Suncor Energy (NYSE:SU) Sees Large Volume Increase – Here’s What Happened

Suncor Energy Inc. (NYSE:SU) (TSE:SU) shares saw unusually-high trading volume on Wednesday . Approximately 10,534,314 shares traded hands during mid-day trading, an increase of 122% from the previous session’s volume of 4,755,223 shares.The stock last traded at $65.81 and had previously closed at $65.31.

Analyst Ratings Changes

SU has been the topic of several research analyst reports. Weiss Ratings upgraded shares of Suncor Energy from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, May 6th. The Goldman Sachs Group lifted their target price on shares of Suncor Energy from $66.00 to $73.00 and gave the company a “buy” rating in a research report on Wednesday, April 1st. Royal Bank Of Canada lifted their target price on shares of Suncor Energy from $75.00 to $89.00 and gave the company an “outperform” rating in a research report on Wednesday, April 1st. Zacks Research lowered Suncor Energy from a “strong-buy” rating to a “hold” rating in a research note on Monday. Finally, ATB Cormark Capital Markets raised Suncor Energy from a “hold” rating to a “moderate buy” rating in a research note on Wednesday, April 1st. Six equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $72.00.

Suncor Energy Stock Up 1.1%

The stock has a market capitalization of $77.98 billion, a price-to-earnings ratio of 17.33 and a beta of 0.27. The business’s 50-day moving average is $65.26 and its two-hundred day moving average is $55.26. The company has a quick ratio of 0.92, a current ratio of 1.42 and a debt-to-equity ratio of 0.20.

Suncor Energy (NYSE:SU) (TSE:SU) last released its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $1.41 earnings per share for the quarter, missing analysts’ consensus estimates of $1.45 by ($0.04). The company had revenue of $10.41 billion for the quarter, compared to analyst estimates of $9.22 billion. Suncor Energy had a return on equity of 13.96% and a net margin of 12.29%.During the same period last year, the firm posted $1.31 EPS. Equities analysts anticipate that Suncor Energy Inc. will post 7.07 EPS for the current year.

Suncor Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 25th. Shareholders of record on Thursday, June 4th will be paid a dividend of $0.60 per share. The ex-dividend date of this dividend is Thursday, June 4th. This represents a $2.40 dividend on an annualized basis and a yield of 3.6%. Suncor Energy’s payout ratio is 46.19%.

Hedge Funds Weigh In On Suncor Energy

Several institutional investors and hedge funds have recently bought and sold shares of SU. AQR Capital Management LLC boosted its holdings in Suncor Energy by 14.2% in the 1st quarter. AQR Capital Management LLC now owns 25,015 shares of the oil and gas producer’s stock valued at $959,000 after purchasing an additional 3,115 shares during the last quarter. Geneos Wealth Management Inc. lifted its stake in shares of Suncor Energy by 172.5% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,981 shares of the oil and gas producer’s stock valued at $77,000 after purchasing an additional 1,254 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of Suncor Energy by 21.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,667 shares of the oil and gas producer’s stock valued at $100,000 after purchasing an additional 464 shares during the last quarter. AXA S.A. lifted its stake in shares of Suncor Energy by 17.2% in the 2nd quarter. AXA S.A. now owns 50,278 shares of the oil and gas producer’s stock valued at $1,883,000 after purchasing an additional 7,395 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its stake in shares of Suncor Energy by 6.4% in the 2nd quarter. NewEdge Advisors LLC now owns 67,142 shares of the oil and gas producer’s stock valued at $2,514,000 after purchasing an additional 4,043 shares during the last quarter. 67.37% of the stock is currently owned by institutional investors and hedge funds.

Suncor Energy Company Profile

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.