Suncor Energy (NYSE:SU) Rating Increased to Buy at Desjardins

Desjardins upgraded shares of Suncor Energy (NYSE:SU) (TSE:SU) from a hold rating to a buy rating in a research report report published on Thursday, Marketbeat reports.

Other equities research analysts also recently issued reports about the company. TD Securities raised Suncor Energy from a “hold” rating to a “buy” rating in a research report on Wednesday, August 7th. StockNews.com raised Suncor Energy from a “hold” rating to a “buy” rating in a research report on Thursday, November 7th. BMO Capital Markets raised Suncor Energy from a “market perform” rating to an “outperform” rating in a research report on Wednesday, August 7th. Finally, Wolfe Research started coverage on Suncor Energy in a research report on Thursday, July 18th. They set an “outperform” rating and a $68.00 price target on the stock. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $56.40.

Suncor Energy Stock Performance

SU stock traded down $0.17 during midday trading on Thursday, reaching $40.27. The stock had a trading volume of 2,523,836 shares, compared to its average volume of 4,262,731. The stock has a market cap of $50.81 billion, a PE ratio of 8.85, a P/E/G ratio of 2.81 and a beta of 1.12. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.93 and a current ratio of 1.46. The firm has a fifty day simple moving average of $38.34 and a two-hundred day simple moving average of $38.75. Suncor Energy has a 52-week low of $29.45 and a 52-week high of $41.94.

Suncor Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 24th. Stockholders of record on Tuesday, December 3rd will be given a dividend of $0.4089 per share. The ex-dividend date of this dividend is Tuesday, December 3rd. This is a boost from Suncor Energy’s previous quarterly dividend of $0.40. This represents a $1.64 dividend on an annualized basis and a dividend yield of 4.06%. Suncor Energy’s dividend payout ratio (DPR) is 35.29%.

Institutional Investors Weigh In On Suncor Energy

A number of institutional investors have recently modified their holdings of the business. Eastern Bank acquired a new stake in Suncor Energy in the 3rd quarter worth about $25,000. Trust Co. of Vermont acquired a new stake in Suncor Energy in the 2nd quarter worth about $26,000. Summit Securities Group LLC acquired a new stake in Suncor Energy in the 2nd quarter worth about $27,000. Richardson Financial Services Inc. boosted its holdings in Suncor Energy by 82.8% in the 2nd quarter. Richardson Financial Services Inc. now owns 724 shares of the oil and gas producer’s stock worth $28,000 after buying an additional 328 shares during the last quarter. Finally, Ridgewood Investments LLC purchased a new position in Suncor Energy in the 2nd quarter worth approximately $29,000. 67.37% of the stock is currently owned by institutional investors and hedge funds.

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.