Suncor Energy (NYSE:SU) Price Target Raised to $57.00

Suncor Energy (NYSE:SU) (TSE:SU) had its target price increased by TD Securities from $52.00 to $57.00 in a report issued on Wednesday morning, Benzinga reports. They currently have a hold rating on the oil and gas producer’s stock.

A number of other brokerages also recently issued reports on SU. Morgan Stanley upped their price objective on Suncor Energy from $50.00 to $52.00 and gave the company an overweight rating in a research note on Thursday, March 28th. StockNews.com upgraded Suncor Energy from a hold rating to a buy rating in a research note on Thursday, May 16th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $51.67.

Suncor Energy Price Performance

Shares of NYSE:SU opened at $40.30 on Wednesday. The company has a quick ratio of 0.97, a current ratio of 1.51 and a debt-to-equity ratio of 0.25. Suncor Energy has a twelve month low of $27.59 and a twelve month high of $41.50. The stock’s 50 day moving average is $38.46 and its 200-day moving average is $34.72. The firm has a market capitalization of $51.81 billion, a price-to-earnings ratio of 8.97, a PEG ratio of 3.69 and a beta of 1.11.

Suncor Energy (NYSE:SU) (TSE:SU) last issued its earnings results on Wednesday, February 21st. The oil and gas producer reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.13. Suncor Energy had a return on equity of 15.69% and a net margin of 15.38%. The company had revenue of $10.39 billion for the quarter, compared to analyst estimates of $8.46 billion. During the same period in the prior year, the firm earned $1.33 earnings per share. Sell-side analysts forecast that Suncor Energy will post 3.63 EPS for the current fiscal year.

Suncor Energy Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 25th. Investors of record on Tuesday, June 4th will be given a dividend of $0.395 per share. The ex-dividend date is Tuesday, June 4th. This represents a $1.58 annualized dividend and a yield of 3.92%. Suncor Energy’s payout ratio is 35.86%.

Institutional Investors Weigh In On Suncor Energy

A number of large investors have recently made changes to their positions in SU. Toronto Dominion Bank grew its position in shares of Suncor Energy by 59.7% in the 1st quarter. Toronto Dominion Bank now owns 17,606,934 shares of the oil and gas producer’s stock worth $649,872,000 after buying an additional 6,580,260 shares during the last quarter. TD Asset Management Inc lifted its stake in shares of Suncor Energy by 16.8% in the 4th quarter. TD Asset Management Inc now owns 32,070,496 shares of the oil and gas producer’s stock valued at $1,032,453,000 after purchasing an additional 4,612,764 shares during the period. Invesco Ltd. lifted its stake in shares of Suncor Energy by 35.0% in the 3rd quarter. Invesco Ltd. now owns 16,466,624 shares of the oil and gas producer’s stock valued at $566,123,000 after purchasing an additional 4,271,009 shares during the period. Alberta Investment Management Corp lifted its stake in shares of Suncor Energy by 113.8% in the 3rd quarter. Alberta Investment Management Corp now owns 7,630,881 shares of the oil and gas producer’s stock valued at $263,614,000 after purchasing an additional 4,062,019 shares during the period. Finally, Assenagon Asset Management S.A. lifted its stake in shares of Suncor Energy by 669.2% in the 1st quarter. Assenagon Asset Management S.A. now owns 4,348,589 shares of the oil and gas producer’s stock valued at $160,507,000 after purchasing an additional 3,783,250 shares during the period. 67.37% of the stock is currently owned by institutional investors.

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.