Suncor Energy (NYSE:SU) Reaches New 52-Week High – Time to Buy?

Suncor Energy Inc. (NYSE:SU) (TSE:SU) shares reached a new 52-week high on Monday . The company traded as high as $58.30 and last traded at $57.8090, with a volume of 641938 shares changing hands. The stock had previously closed at $56.52.

Wall Street Analyst Weigh In

Several equities research analysts have commented on SU shares. The Goldman Sachs Group increased their price objective on shares of Suncor Energy from $48.00 to $54.00 and gave the company a “buy” rating in a research note on Friday, January 23rd. Zacks Research lowered Suncor Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 20th. JPMorgan Chase & Co. upgraded Suncor Energy from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $46.15 to $54.00 in a research note on Tuesday, January 20th. Weiss Ratings reiterated a “buy (b)” rating on shares of Suncor Energy in a research note on Monday, December 29th. Finally, Royal Bank Of Canada boosted their price target on shares of Suncor Energy from $69.00 to $75.00 and gave the stock an “outperform” rating in a report on Thursday, February 5th. Five investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $61.00.

Suncor Energy Stock Up 2.9%

The firm has a market capitalization of $69.19 billion, a P/E ratio of 16.80 and a beta of 0.46. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.89 and a current ratio of 1.39. The stock has a 50 day moving average of $50.46 and a 200-day moving average of $44.81.

Suncor Energy (NYSE:SU) (TSE:SU) last issued its earnings results on Tuesday, February 3rd. The oil and gas producer reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.02. The firm had revenue of $8.77 billion during the quarter, compared to analyst estimates of $8.79 billion. Suncor Energy had a net margin of 11.99% and a return on equity of 12.51%. During the same quarter last year, the business earned $1.25 earnings per share. Research analysts predict that Suncor Energy Inc. will post 3.42 earnings per share for the current fiscal year.

Suncor Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 25th. Stockholders of record on Wednesday, March 4th will be given a $0.60 dividend. The ex-dividend date is Wednesday, March 4th. This represents a $2.40 annualized dividend and a dividend yield of 4.1%. Suncor Energy’s payout ratio is 50.14%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. AQR Capital Management LLC boosted its position in shares of Suncor Energy by 14.2% in the first quarter. AQR Capital Management LLC now owns 25,015 shares of the oil and gas producer’s stock valued at $959,000 after acquiring an additional 3,115 shares during the period. Geneos Wealth Management Inc. increased its holdings in Suncor Energy by 172.5% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,981 shares of the oil and gas producer’s stock worth $77,000 after acquiring an additional 1,254 shares during the period. Envestnet Asset Management Inc. lifted its stake in Suncor Energy by 4.6% in the 2nd quarter. Envestnet Asset Management Inc. now owns 636,738 shares of the oil and gas producer’s stock worth $23,846,000 after purchasing an additional 27,711 shares in the last quarter. Assetmark Inc. boosted its holdings in Suncor Energy by 81.1% in the 2nd quarter. Assetmark Inc. now owns 6,095 shares of the oil and gas producer’s stock valued at $228,000 after purchasing an additional 2,729 shares during the period. Finally, Syverson Strege & Co purchased a new position in shares of Suncor Energy during the 2nd quarter valued at $207,000. Hedge funds and other institutional investors own 67.37% of the company’s stock.

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.