StockNews.com Upgrades Suncor Energy (NYSE:SU) to Buy

Suncor Energy (NYSE:SU) (TSE:SU) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

A number of other analysts have also weighed in on the company. Scotiabank lowered their target price on Suncor Energy from $61.00 to $60.00 and set a “sector perform” rating for the company in a report on Friday, July 12th. TD Securities raised shares of Suncor Energy from a “hold” rating to a “buy” rating in a report on Wednesday, August 7th. Wolfe Research started coverage on shares of Suncor Energy in a research note on Thursday, July 18th. They set an “outperform” rating and a $68.00 target price for the company. Finally, BMO Capital Markets raised shares of Suncor Energy from a “market perform” rating to an “outperform” rating in a research note on Wednesday, August 7th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $55.83.

Suncor Energy Trading Up 0.8 %

NYSE:SU opened at $36.80 on Friday. The firm has a market capitalization of $46.75 billion, a price-to-earnings ratio of 8.20, a price-to-earnings-growth ratio of 2.57 and a beta of 1.13. 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 business has a fifty day moving average price of $38.76 and a 200-day moving average price of $38.47. Suncor Energy has a one year low of $29.45 and a one year high of $41.94.

Suncor Energy (NYSE:SU) (TSE:SU) last released its earnings results on Tuesday, August 6th. The oil and gas producer reported $1.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.51. The firm had revenue of $12.90 billion during the quarter, compared to analysts’ expectations of $9.30 billion. Suncor Energy had a return on equity of 16.22% and a net margin of 14.40%. The firm’s revenue was up 10.1% on a year-over-year basis. During the same quarter last year, the business posted $0.71 earnings per share. Sell-side analysts forecast that Suncor Energy will post 3.71 EPS for the current year.

Institutional Investors Weigh In On Suncor Energy

Several hedge funds have recently modified their holdings of SU. BNP Paribas Financial Markets boosted its stake in Suncor Energy by 2,358.4% during the 1st quarter. BNP Paribas Financial Markets now owns 17,209 shares of the oil and gas producer’s stock valued at $635,000 after acquiring an additional 16,509 shares during the last quarter. Empowered Funds LLC bought a new stake in shares of Suncor Energy in the 1st quarter valued at approximately $2,940,000. Assenagon Asset Management S.A. raised its position in shares of Suncor Energy by 90.9% during the 2nd quarter. Assenagon Asset Management S.A. now owns 8,299,876 shares of the oil and gas producer’s stock valued at $316,226,000 after acquiring an additional 3,951,287 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Suncor Energy by 5.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 18,529,253 shares of the oil and gas producer’s stock worth $683,916,000 after purchasing an additional 1,031,542 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. boosted its holdings in Suncor Energy by 56.6% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 55,636 shares of the oil and gas producer’s stock worth $2,054,000 after purchasing an additional 20,101 shares during the period. 67.37% of the stock is currently owned by hedge funds and other 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.