Suncor Energy (NYSE:SU) Reaches New 52-Week High - Here's Why

Key Points

• Suncor Energy's shares reached a new 52-week high of $42.89, with a market capitalization of $52.14 billion and a price-to-earnings ratio of 13.22.
• The company reported quarterly earnings of $0.51 per share, slightly above analysts' expectations, while revenue was lower than projected at $8.81 billion.
• Suncor Energy has announced a dividend increase to $0.4135 per share, representing an annualized dividend yield of 3.8% and a payout ratio of 50.77%.

Suncor Energy Inc. (NYSE:SU - Get Free Report) TSE: SU shares hit a new 52-week high on Tuesday . The company traded as high as $42.84 and last traded at $42.89, with a volume of 190254 shares. The stock had previously closed at $42.21.

Suncor Energy Trading Down 2.7%

The stock has a market capitalization of $50.27 billion, a P/E ratio of 12.79, a price-to-earnings-growth ratio of 3.68 and a beta of 0.87. The company has a current ratio of 1.26, a quick ratio of 0.77 and a debt-to-equity ratio of 0.19. The stock's fifty day moving average price is $40.06 and its two-hundred day moving average price is $37.74.

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 for the quarter, topping analysts' consensus estimates of $0.50 by $0.01. The firm had revenue of $8.81 billion during the quarter, compared to analyst estimates of $11.56 billion. Suncor Energy had a net margin of 11.35% and a return on equity of 13.21%. During the same period in the previous year, the business posted $1.27 EPS. Equities research analysts forecast that Suncor Energy Inc. will post 3.42 EPS for the current year.

Suncor Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Thursday, September 4th will be issued a $0.4135 dividend. This represents a $1.65 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date is Thursday, September 4th. This is a positive change from Suncor Energy's previous quarterly dividend of $0.41. Suncor Energy's dividend payout ratio (DPR) is presently 50.77%.

Hedge Funds Weigh In On Suncor Energy

Hedge funds have recently modified their holdings of the company. Focus Partners Wealth increased its position in shares of Suncor Energy by 1.3% in the first 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 shares of Suncor Energy by 65.0% in the first 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. Inscription Capital LLC purchased a new position in shares of Suncor Energy in the first quarter valued at about $247,000. Bank of New York Mellon Corp increased its position in shares of Suncor Energy by 13.3% in the first 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. Finally, Mackenzie Financial Corp increased its position in shares of Suncor Energy by 18.6% in the first quarter. Mackenzie Financial Corp now owns 15,377,546 shares of the oil and gas producer's stock valued at $595,398,000 after acquiring an additional 2,410,857 shares during the period. Hedge funds and other institutional investors own 67.37% of the company's stock.

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.