Suncor Energy (NYSE:SU) Earns Equal Weight Rating from Analysts at Wells Fargo & Company

Key Points

• Wells Fargo & Company has initiated coverage on Suncor Energy with an "equal weight" rating as of the recent report.
• Analysts have mixed opinions on Suncor, with two rating it as Strong Buy, three as Buy, five as Hold, and one as Sell.
• Suncor Energy's shares opened at $38.57, experiencing a drop of 1.4%, with a 52-week range between $30.79 and $43.48.

Analysts at Wells Fargo & Company started coverage on shares of Suncor Energy (NYSE:SU - Get Free Report) TSE: SU in a research report issued on Friday,Briefing.com Automated Import reports. The brokerage set an "equal weight" rating on the oil and gas producer's stock.

A number of other research firms also recently issued reports on SU. Weiss Ratings reissued a "hold (c+)" rating on shares of Suncor Energy in a report on Wednesday, October 8th. Royal Bank Of Canada reissued an "outperform" rating and issued a $65.00 price objective on shares of Suncor Energy in a report on Friday, October 3rd. Finally, Zacks Research downgraded shares of Suncor Energy from a "hold" rating to a "strong sell" rating in a report on Wednesday. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $65.00.

Suncor Energy Stock Down 1.4%

Shares of SU opened at $38.57 on Friday. Suncor Energy has a 52 week low of $30.79 and a 52 week high of $43.48. The firm has a market cap of $46.63 billion, a P/E ratio of 11.87, a price-to-earnings-growth ratio of 3.09 and a beta of 0.78. The firm's 50-day simple moving average is $40.71 and its 200 day simple moving average is $38.27. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.77 and a current ratio of 1.26.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last posted 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 firm had revenue of $8.81 billion during the quarter, compared to the consensus estimate of $11.56 billion. Suncor Energy had a net margin of 11.35% and a return on equity of 13.21%. During the same quarter in the previous year, the firm posted $1.27 EPS. On average, analysts forecast that Suncor Energy will post 3.42 earnings per share for the current year.

Hedge Funds Weigh In On Suncor Energy

Institutional investors have recently added to or reduced their stakes in the stock. Shell Asset Management Co. increased its position in Suncor Energy by 65.8% during the 2nd quarter. Shell Asset Management Co. now owns 103,082 shares of the oil and gas producer's stock worth $3,854,000 after purchasing an additional 40,892 shares in the last quarter. Focus Partners Wealth increased its position in Suncor Energy by 1.3% in the 1st quarter. Focus Partners Wealth now owns 796,967 shares of the oil and gas producer's stock valued at $30,859,000 after acquiring an additional 10,514 shares during the period. Principal Financial Group Inc. increased its position in Suncor Energy by 65.0% in the 1st quarter. Principal Financial Group Inc. now owns 16,018,129 shares of the oil and gas producer's stock valued at $620,136,000 after acquiring an additional 6,311,513 shares during the period. Canoe Financial LP acquired a new position in Suncor Energy in the 2nd quarter valued at approximately $9,653,000. Finally, Bank of New York Mellon Corp increased its position in Suncor Energy by 13.3% in the 1st quarter. Bank of New York Mellon Corp now owns 3,492,472 shares of the oil and gas producer's stock valued at $135,228,000 after acquiring an additional 409,032 shares during the period. 67.37% of the stock is currently owned by institutional investors and hedge funds.

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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