Suncor Energy Inc. (SU) to Issue Quarterly Dividend of $0.41 on December 24th

Suncor Energy Inc. (NYSE:SU) (TSE:SU) declared a quarterly dividend on Wednesday, November 13th,Wall Street Journal reports. Shareholders of record on Tuesday, December 3rd will be paid 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 yield of 4.05%. The ex-dividend date is Tuesday, December 3rd. This is a boost 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% meaning 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 Stock Up 2.1 %

Shares of SU opened at $40.44 on Friday. The stock’s 50-day moving average price is $38.29 and its two-hundred day moving average price is $38.74. Suncor Energy has a 12 month low of $29.45 and a 12 month high of $41.94. The company has a market capitalization of $51.02 billion, a PE ratio of 8.81, a PEG ratio of 2.81 and a beta of 1.12. The company has a current ratio of 1.46, a quick ratio of 0.93 and a debt-to-equity ratio of 0.26.

Analysts Set New Price Targets

Several equities analysts have issued reports on SU shares. 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 target on the stock. BMO Capital Markets upgraded shares of Suncor Energy from a “market perform” rating to an “outperform” rating in a research report on Wednesday, August 7th. StockNews.com upgraded shares of Suncor Energy from a “hold” rating to a “buy” rating in a report on Thursday, November 7th. TD Securities upgraded shares of Suncor Energy from a “hold” rating to a “buy” rating in a report on Wednesday, August 7th. Finally, Desjardins raised shares of Suncor Energy from a “hold” rating to a “buy” rating in a research report on Thursday. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target 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.