Suncor Energy (NYSE:SU) Sees Unusually-High Trading Volume – Time to Buy?

Suncor Energy Inc. (NYSE:SU) (TSE:SU) saw unusually-strong trading volume on Tuesday . Approximately 10,683,014 shares changed hands during mid-day trading, an increase of 138% from the previous session’s volume of 4,491,520 shares.The stock last traded at $44.0780 and had previously closed at $44.80.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Wells Fargo & Company initiated coverage on Suncor Energy in a research note on Friday, October 17th. They set an “equal weight” rating on the stock. Raymond James Financial upgraded Suncor Energy from a “market perform” rating to an “outperform” rating in a report on Thursday, November 6th. Zacks Research downgraded Suncor Energy from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 15th. Weiss Ratings restated a “buy (b)” rating on shares of Suncor Energy in a research report on Monday. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $65.00 price objective on shares of Suncor Energy in a research report on Friday, October 3rd. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Suncor Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $65.00.

Suncor Energy Stock Performance

The firm has a market cap of $53.77 billion, a PE ratio of 14.67 and a beta of 0.46. The business has a 50 day simple moving average of $41.84 and a two-hundred day simple moving average of $40.10. The company has a quick ratio of 0.85, a current ratio of 1.35 and a debt-to-equity ratio of 0.19.

Suncor Energy (NYSE:SU) (TSE:SU) last issued its earnings results on Tuesday, November 4th. The oil and gas producer reported $1.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $0.22. The firm had revenue of $9.04 billion during the quarter, compared to analyst estimates of $8.82 billion. Suncor Energy had a net margin of 10.61% and a return on equity of 13.01%. During the same period in the previous year, the firm earned $1.48 earnings per share. As a group, equities research analysts forecast that Suncor Energy Inc. will post 3.42 earnings per share for the current fiscal year.

Suncor Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 24th. Stockholders of record on Wednesday, December 3rd will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 5.4%. This is a boost from Suncor Energy’s previous quarterly dividend of $0.41. The ex-dividend date of this dividend is Wednesday, December 3rd. Suncor Energy’s dividend payout ratio is 56.39%.

Institutional Trading of Suncor Energy

Large investors have recently modified their holdings of the company. Ascent Group LLC increased its stake in Suncor Energy by 4.7% during the second quarter. Ascent Group LLC now owns 5,769 shares of the oil and gas producer’s stock worth $216,000 after acquiring an additional 260 shares during the last quarter. Archford Capital Strategies LLC grew its holdings in shares of Suncor Energy by 1.2% during the 3rd quarter. Archford Capital Strategies LLC now owns 23,617 shares of the oil and gas producer’s stock worth $987,000 after purchasing an additional 272 shares during the period. Richardson Financial Services Inc. grew its holdings in shares of Suncor Energy by 64.1% during the 3rd quarter. Richardson Financial Services Inc. now owns 704 shares of the oil and gas producer’s stock worth $29,000 after purchasing an additional 275 shares during the period. D Orazio & Associates Inc. increased its position in Suncor Energy by 3.9% during the 3rd quarter. D Orazio & Associates Inc. now owns 7,299 shares of the oil and gas producer’s stock worth $305,000 after purchasing an additional 275 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in Suncor Energy by 10.5% in the third quarter. EverSource Wealth Advisors LLC now owns 2,947 shares of the oil and gas producer’s stock valued at $123,000 after buying an additional 280 shares during the period. Hedge funds and other institutional investors own 67.37% of the company’s stock.

About Suncor Energy

Suncor Energy Inc operates as an integrated energy company in Canada, the United States, and internationally. It operates through Oil Sands; Exploration and Production; and Refining and Marketing segments. The Oil Sands segment explores, develops, and produces bitumen, synthetic crude oil, and related products.