Suncor Energy (TSE:SU) Reaches New 12-Month High After 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.

Suncor Energy Inc. (TSE:SU - Get Free Report) NYSE: SU shares reached a new 52-week high during mid-day trading on Wednesday following insider buying activity. The stock traded as high as C$58.58 and last traded at C$58.55, with a volume of 10488925 shares changing hands. The stock had previously closed at C$56.78.

Specifically, Director Russell Girling purchased 10,000 shares of the stock in a transaction on Thursday, August 14th. The shares were purchased at an average cost of C$53.48 per share, with a total value of C$534,790.00. Following the acquisition, the director directly owned 45,000 shares in the company, valued at C$2,406,555. The trade was a 28.57% increase in their ownership of the stock.

Analysts Set New Price Targets

SU has been the topic of several research analyst reports. Gerdes Energy Research lowered their price target on shares of Suncor Energy from C$79.00 to C$77.00 in a report on Thursday. Wells Fargo & Company increased their price target on shares of Suncor Energy from C$59.00 to C$60.00 and gave the company an "overweight" rating in a report on Thursday, June 26th. TD Securities increased their price target on shares of Suncor Energy from C$62.00 to C$63.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. ATB Capital increased their price target on shares of Suncor Energy from C$60.00 to C$62.00 and gave the company a "sector perform" rating in a report on Thursday, August 7th. Finally, Jefferies Financial Group increased their price target on shares of Suncor Energy from C$53.00 to C$57.00 in a report on Monday, August 18th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Suncor Energy presently has an average rating of "Moderate Buy" and a consensus target price of C$63.67.

Suncor Energy Trading Up 0.7%

The firm has a market cap of C$70.53 billion, a P/E ratio of 12.80, a price-to-earnings-growth 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. The firm's 50-day simple moving average is C$54.70 and its 200 day simple moving average is C$52.18.

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 EPS for the quarter. Suncor Energy had a net margin of 15.15% and a return on equity of 18.10%. As a group, analysts expect that Suncor Energy Inc. will post 4.4208333 earnings per share for the current year.

Suncor Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Thursday, September 25th will be given a $0.57 dividend. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $2.28 annualized dividend and a yield of 3.9%. Suncor Energy's 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.