Scotiabank Boosts Suncor Energy (TSE:SU) Price Target to C$62.00

Key Points

• Scotiabank has increased its price target for Suncor Energy from C$60.00 to C$62.00, indicating a potential upside of 15.39% from the stock's previous close.
• In addition to Scotiabank, multiple other analysts have raised their targets for Suncor Energy, with an overall consensus rating of "Moderate Buy" and an average target price of C$62.25.
• Despite the positive outlook from analysts, Suncor Energy's shares recently fell to C$53.73 amid trading volumes lower than average.

Suncor Energy (TSE:SU - Get Free Report) NYSE: SU had its price objective increased by investment analysts at Scotiabank from C$60.00 to C$62.00 in a report issued on Wednesday,BayStreet.CA reports. The brokerage presently has a "sector perform" rating on the stock. Scotiabank's price objective suggests a potential upside of 15.39% from the stock's previous close.

A number of other equities research analysts have also issued reports on SU. Jefferies Financial Group raised their price target on shares of Suncor Energy from C$48.00 to C$53.00 in a report on Monday, July 14th. TD Securities lifted their target price on shares of Suncor Energy from C$62.00 to C$63.00 and gave the company a "buy" rating in a research note on Wednesday. Wells Fargo & Company lifted their target price on shares of Suncor Energy from C$59.00 to C$60.00 and gave the company an "overweight" rating in a research note on Thursday, June 26th. JPMorgan Chase & Co. dropped their price objective on shares of Suncor Energy from C$63.00 to C$62.00 and set a "neutral" rating on the stock in a research note on Friday, April 11th. Finally, Raymond James Financial boosted their price objective on shares of Suncor Energy from C$54.00 to C$56.00 and gave the stock a "market perform" rating in a research note on Thursday, May 8th. Four investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Suncor Energy presently has a consensus rating of "Moderate Buy" and an average target price of C$62.25.

Suncor Energy Price Performance

Shares of Suncor Energy stock traded down C$0.32 on Wednesday, hitting C$53.73. 1,959,925 shares of the company traded hands, compared to its average volume of 7,936,349. The firm's 50-day simple moving average is C$52.88 and its 200 day simple moving average is C$52.31. The company has a current ratio of 1.59, a quick ratio of 0.83 and a debt-to-equity ratio of 33.35. The company has a market cap of C$67.39 billion, a P/E ratio of 8.48, a P/E/G ratio of 0.15 and a beta of 1.47. Suncor Energy has a 12-month low of C$43.59 and a 12-month high of C$58.58.

Suncor Energy (TSE:SU - Get Free Report) NYSE: SU last released its earnings results on Tuesday, August 5th. The company reported C$0.71 EPS for the quarter. Suncor Energy had a net margin of 15.15% and a return on equity of 18.10%. Analysts expect that Suncor Energy will post 4.4208333 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Russell Girling bought 10,000 shares of the company's stock in a transaction that occurred on Friday, June 6th. The stock was purchased at an average price of C$50.41 per share, for a total transaction of C$504,100.00. Also, Senior Officer Jacqueline Sue Moore sold 25,585 shares of the company's stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of C$55.99, for a total transaction of C$1,432,478.57. 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.

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