Suncor Energy (TSE:SU) Sets New 12-Month High on Insider Buying Activity

Key Points

• Suncor Energy shares reached a new 12-month high of C$58.58 following a significant insider purchase by Director Russell Girling, who acquired 10,000 shares at an average price of C$53.48.
• Various analysts have recently updated their price targets for Suncor Energy, with estimates now ranging from C$57.00 to C$65.00, reflecting a consensus rating of "Moderate Buy."
• The company announced a quarterly dividend of $0.57, with an expected annualized yield of 3.9%, payable to shareholders on September 25th.

Shares of Suncor Energy Inc. (TSE:SU - Get Free Report) NYSE: SU hit a new 52-week high during trading on Wednesday after an insider bought additional shares in the company. The stock traded as high as C$58.58 and last traded at C$58.55, with a volume of 10488925 shares traded. The stock had previously closed at C$56.78.

Specifically, Director Russell Girling purchased 10,000 shares of the business's stock in a transaction on Thursday, August 14th. The stock was acquired at an average price of C$53.48 per share, with a total value of C$534,790.00. Following the completion of the acquisition, the director owned 45,000 shares of the company's stock, valued at approximately C$2,406,555. This trade represents a 28.57% increase in their position.

Analysts Set New Price Targets

SU has been the topic of several recent analyst reports. Jefferies Financial Group upped their target price on Suncor Energy from C$53.00 to C$57.00 in a research report on Monday, August 18th. Desjardins boosted their price target on Suncor Energy from C$64.00 to C$65.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. TD Securities boosted their price target on Suncor Energy from C$62.00 to C$63.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. ATB Capital boosted their price target on Suncor Energy from C$60.00 to C$62.00 and gave the company a "sector perform" rating in a research note on Thursday, August 7th. Finally, Wells Fargo & Company boosted their price target on 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. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, Suncor Energy presently has a consensus rating of "Moderate Buy" and an average price target of C$63.00.

Suncor Energy Price Performance

The business's 50 day moving average is C$54.33 and its 200-day moving average is C$52.12. The firm has a market capitalization of C$71.04 billion, a P/E ratio of 12.90, a PEG ratio of 0.15 and a beta of 0.83. The company has a quick ratio of 0.83, a current ratio of 1.59 and a debt-to-equity ratio of 33.35.

Suncor Energy (TSE:SU - Get Free Report) NYSE: SU last announced its quarterly earnings data on Tuesday, August 5th. The company reported C$0.71 earnings per share for the quarter. Suncor Energy had a net margin of 15.15% and a return on equity of 18.10%. As a group, sell-side analysts predict that Suncor Energy Inc. will post 4.4208333 EPS for the current fiscal year.

Suncor Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Thursday, September 25th will be paid a $0.57 dividend. The ex-dividend date is Thursday, September 4th. This represents a $2.28 annualized dividend and a yield of 3.9%. Suncor Energy's dividend payout ratio is currently 49.67%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.