 3.04%. The ex-dividend date of this dividend was Thursday, August 31st. Suncor Energy ‘s payout ratio is presently 84.43%.
Several hedge funds have recently bought and sold shares of SU. Capital International Investors purchased a new position in shares of Suncor Energy during the 2nd quarter valued at about $106,342,000. Janus Henderson Group PLC purchased a new position in shares of Suncor Energy during the 2nd quarter valued at about $99,291,000. Dodge & Cox lifted its position in shares of Suncor Energy by 7.6% during the 2nd quarter. Dodge & Cox now owns 36,821,800 shares of the oil and gas producer’s stock valued at $1,075,197,000 after buying an additional 2,587,900 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Suncor Energy by 4.9% during the 2nd quarter. Vanguard Group Inc. now owns 40,423,181 shares of the oil and gas producer’s stock valued at $1,180,357,000 after buying an additional 1,892,375 shares in the last quarter. Finally, Barings LLC lifted its position in shares of Suncor Energy by 6,189.5% during the 1st quarter. Barings LLC now owns 1,171,035 shares of the oil and gas producer’s stock valued at $36,009,000 after buying an additional 1,152,416 shares in the last quarter. 64.00% of the stock is currently owned by hedge funds and other institutional investors.
Suncor Energy Company Profile
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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