AltaCorp Capital Lowers Suncor Energy (SU) to Sector Perform

AltaCorp Capital downgraded shares of Suncor Energy (TSE:SU) (NYSE:SU) from an outperform rating to a sector perform rating in a report issued on Tuesday morning.

A number of other equities analysts have also issued reports on SU. Wells Fargo & Co raised their price target on Suncor Energy from C$60.00 to C$63.00 in a report on Thursday, April 12th. CSFB raised their price target on Suncor Energy from C$51.00 to C$56.00 in a report on Friday, April 13th. Raymond James raised their price target on Suncor Energy from C$53.00 to C$60.00 in a report on Tuesday, April 24th. TD Securities raised their price target on Suncor Energy from C$52.00 to C$54.00 and gave the stock a buy rating in a report on Wednesday, May 2nd. Finally, Barclays lifted their price objective on Suncor Energy from C$54.00 to C$60.00 in a report on Thursday, May 3rd. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Suncor Energy presently has an average rating of Buy and an average target price of C$56.07.

TSE SU opened at C$52.14 on Tuesday. Suncor Energy has a 52-week low of C$36.09 and a 52-week high of C$54.14.

Suncor Energy (TSE:SU) (NYSE:SU) last released its quarterly earnings results on Tuesday, May 1st. The company reported C$0.60 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of C$0.57 by C$0.03. Suncor Energy had a return on equity of 12.21% and a net margin of 15.36%. The firm had revenue of C$8.75 billion for the quarter, compared to analyst estimates of C$9.08 billion.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 25th. Shareholders of record on Monday, June 4th will be issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 2.76%. The ex-dividend date is Friday, June 1st.

In other news, insider Michael Roderick Macsween sold 40,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 16th. The stock was sold at an average price of C$52.44, for a total transaction of C$2,097,600.00. Also, insider Janice Odegaard sold 7,500 shares of the business’s stock in a transaction that occurred on Friday, May 4th. The stock was sold at an average price of C$49.05, for a total value of C$367,875.00. Insiders sold a total of 95,000 shares of company stock worth $4,858,400 in the last ninety days.

Suncor Energy Company Profile

Suncor Energy Inc operates as an integrated energy company. The company primarily focuses on developing petroleum resource basins in Canada's Athabasca oil sands; explores, acquires, develops, produces, and markets crude oil and natural gas in Canada and internationally; transports and refines crude oil; markets petroleum and petrochemical products primarily in Canada.

Analyst Recommendations for Suncor Energy (TSE:SU)

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