Bank of America Initiates Coverage on Suncor Energy (NYSE:SU)

Bank of America started coverage on shares of Suncor Energy (NYSE:SU) (TSE:SU) in a report issued on Wednesday morning. The firm issued a neutral rating on the oil and gas producer’s stock.

Several other equities research analysts have also recently weighed in on the company. StockNews.com cut Suncor Energy from a “buy” rating to a “hold” rating in a research note on Tuesday. Morgan Stanley downgraded Suncor Energy from an “overweight” rating to an “equal weight” rating in a research report on Monday, December 16th. Royal Bank of Canada restated an “outperform” rating and issued a $66.00 price target on shares of Suncor Energy in a research report on Tuesday, January 7th. Cibc World Mkts upgraded shares of Suncor Energy from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, February 11th. Finally, Desjardins raised shares of Suncor Energy from a “hold” rating to a “buy” rating in a research note on Thursday, November 14th. Five equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $58.00.

Suncor Energy Trading Up 0.2 %

Shares of Suncor Energy stock opened at $38.28 on Wednesday. Suncor Energy has a twelve month low of $33.79 and a twelve month high of $41.94. The company has a quick ratio of 0.86, a current ratio of 1.33 and a debt-to-equity ratio of 0.21. The business has a 50-day moving average price of $38.28 and a 200-day moving average price of $38.64. The firm has a market cap of $47.64 billion, a price-to-earnings ratio of 11.10, a PEG ratio of 2.94 and a beta of 1.12.

Suncor Energy (NYSE:SU) (TSE:SU) last released its quarterly earnings results on Wednesday, February 5th. The oil and gas producer reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.07. Suncor Energy had a return on equity of 15.37% and a net margin of 11.80%. Equities research analysts anticipate that Suncor Energy will post 3.42 EPS for the current fiscal year.

Suncor Energy Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Tuesday, March 4th will be paid a $0.399 dividend. This represents a $1.60 annualized dividend and a yield of 4.17%. The ex-dividend date is Tuesday, March 4th. Suncor Energy’s dividend payout ratio is presently 45.22%.

Institutional Trading of Suncor Energy

Institutional investors and hedge funds have recently modified their holdings of the stock. Covestor Ltd increased its holdings in Suncor Energy by 30.5% during the 4th quarter. Covestor Ltd now owns 1,095 shares of the oil and gas producer’s stock worth $39,000 after purchasing an additional 256 shares during the period. Principal Securities Inc. increased its stake in shares of Suncor Energy by 2.2% during the fourth quarter. Principal Securities Inc. now owns 12,423 shares of the oil and gas producer’s stock valued at $443,000 after buying an additional 265 shares during the period. Stifel Financial Corp increased its stake in shares of Suncor Energy by 0.3% during the fourth quarter. Stifel Financial Corp now owns 95,508 shares of the oil and gas producer’s stock valued at $3,408,000 after buying an additional 265 shares during the period. X Square Capital LLC raised its holdings in shares of Suncor Energy by 0.3% in the fourth quarter. X Square Capital LLC now owns 82,720 shares of the oil and gas producer’s stock valued at $2,951,000 after acquiring an additional 267 shares in the last quarter. Finally, UMB Bank n.a. lifted its stake in Suncor Energy by 27.5% in the fourth quarter. UMB Bank n.a. now owns 1,389 shares of the oil and gas producer’s stock worth $50,000 after acquiring an additional 300 shares during the period. Institutional investors own 67.37% of the company’s stock.

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.