Suncor Energy (TSE:SU) Shares Pass Above 200-Day Moving Average - Here's Why

Key Points

• Suncor shares rose above their 200-day moving average, reaching C$96.48 and last trading at C$95.76, compared with a 200-day average of C$88.42.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of C$98.25. Recent targets range from C$97 to C$118, although some firms downgraded the stock to “hold” or “neutral.”
• Suncor reported C$3.23 in quarterly EPS on C$17.50 billion in revenue and declared a quarterly dividend of C$0.60, equivalent to a 2.5% annualized yield.

Suncor Energy Inc. (TSE:SU - Get Free Report) NYSE: SU's stock price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$88.42 and traded as high as C$96.48. Suncor Energy shares last traded at C$95.76, with a volume of 6,402,533 shares traded.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Gerdes Energy Research downgraded shares of Suncor Energy from a "buy" rating to a "neutral" rating and lifted their price target for the stock from C$96.00 to C$97.00 in a research note on Wednesday, July 22nd. TD increased their price objective on Suncor Energy from C$113.00 to C$116.00 and gave the company a "buy" rating in a research note on Wednesday, July 22nd. BMO Capital Markets raised their target price on Suncor Energy from C$100.00 to C$105.00 in a research note on Wednesday, August 5th. The Goldman Sachs Group lowered Suncor Energy from a "buy" rating to a "hold" rating in a research report on Friday, June 5th. Finally, Raymond James Financial increased their price objective on Suncor Energy from C$109.00 to C$118.00 and gave the stock an "outperform" rating in a report on Wednesday, September 16th. One research 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's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of C$98.25.

Suncor Energy Price Performance

The company has a quick ratio of 0.83, a current ratio of 1.65 and a debt-to-equity ratio of 30.48. The firm has a market capitalization of C$112.00 billion, a PE ratio of 12.79, a PEG ratio of 0.15 and a beta of 0.19. The firm's fifty day simple moving average is C$92.39 and its 200-day simple moving average is C$88.42.

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 for the quarter. Suncor Energy had a net margin of 15.32% and a return on equity of 19.38%. The company had revenue of C$17.50 billion for the quarter. On average, research analysts forecast that Suncor Energy Inc. will post 4.4208333 earnings per share for the current fiscal year.

Suncor Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 25th 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 2.5%. Suncor Energy's dividend payout ratio is 31.64%.

Insider Buying and Selling at Suncor Energy

In related news, insider Adam Husain Albeldawi sold 1,173 shares of the firm's stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of C$95.01, for a total transaction of C$111,446.73. Also, insider Peter Douglas Zebedee sold 5,000 shares of Suncor Energy stock in a transaction dated Monday, September 14th. The stock was sold at an average price of C$98.00, for a total value of C$490,000.00. Over the last quarter, insiders sold 79,792 shares of company stock valued at $7,294,928. 0.01% of the stock is currently owned by corporate 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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