Suncor Energy (NYSE:SU) Downgraded by Zacks Research to Hold

Suncor Energy (NYSE:SU) (TSE:SU) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Monday,Zacks.com reports.

A number of other research analysts have also issued reports on SU. The Goldman Sachs Group lifted their target price on Suncor Energy from $66.00 to $73.00 and gave the stock a “buy” rating in a report on Wednesday, April 1st. ATB Cormark Capital Markets raised Suncor Energy from a “hold” rating to a “moderate buy” rating in a report on Wednesday, April 1st. Royal Bank Of Canada lifted their target price on Suncor Energy from $75.00 to $89.00 and gave the stock an “outperform” rating in a report on Wednesday, April 1st. Wall Street Zen raised Suncor Energy from a “buy” rating to a “strong-buy” rating in a report on Saturday. Finally, Weiss Ratings raised Suncor Energy from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, May 6th. Six equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Suncor Energy currently has an average rating of “Moderate Buy” and a consensus price target of $72.00.

Suncor Energy Stock Performance

Shares of SU opened at $65.31 on Monday. The firm has a 50-day moving average price of $65.26 and a 200 day moving average price of $55.26. The firm has a market capitalization of $77.11 billion, a PE ratio of 17.14 and a beta of 0.27. 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 has a 52-week low of $35.93 and a 52-week high of $70.29.

Suncor Energy (NYSE:SU) (TSE:SU) last announced its earnings results on Tuesday, May 5th. The oil and gas producer reported $1.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.45 by ($0.04). The company had revenue of $10.41 billion during the quarter, compared to the consensus estimate of $9.22 billion. Suncor Energy had a net margin of 12.29% and a return on equity of 13.96%. During the same quarter in the prior year, the company earned $1.31 EPS. On average, sell-side analysts anticipate that Suncor Energy will post 7.07 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Suncor Energy

Hedge funds and other institutional investors have recently modified their holdings of the stock. Atlantic Edge Private Wealth Management LLC boosted its position in shares of Suncor Energy by 54.9% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 635 shares of the oil and gas producer’s stock valued at $28,000 after purchasing an additional 225 shares during the period. 1 North Wealth Services LLC acquired a new position in shares of Suncor Energy in the 4th quarter valued at $32,000. Smartleaf Asset Management LLC boosted its position in shares of Suncor Energy by 95.8% in the 3rd quarter. Smartleaf Asset Management LLC now owns 793 shares of the oil and gas producer’s stock valued at $33,000 after purchasing an additional 388 shares during the period. Cassaday & Co Wealth Management LLC acquired a new position in shares of Suncor Energy in the 1st quarter valued at $53,000. Finally, Headlands Technologies LLC acquired a new position in shares of Suncor Energy in the 2nd quarter valued at $31,000. Institutional investors and hedge funds own 67.37% of the company’s stock.

About Suncor Energy

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.