Suncor Energy Inc. (NYSE:SU) Increases Dividend to $0.41 Per Share

Suncor Energy Inc. (NYSE:SU) (TSE:SU) declared a quarterly dividend on Wednesday, November 13th,Wall Street Journal reports. Stockholders of record on Tuesday, December 3rd will be given a dividend of 0.4089 per share by the oil and gas producer on Tuesday, December 24th. This represents a $1.64 annualized dividend and a dividend yield of 4.13%. The ex-dividend date of this dividend is Tuesday, December 3rd. This is an increase from Suncor Energy’s previous quarterly dividend of $0.40.

Suncor Energy has increased its dividend by an average of 24.3% annually over the last three years. Suncor Energy has a dividend payout ratio of 50.0% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Suncor Energy to earn $2.90 per share next year, which means the company should continue to be able to cover its $1.62 annual dividend with an expected future payout ratio of 55.9%.

Suncor Energy Trading Up 3.9 %

Shares of NYSE:SU traded up $1.49 during midday trading on Wednesday, reaching $39.60. 8,516,423 shares of the company’s stock were exchanged, compared to its average volume of 4,247,294. The firm’s 50 day simple moving average is $38.27 and its two-hundred day simple moving average is $38.74. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.46 and a quick ratio of 0.93. The stock has a market cap of $49.97 billion, a price-to-earnings ratio of 8.50, a P/E/G ratio of 2.70 and a beta of 1.12. Suncor Energy has a fifty-two week low of $29.45 and a fifty-two week high of $41.94.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SU. TD Securities raised Suncor Energy from a “hold” rating to a “buy” rating in a research report on Wednesday, August 7th. BMO Capital Markets raised Suncor Energy from a “market perform” rating to an “outperform” rating in a research report on Wednesday, August 7th. StockNews.com raised Suncor Energy from a “hold” rating to a “buy” rating in a research report on Thursday, November 7th. Finally, Wolfe Research started coverage on Suncor Energy in a research note on Thursday, July 18th. They issued an “outperform” rating and a $68.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Suncor Energy has a consensus rating of “Moderate Buy” and a consensus target price of $56.40.

Suncor Energy Company Profile

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.