Suncor Energy (SU) Hits New 1-Year High on Analyst Upgrade

Shares of Suncor Energy Inc. (TSE:SU) (NYSE:SU) reached a new 52-week high on Tuesday after Macquarie raised their price target on the stock from C$48.00 to C$50.00. The stock traded as high as C$54.48 and last traded at C$53.24, with a volume of 1855985 shares changing hands. The stock had previously closed at C$53.50.

Several other analysts also recently issued reports on SU. AltaCorp Capital upgraded Suncor Energy from a “sector perform” rating to an “outperform” rating in a research report on Thursday, March 22nd. Wells Fargo & Co upped their price objective on Suncor Energy from C$60.00 to C$63.00 in a research report on Thursday, April 12th. CSFB upped their price objective on Suncor Energy from C$51.00 to C$56.00 in a research report on Friday, April 13th. Raymond James upped their price objective on Suncor Energy from C$53.00 to C$60.00 in a research report on Tuesday, April 24th. Finally, TD Securities upped their price objective on Suncor Energy from C$52.00 to C$54.00 and gave the company a “buy” rating in a research report on Wednesday, May 2nd. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of C$55.69.

In related news, insider Eric Charles Axford sold 95,000 shares of the stock in a transaction dated Friday, June 22nd. The stock was sold at an average price of C$53.77, for a total transaction of C$5,108,150.00. Also, insider Paul Douglas Gardner sold 40,000 shares of the stock in a transaction dated Monday, May 7th. The stock was sold at an average price of C$50.00, for a total value of C$2,000,000.00. Insiders have sold 315,000 shares of company stock worth $16,591,550 over the last quarter.

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

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 25th. Stockholders of record on Monday, June 4th were issued a $0.36 dividend. The ex-dividend date was Friday, June 1st. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.72%.

About Suncor Energy

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.

Receive News & Ratings for Suncor Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Suncor Energy and related companies with MarketBeat.com's FREE daily email newsletter.


Leave a Reply