Short Interest in Suncor Energy Inc. (NYSE:SU) Increases By 12.8%

Key Points

• Short interest rose 12.8% to 8,236,193 shares as of April 15, representing about 0.7% of the stock and a days-to-cover ratio of 1.9 based on average daily volume.
• Analysts have been raising targets and ratings recently (Goldman, RBC and others), leaving Suncor with an average consensus rating of Buy and a consensus price target of $72.00.
• Suncor has a market cap of $81.17 billion and a PE of 19.75, and it pays a quarterly dividend of $0.60 (annualized $2.40) for a 3.5% yield

Suncor Energy Inc. (NYSE:SU - Get Free Report) TSE: SU was the target of a large growth in short interest in the month of April. As of April 15th, there was short interest totaling 8,236,193 shares, a growth of 12.8% from the March 31st total of 7,301,394 shares. Currently, 0.7% of the company's stock are short sold. Based on an average daily trading volume, of 4,377,857 shares, the days-to-cover ratio is presently 1.9 days.

Suncor Energy Price Performance

Shares of NYSE SU opened at $68.54 on Friday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.89 and a current ratio of 1.39. Suncor Energy has a fifty-two week low of $33.50 and a fifty-two week high of $68.62. The firm has a market capitalization of $81.17 billion, a PE ratio of 19.75 and a beta of 0.32. The stock's 50-day simple moving average is $62.02 and its 200-day simple moving average is $51.43.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last issued its earnings results on Tuesday, February 3rd. The oil and gas producer reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.02. Suncor Energy had a return on equity of 12.51% and a net margin of 11.99%.The business had revenue of $8.77 billion for the quarter, compared to analyst estimates of $8.79 billion. During the same quarter last year, the company earned $1.25 EPS. As a group, equities research analysts forecast that Suncor Energy will post 5.72 EPS for the current fiscal year.

Suncor Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 25th. Stockholders of record on Wednesday, March 4th were given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend was Wednesday, March 4th. Suncor Energy's dividend payout ratio (DPR) is 50.72%.

Analysts Set New Price Targets

SU has been the subject of several recent research reports. The Goldman Sachs Group lifted their price objective on Suncor Energy from $66.00 to $73.00 and gave the company a "buy" rating in a research note on Wednesday, April 1st. JPMorgan Chase & Co. upgraded Suncor Energy from a "neutral" rating to an "overweight" rating and lifted their price objective for the company from $46.15 to $54.00 in a research note on Tuesday, January 20th. Royal Bank Of Canada lifted their price objective on Suncor Energy from $75.00 to $89.00 and gave the company an "outperform" rating in a research note on Wednesday, April 1st. ATB Cormark Capital Markets upgraded Suncor Energy from a "hold" rating to a "moderate buy" rating in a research note on Wednesday, April 1st. Finally, Zacks Research upgraded Suncor Energy from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 2nd. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $72.00.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SU. Formidable Asset Management LLC increased its holdings in shares of Suncor Energy by 1.1% in the first quarter. Formidable Asset Management LLC now owns 16,004 shares of the oil and gas producer's stock valued at $1,058,000 after purchasing an additional 171 shares during the period. Mitchell & Pahl Private Wealth LLC increased its holdings in shares of Suncor Energy by 0.8% in the first quarter. Mitchell & Pahl Private Wealth LLC now owns 24,278 shares of the oil and gas producer's stock valued at $1,605,000 after purchasing an additional 190 shares during the period. IFP Advisors Inc increased its holdings in shares of Suncor Energy by 22.6% in the fourth quarter. IFP Advisors Inc now owns 1,047 shares of the oil and gas producer's stock valued at $46,000 after purchasing an additional 193 shares during the period. DGS Capital Management LLC increased its holdings in shares of Suncor Energy by 3.2% in the fourth quarter. DGS Capital Management LLC now owns 6,149 shares of the oil and gas producer's stock valued at $273,000 after purchasing an additional 193 shares during the period. Finally, Bryn Mawr Trust Advisors LLC boosted its stake in shares of Suncor Energy by 3.5% in the fourth quarter. Bryn Mawr Trust Advisors LLC now owns 5,742 shares of the oil and gas producer's stock valued at $255,000 after buying an additional 196 shares in the last quarter. Institutional investors and hedge funds own 67.37% of the company's stock.

Suncor Energy Company Profile

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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