Suncor Energy (NYSE:SU) Hits New 1-Year High – Time to Buy?

Shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) reached a new 52-week high during mid-day trading on Wednesday. The company traded as high as $75.55 and last traded at $75.1790, with a volume of 3,692,044 shares trading hands. The stock had previously closed at $73.51.

Wall Street Analysts Forecast Growth

SU has been the topic of a number of analyst reports. Wall Street Zen lowered shares of Suncor Energy from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 1st. Scotiabank raised shares of Suncor Energy to a “strong-buy” rating in a research report on Friday, June 26th. Morgan Stanley set a $106.00 target price on Suncor Energy in a research report on Wednesday, August 19th. Desjardins upgraded shares of Suncor Energy to a “moderate buy” rating in a report on Thursday, July 16th. Finally, Weiss Ratings upgraded Suncor Energy from a “buy (b)” rating to a “buy (a-)” rating in a research note on Thursday, October 8th. Three analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $79.62.

Suncor Energy Price Performance

The stock has a market cap of $87.93 billion, a PE ratio of 13.13, a P/E/G ratio of 0.48 and a beta of 0.36. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.65 and a quick ratio of 1.08. The business has a fifty day moving average of $67.68 and a 200 day moving average of $64.55.

Suncor Energy (NYSE:SU) (TSE:SU) last released its quarterly earnings results on Tuesday, August 4th. The oil and gas producer reported $2.33 earnings per share for the quarter, topping analysts’ consensus estimates of $2.14 by $0.19. The business had revenue of $13.41 billion during the quarter, compared to the consensus estimate of $11.68 billion. Suncor Energy had a net margin of 15.62% and a return on equity of 20.05%. During the same quarter last year, the company earned $0.71 earnings per share. Sell-side analysts anticipate that Suncor Energy Inc. will post 8.12 earnings per share for the current year.

Suncor Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 4th were given a C$0.60 dividend. The ex-dividend date was Friday, September 4th. This represents a $2.40 annualized dividend and a dividend yield of 3.2%. Suncor Energy’s dividend payout ratio (DPR) is presently 31.86%.

Institutional Investors Weigh In On Suncor Energy

A number of institutional investors have recently modified their holdings of the business. Connor Clark & Lunn Investment Management Ltd. bought a new position in Suncor Energy during the 2nd quarter worth $816,551,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Suncor Energy in the 2nd quarter worth approximately $790,952,000. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Suncor Energy by 121.4% in the first quarter. Arrowstreet Capital Limited Partnership now owns 26,085,360 shares of the oil and gas producer’s stock valued at $1,724,954,000 after acquiring an additional 14,304,131 shares in the last quarter. Canada Pension Plan Investment Board acquired a new position in shares of Suncor Energy during the second quarter valued at approximately $466,810,000. Finally, Bank of America Corp DE bought a new stake in shares of Suncor Energy in the 2nd quarter worth $351,892,000. Institutional investors own 67.37% of the company’s stock.

About Suncor Energy

Suncor Energy Inc is an integrated energy company headquartered in Calgary, Alberta. Its operations span the development and production of crude oil from Canada’s oil sands, offshore petroleum production, refining, and the marketing and distribution of petroleum products.

The company produces synthetic crude oil, bitumen and conventional crude oil, which are processed through its refining operations into fuels and other refined products. Suncor markets fuel and convenience products through the Petro-Canada retail network and supplies commercial, wholesale and industrial customers.