Suncor Energy’s (SU) “Outperform” Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reaffirmed their outperform rating on shares of Suncor Energy (NYSE:SU) (TSE:SU) in a research report sent to investors on Friday morning,Benzinga reports. The brokerage currently has a $66.00 target price on the oil and gas producer’s stock.

A number of other research analysts have also recently issued reports on the company. StockNews.com cut Suncor Energy from a “buy” rating to a “hold” rating in a research note on Monday, December 16th. Desjardins upgraded shares of Suncor Energy from a “hold” rating to a “buy” rating in a research note on Thursday, November 14th. Finally, Morgan Stanley lowered shares of Suncor Energy from an “overweight” rating to an “equal weight” rating in a research note on Monday, December 16th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $58.00.

Suncor Energy Trading Down 0.3 %

NYSE:SU opened at $34.50 on Friday. Suncor Energy has a one year low of $31.03 and a one year high of $41.94. The company’s 50-day simple moving average is $38.68 and its 200 day simple moving average is $38.58. The firm has a market capitalization of $43.41 billion, a P/E ratio of 7.52, a PEG ratio of 2.43 and a beta of 1.11. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 1.04.

Suncor Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 24th. Stockholders of record on Tuesday, December 3rd will be issued a dividend of $0.4089 per share. This represents a $1.64 annualized dividend and a dividend yield of 4.74%. This is a boost from Suncor Energy’s previous quarterly dividend of $0.40. The ex-dividend date is Tuesday, December 3rd. Suncor Energy’s dividend payout ratio is presently 36.60%.

Institutional Investors Weigh In On Suncor Energy

A number of large investors have recently made changes to their positions in SU. Allspring Global Investments Holdings LLC raised its holdings in Suncor Energy by 16.6% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 77,434 shares of the oil and gas producer’s stock worth $2,950,000 after purchasing an additional 11,040 shares during the period. Gold Investment Management Ltd. lifted its position in shares of Suncor Energy by 0.5% during the 2nd quarter. Gold Investment Management Ltd. now owns 143,584 shares of the oil and gas producer’s stock valued at $5,472,000 after buying an additional 733 shares in the last quarter. Summit Securities Group LLC bought a new position in shares of Suncor Energy during the 2nd quarter valued at approximately $27,000. Atomi Financial Group Inc. increased its holdings in Suncor Energy by 48.5% in the 2nd quarter. Atomi Financial Group Inc. now owns 13,048 shares of the oil and gas producer’s stock worth $497,000 after acquiring an additional 4,262 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. raised its stake in Suncor Energy by 57.5% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 49,000 shares of the oil and gas producer’s stock worth $1,867,000 after acquiring an additional 17,884 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.