Suncor Energy (SU) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Suncor Energy (NYSE:SU) (TSE:SU) from a hold rating to a buy rating in a research report report published on Tuesday. Zacks Investment Research currently has $39.00 price objective on the oil and gas producer’s stock.
According to Zacks, “Shares of Suncor have surged over 11% over a year, handily outperforming the broader industry’s decline of 8.4%. Higher commodity prices, robust production and aggressive cost reduction have helped Suncor's recent operating performance. In particular, Canada’s biggest energy company's total production came at near record levels during the fourth quarter, helped largely by increased output from its oil sands operations. Importantly, Suncor's success in reducing cash costs has magnified the effects of rebound in oil prices. Recent deals for acquiring additional stakes in Syncrude and Fort Hills project is set to grow shareholder value in coming years. A healthy dividend and an aggressive share buyback program are other positives in the Suncor story. Consequently, we think SU offers upside potential from current levels and label it as an attractive investment.”
Other equities research analysts have also recently issued research reports about the stock. Piper Jaffray Companies reiterated a buy rating and set a $44.00 target price on shares of Suncor Energy in a research report on Friday, February 23rd. Edward Jones upgraded shares of Suncor Energy from a hold rating to a buy rating in a research report on Monday, November 20th. TD Securities upgraded shares of Suncor Energy from a hold rating to a buy rating in a research report on Friday, February 9th. AltaCorp Capital restated a hold rating and issued a $51.00 price objective on shares of Suncor Energy in a research report on Monday, January 15th. Finally, JPMorgan Chase & Co. upgraded shares of Suncor Energy from a neutral rating to an overweight rating in a research report on Friday, February 9th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. Suncor Energy presently has an average rating of Buy and a consensus price target of $46.00.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 26th. Shareholders of record on Monday, March 5th will be given a $0.286 dividend. This represents a $1.14 annualized dividend and a yield of 3.61%. The ex-dividend date is Friday, March 2nd. This is a boost from Suncor Energy’s previous quarterly dividend of $0.25. Suncor Energy’s dividend payout ratio (DPR) is presently 48.56%.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. SeaCrest Wealth Management LLC acquired a new stake in shares of Suncor Energy during the 4th quarter worth approximately $100,000. Cerebellum GP LLC acquired a new stake in shares of Suncor Energy during the 4th quarter worth approximately $134,000. UBS Asset Management Americas Inc. grew its position in shares of Suncor Energy by 13.7% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 4,658 shares of the oil and gas producer’s stock worth $136,000 after buying an additional 562 shares during the period. Avestar Capital LLC acquired a new stake in shares of Suncor Energy during the 4th quarter worth approximately $148,000. Finally, Forward Management LLC acquired a new stake in shares of Suncor Energy during the 3rd quarter worth approximately $154,000. Hedge funds and other institutional investors own 63.83% of the company’s stock.
Suncor Energy Company Profile
Suncor Energy Inc is a Canada-based 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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