Royal Bank Of Canada Reiterates "Outperform" Rating for Suncor Energy (NYSE:SU)

Key Points

• Royal Bank of Canada has reaffirmed its "outperform" rating for Suncor Energy (NYSE:SU) with a target price of $65.00, indicating a potential upside of 56.72% from its recent closing price.
• Shares of Suncor Energy recently traded at $41.47, and the company reported a quarterly EPS of $0.51, slightly above analyst expectations of $0.50.
• Significant institutional investment activity has occurred, with firms like Vanguard increasing their stakes in Suncor Energy, contributing to 67.37% of the stock being owned by institutional investors.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU's stock had its "outperform" rating reaffirmed by analysts at Royal Bank Of Canada in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $65.00 target price on the oil and gas producer's stock. Royal Bank Of Canada's price target would suggest a potential upside of 56.72% from the company's previous close.

Suncor Energy Trading Up 0.9%

Shares of NYSE:SU traded up $0.36 during midday trading on Friday, reaching $41.47. The company's stock had a trading volume of 264,577 shares, compared to its average volume of 4,595,839. The firm has a market capitalization of $50.14 billion, a price-to-earnings ratio of 12.77, a PEG ratio of 3.35 and a beta of 0.78. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.77 and a current ratio of 1.26. The firm has a 50 day moving average price of $40.55 and a two-hundred day moving average price of $38.13. Suncor Energy has a fifty-two week low of $30.79 and a fifty-two week high of $43.48.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last announced its quarterly earnings data on Tuesday, August 5th. The oil and gas producer reported $0.51 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.50 by $0.01. The company had revenue of $8.81 billion for the quarter, compared to the consensus estimate of $11.56 billion. Suncor Energy had a return on equity of 13.21% and a net margin of 11.35%.During the same period in the previous year, the business earned $1.27 EPS. As a group, analysts forecast that Suncor Energy will post 3.42 earnings per share for the current year.

Institutional Trading of Suncor Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Suncor Energy by 3.1% in the 2nd quarter. Vanguard Group Inc. now owns 54,631,516 shares of the oil and gas producer's stock valued at $2,046,442,000 after buying an additional 1,632,247 shares in the last quarter. Artisan Partners Limited Partnership increased its holdings in Suncor Energy by 38.5% during the 2nd quarter. Artisan Partners Limited Partnership now owns 33,722,975 shares of the oil and gas producer's stock worth $1,264,043,000 after purchasing an additional 9,378,552 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in Suncor Energy by 3.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 20,911,602 shares of the oil and gas producer's stock worth $779,788,000 after purchasing an additional 641,354 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Suncor Energy by 65.0% during the 1st quarter. Principal Financial Group Inc. now owns 16,018,129 shares of the oil and gas producer's stock worth $620,136,000 after purchasing an additional 6,311,513 shares in the last quarter. Finally, Mackenzie Financial Corp increased its holdings in Suncor Energy by 18.6% during the 1st quarter. Mackenzie Financial Corp now owns 15,377,546 shares of the oil and gas producer's stock worth $595,398,000 after purchasing an additional 2,410,857 shares in the last quarter. 67.37% of the stock is owned by institutional investors.

About Suncor Energy

Suncor Energy Inc operates as an integrated energy company in Canada, the United States, and internationally. It operates through Oil Sands; Exploration and Production; and Refining and Marketing segments. The Oil Sands segment explores, develops, and produces bitumen, synthetic crude oil, and related products.

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