Suncor Energy (NYSE:SU) Hits New 12-Month High - What's Next?

Key Points

• Suncor Energy shares hit a new 52-week high, reaching $72.06 and closing trading near $71.85, up 4.6% from the prior close.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $80.25, although Goldman Sachs downgraded the stock to “neutral.”
• Suncor exceeded quarterly expectations, reporting $2.33 in earnings per share and $13.41 billion in revenue, while declaring a quarterly dividend of $0.60, equivalent to a 3.3% annual yield.

Suncor Energy Inc. (NYSE:SU - Get Free Report) TSE: SU hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $72.06 and last traded at $71.8510, with a volume of 4237478 shares changing hands. The stock had previously closed at $68.72.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on SU. Weiss Ratings upgraded shares of Suncor Energy from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, July 29th. The Goldman Sachs Group downgraded Suncor Energy from a "buy" rating to a "neutral" rating and set a $72.00 target price on the stock. in a research report on Friday, June 5th. Morgan Stanley set a $106.00 price target on Suncor Energy in a research report on Wednesday, August 19th. Wall Street Zen downgraded Suncor Energy from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 1st. Finally, Scotiabank raised Suncor Energy to a "strong-buy" rating in a research report on Friday, June 26th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $80.25.

Suncor Energy Stock Up 4.6%

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 company's 50-day moving average price is $65.22 and its 200 day moving average price is $63.19. The stock has a market capitalization of $84.04 billion, a P/E ratio of 13.23, a P/E/G ratio of 0.50 and a beta of 0.30.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last issued its earnings results on Tuesday, August 4th. The oil and gas producer reported $2.33 earnings per share for the quarter, topping 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 during the quarter, compared to the consensus estimate of $11.68 billion. During the same quarter in the prior year, the firm posted $0.71 EPS. As a group, equities analysts expect that Suncor Energy Inc. will post 7.39 earnings per share for the current year.

Suncor Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be paid a $0.60 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.3%. Suncor Energy's dividend payout ratio is 31.86%.

Institutional Trading of Suncor Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sequoia Financial Advisors LLC lifted its holdings in Suncor Energy by 2.0% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 49,966 shares of the oil and gas producer's stock worth $2,682,000 after purchasing an additional 1,000 shares in the last quarter. Engineers Gate Manager LP grew its holdings in Suncor Energy by 349.9% during the 2nd quarter. Engineers Gate Manager LP now owns 876,008 shares of the oil and gas producer's stock valued at $47,024,000 after buying an additional 681,283 shares in the last quarter. Cidel Asset Management Inc. raised its position in shares of Suncor Energy by 170.6% during the second quarter. Cidel Asset Management Inc. now owns 376,897 shares of the oil and gas producer's stock valued at $20,269,000 after buying an additional 237,609 shares during the last quarter. Integrated Wealth Concepts LLC raised its position in shares of Suncor Energy by 4.2% during the second quarter. Integrated Wealth Concepts LLC now owns 16,523 shares of the oil and gas producer's stock valued at $887,000 after buying an additional 666 shares during the last quarter. Finally, IFP Advisors Inc raised its position in shares of Suncor Energy by 114.2% during the second quarter. IFP Advisors Inc now owns 6,553 shares of the oil and gas producer's stock valued at $352,000 after buying an additional 3,494 shares during the last quarter. Institutional investors own 67.37% of the company's stock.

About Suncor Energy

Suncor Energy Inc is an integrated energy company headquartered in Calgary, Alberta, Canada. Its operations include the development, production and upgrading of oil sands resources, conventional oil and natural gas production, and the refining and marketing of petroleum products.

Suncor produces crude oil, synthetic crude oil, refined fuels, lubricants and petrochemical feedstocks. Through its Petro-Canada brand, the company operates retail fuel stations and convenience stores across Canada, while its refining and marketing activities serve customers in Canada and the United States.

Founded in 1919, Suncor has evolved from an oil sands producer into one of Canada's largest integrated energy companies.

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