Suncor Energy (NYSE:SU) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded Suncor Energy from “buy” to “strong-buy,” adding to a broadly positive analyst outlook. The stock has a consensus “Buy” rating and a $79.62 target price.
• Suncor reported quarterly EPS of $2.33, beating estimates of $2.14, while revenue reached $13.41 billion versus the $11.68 billion consensus estimate.
• Institutional investors own 67.37% of Suncor’s shares, with several major funds recently establishing or expanding positions, including Arrowstreet Capital, which increased its stake by 121.4%.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU was upgraded by research analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a report released on Saturday, Wall Street Zen reports.

A number of other research analysts have also issued reports on SU. Desjardins upgraded Suncor Energy to a "moderate buy" rating in a research report on Thursday, July 16th. Weiss Ratings raised shares of Suncor Energy from a "buy (b)" rating to a "buy (a-)" rating in a research note on Thursday, October 8th. Zacks Research raised shares of Suncor Energy from a "hold" rating to a "strong-buy" rating in a report on Monday, October 5th. Scotiabank upgraded shares of Suncor Energy to a "strong-buy" rating in a research report on Friday, June 26th. Finally, Morgan Stanley set a $106.00 price objective on shares of Suncor Energy in a report on Wednesday, August 19th. Three investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $79.62.

Suncor Energy Stock Performance

Shares of SU opened at $77.80 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.08 and a current ratio of 1.65. The stock has a 50-day moving average of $68.57 and a two-hundred day moving average of $64.78. The stock has a market cap of $90.99 billion, a P/E ratio of 13.51, a P/E/G ratio of 0.50 and a beta of 0.36. Suncor Energy has a one year low of $37.76 and a one year high of $79.65.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last posted its quarterly earnings results on Tuesday, August 4th. The oil and gas producer reported $2.33 EPS for the quarter, beating the consensus estimate of $2.14 by $0.19. Suncor Energy had a net margin of 15.62% and a return on equity of 20.05%. The company had revenue of $13.41 billion for the quarter, compared to analyst estimates of $11.68 billion. During the same period in the prior year, the company earned $0.71 earnings per share. As a group, research analysts predict that Suncor Energy will post 8.12 EPS for the current year.

Institutional Investors Weigh In On Suncor Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Suncor Energy during the second quarter worth $816,551,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Suncor Energy in the 2nd quarter worth $790,952,000. Arrowstreet Capital Limited Partnership increased its stake in shares of Suncor Energy by 121.4% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 26,085,360 shares of the oil and gas producer's stock worth $1,724,954,000 after acquiring an additional 14,304,131 shares during the last quarter. Canada Pension Plan Investment Board acquired a new stake in shares of Suncor Energy in the 2nd quarter worth $466,810,000. Finally, Bank of America Corp DE purchased a new position in shares of Suncor Energy during the 2nd quarter worth $351,892,000. Institutional investors and hedge funds own 67.37% of the company's stock.

Suncor Energy Company Profile

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.

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