Raymond James Financial Boosts Suncor Energy (TSE:SU) Price Target to C$118.00

Key Points

• Raymond James raised Suncor Energy’s price target to C$118 from C$109 and maintained an “outperform” rating, implying 20.63% potential upside from the reported C$97.82 share price.
• Analyst sentiment remains broadly positive: Suncor has an overall “Moderate Buy” consensus rating and an average price target of C$98.25, with one Strong Buy, eight Buy, and four Hold ratings.
• Suncor reported C$3.23 in quarterly EPS and C$17.50 billion in revenue, while insiders sold 79,792 shares worth approximately C$7.3 million over the past 90 days.

Suncor Energy (TSE:SU - Get Free Report) NYSE: SU had its price objective boosted by research analysts at Raymond James Financial from C$109.00 to C$118.00 in a research report issued on Wednesday, BayStreet reports. The firm currently has an "outperform" rating on the stock. Raymond James Financial's target price indicates a potential upside of 20.63% from the company's current price.

SU has been the subject of a number of other reports. Scotiabank raised Suncor Energy to a "strong-buy" rating in a report on Friday, June 26th. JPMorgan Chase & Co. lifted their price objective on Suncor Energy from C$107.00 to C$114.00 in a research report on Thursday, August 13th. BMO Capital Markets boosted their target price on shares of Suncor Energy from C$100.00 to C$105.00 in a research note on Wednesday, August 5th. Gerdes Energy Research cut shares of Suncor Energy from a "buy" rating to a "neutral" rating and raised their price target for the stock from C$96.00 to C$97.00 in a research note on Wednesday, July 22nd. Finally, Desjardins set a C$107.00 price target on shares of Suncor Energy and gave the stock a "buy" rating in a research note on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of C$98.25.

Suncor Energy Price Performance

Shares of TSE SU traded down C$2.17 on Wednesday, hitting C$97.82. The company's stock had a trading volume of 1,912,267 shares, compared to its average volume of 6,333,522. The stock has a 50 day moving average of C$91.06 and a 200-day moving average of C$87.66. The company has a market capitalization of C$114.41 billion, a price-to-earnings ratio of 13.06, a price-to-earnings-growth ratio of 0.15 and a beta of 0.19. Suncor Energy has a 12-month low of C$53.02 and a 12-month high of C$100.24. The company has a debt-to-equity ratio of 30.48, a current ratio of 1.65 and a quick ratio of 0.83.

Suncor Energy (TSE:SU - Get Free Report) NYSE: SU last issued its quarterly earnings data on Tuesday, August 4th. The company reported C$3.23 earnings per share (EPS) for the quarter. Suncor Energy had a return on equity of 19.38% and a net margin of 15.32%.The firm had revenue of C$17.50 billion during the quarter. As a group, research analysts predict that Suncor Energy will post 4.4208333 EPS for the current year.

Insider Buying and Selling at Suncor Energy

In other news, insider Shelley Powell sold 41,911 shares of the stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of C$87.60, for a total transaction of C$3,671,403.60. Following the transaction, the insider directly owned 27,705 shares in the company, valued at C$2,426,958. This represents a 60.20% decrease in their position. Also, insider Richard Michael Kruger sold 15,378 shares of the firm's stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of C$94.84, for a total transaction of C$1,458,449.52. Over the last 90 days, insiders sold 79,792 shares of company stock worth $7,294,928. 0.01% of the stock is currently owned by insiders.

About Suncor Energy

Suncor Energy Inc is an integrated energy company. The company's operations include oil sands development, production and upgrading, offshore oil and gas, petroleum refining in Canada and the U.S. and the company's PetroCanada retail and wholesale distribution networks. The company is developing petroleum resources while advancing the transition to a low-emissions future through investment in power, renewable fuels and hydrogen. It also conducts energy trading activities focused principally on the marketing and trading of crude oil, natural gas, byproducts, refined products and power.

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