Suncor Energy (NYSE:SU) Upgraded by Cibc World Mkts to “Strong-Buy” Rating

Cibc World Mkts upgraded shares of Suncor Energy (NYSE:SU) (TSE:SU) from a hold rating to a strong-buy rating in a research note issued to investors on Tuesday morning,Zacks.com reports.

A number of other brokerages have also weighed in on SU. Royal Bank of Canada reissued an “outperform” rating and issued a $66.00 target price on shares of Suncor Energy in a research report on Tuesday, January 7th. Tudor, Pickering, Holt & Co. upgraded Suncor Energy from a “hold” rating to a “buy” rating in a research note on Monday. Desjardins raised Suncor Energy from a “hold” rating to a “buy” rating in a report on Thursday, November 14th. Morgan Stanley cut shares of Suncor Energy from an “overweight” rating to an “equal weight” rating in a research note on Monday, December 16th. Finally, StockNews.com upgraded shares of Suncor Energy from a “hold” rating to a “buy” rating in a research note on Tuesday, January 14th. Three equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Suncor Energy presently has an average rating of “Moderate Buy” and a consensus price target of $58.00.

Suncor Energy Stock Performance

Shares of Suncor Energy stock opened at $39.62 on Tuesday. Suncor Energy has a 1 year low of $31.25 and a 1 year high of $41.94. The firm’s 50-day moving average is $37.70 and its 200 day moving average is $38.58. The stock has a market cap of $49.31 billion, a price-to-earnings ratio of 11.48, a PEG ratio of 2.96 and a beta of 1.12. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 1.04.

Suncor Energy (NYSE:SU) (TSE:SU) last announced its quarterly earnings data on Wednesday, February 5th. The oil and gas producer reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.82 by $0.07. Suncor Energy had a net margin of 11.80% and a return on equity of 15.33%. Sell-side analysts anticipate that Suncor Energy will post 3.25 EPS for the current fiscal year.

Suncor Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Tuesday, March 4th will be given a dividend of $0.399 per share. This represents a $1.60 annualized dividend and a dividend yield of 4.03%. The ex-dividend date of this dividend is Tuesday, March 4th. Suncor Energy’s payout ratio is currently 46.67%.

Hedge Funds Weigh In On Suncor Energy

Hedge funds and other institutional investors have recently modified their holdings of the stock. Grantham Mayo Van Otterloo & Co. LLC bought a new position in Suncor Energy during the fourth quarter valued at approximately $5,140,000. Dynamic Technology Lab Private Ltd raised its holdings in shares of Suncor Energy by 16.2% during the 4th quarter. Dynamic Technology Lab Private Ltd now owns 42,168 shares of the oil and gas producer’s stock worth $1,505,000 after acquiring an additional 5,884 shares in the last quarter. ExodusPoint Capital Management LP boosted its position in shares of Suncor Energy by 1,037.7% during the 4th quarter. ExodusPoint Capital Management LP now owns 282,900 shares of the oil and gas producer’s stock valued at $10,094,000 after acquiring an additional 258,033 shares during the last quarter. World Investment Advisors boosted its position in shares of Suncor Energy by 55.4% during the 4th quarter. World Investment Advisors now owns 24,310 shares of the oil and gas producer’s stock valued at $867,000 after acquiring an additional 8,669 shares during the last quarter. Finally, Huntington National Bank increased its holdings in shares of Suncor Energy by 2.5% in the 4th quarter. Huntington National Bank now owns 21,717 shares of the oil and gas producer’s stock worth $775,000 after buying an additional 529 shares during the last quarter. Institutional investors own 67.37% of the company’s stock.

Suncor Energy Company Profile

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.