Suncor Energy (NYSE:SU) Sets New 52-Week High Following Earnings Beat

Suncor Energy Inc. (NYSE:SUGet Free Report) (TSE:SU)’s stock price hit a new 52-week high on Wednesday following a stronger than expected earnings report. The stock traded as high as $54.84 and last traded at $54.7110, with a volume of 242183 shares. The stock had previously closed at $53.46.

The oil and gas producer reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.02. Suncor Energy had a net margin of 10.61% and a return on equity of 13.01%. The business had revenue of $8.77 billion during the quarter, compared to analyst estimates of $8.79 billion. During the same quarter in the previous year, the business posted $1.25 earnings per share.

Suncor Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 25th. Investors of record on Wednesday, March 4th will be given a dividend of $0.60 per share. The ex-dividend date is Wednesday, March 4th. This represents a $2.40 annualized dividend and a yield of 4.4%. Suncor Energy’s dividend payout ratio is 56.39%.

More Suncor Energy News

Here are the key news stories impacting Suncor Energy this week:

Wall Street Analyst Weigh In

SU has been the topic of a number of recent analyst reports. Wells Fargo & Company started coverage on shares of 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. JPMorgan Chase & Co. upgraded Suncor Energy from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $46.15 to $54.00 in a research note on Tuesday, January 20th. Zacks Research lowered Suncor Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 20th. Finally, Wall Street Zen downgraded shares of Suncor Energy from a “buy” rating to a “hold” rating in a research report on Sunday, December 28th. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $57.67.

View Our Latest Stock Analysis on SU

Institutional Trading of Suncor Energy

Several large investors have recently bought and sold shares of the company. Shell Asset Management Co. boosted its holdings in shares of Suncor Energy by 65.8% in the 2nd quarter. Shell Asset Management Co. now owns 103,082 shares of the oil and gas producer’s stock valued at $3,854,000 after buying an additional 40,892 shares during the period. CWA Asset Management Group LLC lifted its holdings in Suncor Energy by 64.9% in the third quarter. CWA Asset Management Group LLC now owns 117,779 shares of the oil and gas producer’s stock worth $4,924,000 after acquiring an additional 46,342 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of Suncor Energy by 0.6% during the third quarter. Principal Financial Group Inc. now owns 18,854,921 shares of the oil and gas producer’s stock valued at $789,213,000 after purchasing an additional 106,765 shares during the last quarter. Ontario Teachers Pension Plan Board grew its holdings in shares of Suncor Energy by 15.6% during the second quarter. Ontario Teachers Pension Plan Board now owns 315,278 shares of the oil and gas producer’s stock valued at $11,818,000 after purchasing an additional 42,506 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in shares of Suncor Energy by 45.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 723,965 shares of the oil and gas producer’s stock worth $29,871,000 after purchasing an additional 227,197 shares during the period. Institutional investors and hedge funds own 67.37% of the company’s stock.

Suncor Energy Trading Up 1.7%

The firm has a market cap of $64.89 billion, a P/E ratio of 17.86 and a beta of 0.46. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.85 and a current ratio of 1.35. The firm has a fifty day moving average of $46.37 and a 200-day moving average of $42.78.

About Suncor Energy

(Get Free Report)

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.

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