Suncor Energy (NYSE:SU) Raised to Strong-Buy at Zacks Research

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

A number of other brokerages also recently issued reports on SU. Wall Street Zen downgraded Suncor Energy from a “strong-buy” rating to a “buy” rating in a research note on Sunday, June 7th. The Goldman Sachs Group lowered shares of Suncor Energy from a “buy” rating to a “neutral” rating and set a $72.00 price objective for the company. in a report on Friday, June 5th. Scotiabank upgraded shares of Suncor Energy to a “strong-buy” rating in a research report on Friday, June 26th. ATB Cormark Capital Markets raised shares of Suncor Energy from a “hold” rating to a “moderate buy” rating in a research note on Wednesday, April 1st. Finally, Weiss Ratings upgraded shares of Suncor Energy from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, June 26th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Suncor Energy presently has an average rating of “Buy” and a consensus price target of $71.67.

Suncor Energy Trading Up 3.2%

Shares of Suncor Energy stock opened at $56.69 on Monday. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.42 and a quick ratio of 0.92. The stock’s 50 day simple moving average is $62.00 and its 200-day simple moving average is $57.81. The stock has a market cap of $66.94 billion, a P/E ratio of 14.88 and a beta of 0.30. Suncor Energy has a 1-year low of $37.76 and a 1-year high of $70.29.

Suncor Energy (NYSE:SU) (TSE:SU) last announced its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $1.41 EPS 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 analysts’ expectations of $9.22 billion. Suncor Energy had a return on equity of 13.96% and a net margin of 12.29%.During the same quarter in the previous year, the business posted $1.31 EPS. Analysts predict that Suncor Energy will post 7.07 EPS for the current fiscal year.

Hedge Funds Weigh In On Suncor Energy

Several institutional investors have recently bought and sold shares of the company. Swiss Life Asset Management Ltd boosted its holdings in Suncor Energy by 35.0% in the third quarter. Swiss Life Asset Management Ltd now owns 101,192 shares of the oil and gas producer’s stock valued at $4,240,000 after purchasing an additional 26,252 shares during the period. Intact Investment Management Inc. increased its holdings in Suncor Energy by 36.3% during the 4th quarter. Intact Investment Management Inc. now owns 1,695,160 shares of the oil and gas producer’s stock worth $75,236,000 after purchasing an additional 451,110 shares during the period. Cantor Fitzgerald L. P. acquired a new stake in Suncor Energy in the 3rd quarter valued at about $1,067,000. Harvest Portfolios Group Inc. boosted its stake in shares of Suncor Energy by 9.1% in the 4th quarter. Harvest Portfolios Group Inc. now owns 360,668 shares of the oil and gas producer’s stock valued at $16,008,000 after buying an additional 30,210 shares during the period. Finally, Vanguard Group Inc. boosted its stake in shares of Suncor Energy by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 55,720,921 shares of the oil and gas producer’s stock valued at $2,473,173,000 after buying an additional 1,166,405 shares during the period. 67.37% of the stock is owned by institutional investors and hedge funds.

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.