Desjardins Upgrades Suncor Energy (NYSE:SU) to "Moderate Buy"

Key Points

• Desjardins upgraded Suncor Energy to a “moderate buy” rating, adding to a generally positive analyst outlook on the stock.
• Despite one recent downgrade from Goldman Sachs, the broader consensus remains constructive: two Strong Buys, six Buys, and two Holds, with an average target price of $71.67.
• Suncor’s latest quarter showed EPS of $1.41, slightly below estimates, while revenue of $10.41 billion beat expectations; the stock was also up 2.9% and traded around $62.45.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU was upgraded by research analysts at Desjardins to a "moderate buy" rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

A number of other analysts also recently issued reports on SU. Scotiabank upgraded Suncor Energy to a "strong-buy" rating in a research report on Friday, June 26th. Zacks Research raised shares of Suncor Energy from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 6th. The Goldman Sachs Group cut shares of Suncor Energy from a "buy" rating to a "neutral" rating and set a $72.00 price target for the company. in a research note on Friday, June 5th. Royal Bank Of Canada increased their target price on Suncor Energy from $75.00 to $89.00 and gave the company an "outperform" rating in a research note on Wednesday, April 1st. Finally, Weiss Ratings cut shares of Suncor Energy from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $71.67.

Suncor Energy Stock Up 2.9%

SU opened at $62.45 on Thursday. The firm has a market capitalization of $73.73 billion, a P/E ratio of 16.39 and a beta of 0.30. Suncor Energy has a one year low of $37.76 and a one year high of $70.29. The company has a fifty day moving average price of $61.11 and a 200-day moving average price of $58.68. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.42 and a quick ratio of 0.92.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last issued its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $1.41 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.45 by ($0.04). The business had revenue of $10.41 billion during the quarter, compared to analysts' expectations of $9.22 billion. Suncor Energy had a return on equity of 13.96% and a net margin of 12.29%.During the same quarter last year, the business posted $1.31 EPS. Equities research analysts expect that Suncor Energy will post 7.07 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Suncor Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Gradient Investments LLC lifted its position in Suncor Energy by 2.9% during the second quarter. Gradient Investments LLC now owns 119,099 shares of the oil and gas producer's stock valued at $6,393,000 after buying an additional 3,333 shares during the period. Balefire LLC purchased a new stake in shares of Suncor Energy in the 2nd quarter worth about $638,000. Baron Wealth Management LLC grew its position in shares of Suncor Energy by 3.0% in the 2nd quarter. Baron Wealth Management LLC now owns 11,981 shares of the oil and gas producer's stock worth $643,000 after buying an additional 345 shares during the period. Grove Bank & Trust bought a new position in shares of Suncor Energy in the 2nd quarter worth about $439,000. Finally, Pacific Excel Wealth Advisors Inc. bought a new position in shares of Suncor Energy in the 2nd quarter worth about $308,000. 67.37% of the stock is owned by hedge funds and other institutional investors.

About Suncor Energy

Suncor Energy Inc is a Canadian integrated energy company headquartered in Calgary, Alberta. The company's operations span the full oil and gas value chain, with principal activities in oil sands development and production, conventional exploration and production, refining, distribution and retail marketing of petroleum products. Suncor supplies crude, synthetic crude and refined fuels as well as related products and services to commercial and consumer markets.

Upstream, Suncor is a major developer and operator of oil sands projects in Alberta, using both mining and in situ technologies to produce bitumen and synthetic crude.

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