Suncor Energy (TSE:SU) Shares Pass Above 200 Day Moving Average - Here's What Happened

Key Points

• Suncor Energy's stock crossed above its two hundred day moving average, trading as high as C$56.00, with a latest price of C$55.50.
• Several analysts have raised their target prices for Suncor Energy, with a consensus target price now at C$63.00 and ratings ranging from "Strong Buy" to "Hold."
• Suncor Energy announced a quarterly dividend of $0.57, representing an annualized yield of 4.1% and a payout ratio of 34.42%.

Suncor Energy Inc. (TSE:SU - Get Free Report) NYSE: SU passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of C$52.14 and traded as high as C$56.00. Suncor Energy shares last traded at C$55.50, with a volume of 9,812,957 shares trading hands.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on SU. Wells Fargo & Company boosted their price target on shares of Suncor Energy from C$59.00 to C$60.00 and gave the stock an "overweight" rating in a research note on Thursday, June 26th. Scotiabank upped 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 Wednesday, August 6th. TD Securities upped their price objective on shares of 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 increased their price target on shares of Suncor Energy from C$60.00 to C$62.00 and gave the stock a "sector perform" rating in a research note on Thursday, August 7th. Finally, Desjardins increased their price objective on shares of Suncor Energy from C$64.00 to C$65.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of C$63.00.

Suncor Energy Price Performance

The company's 50 day moving average price is C$53.73 and its 200-day moving average price is C$52.17. The company has a market cap of C$69.69 billion, a price-to-earnings ratio of 12.50, a PEG ratio of 0.15 and a beta of 0.84. The company has a debt-to-equity ratio of 33.35, a quick ratio of 0.83 and a current ratio of 1.59.

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%. On average, equities research analysts forecast that Suncor Energy Inc. will post 4.4208333 earnings per share for the current fiscal year.

Suncor Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders 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 dividend on an annualized basis and a dividend yield of 4.0%. Suncor Energy's dividend payout ratio is currently 49.67%.

Insider Activity

In other news, Senior Officer Jacqueline Sue Moore sold 25,585 shares of the firm's stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of C$55.99, for a total value of C$1,432,478.57. Also, Director Russell Girling purchased 10,000 shares of the business's stock in a transaction that occurred on Friday, June 6th. The stock was purchased at an average price of C$50.41 per share, for a total transaction of C$504,100.00. 0.01% of the stock is currently owned by corporate insiders.

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.