Suncor Energy (NYSE:SU) Upgraded by Desjardins to “Buy” Rating

Desjardins upgraded shares of Suncor Energy (NYSE:SU) (TSE:SU) from a hold rating to a buy rating in a report issued on Thursday morning, MarketBeat reports.

Other equities research analysts also recently issued research reports about the stock. TD Securities raised shares of Suncor Energy from a “hold” rating to a “buy” rating in a research report on Wednesday, August 7th. StockNews.com raised Suncor Energy from a “hold” rating to a “buy” rating in a report on Thursday, November 7th. 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 objective on the stock. Finally, BMO Capital Markets upgraded Suncor Energy from a “market perform” rating to an “outperform” rating in a research note on Wednesday, August 7th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $56.40.

Suncor Energy Price Performance

Shares of NYSE:SU opened at $40.48 on Thursday. The firm’s 50 day moving average price is $38.40 and its 200-day moving average price is $38.77. The company has a quick ratio of 0.93, a current ratio of 1.59 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $51.08 billion, a PE ratio of 8.82, a price-to-earnings-growth ratio of 2.87 and a beta of 1.12. Suncor Energy has a twelve month low of $29.45 and a twelve month high of $41.94.

Suncor Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 24th. Investors of record on Tuesday, December 3rd will be issued a $0.4089 dividend. The ex-dividend date is Tuesday, December 3rd. This is a boost from Suncor Energy’s previous quarterly dividend of $0.40. This represents a $1.64 dividend on an annualized basis and a yield of 4.04%. Suncor Energy’s payout ratio is currently 36.60%.

Institutional Investors Weigh In On Suncor Energy

A number of institutional investors have recently added to or reduced their stakes in the stock. Aigen Investment Management LP bought a new position in shares of Suncor Energy during the third quarter worth $1,376,000. BNP Paribas Financial Markets boosted its holdings in shares of 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 purchasing an additional 16,509 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings 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 purchasing an additional 3,951,287 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of 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 valued at $683,916,000 after purchasing an additional 1,031,542 shares in the last quarter. Finally, Mediolanum International Funds Ltd lifted its position in shares of Suncor Energy by 22.5% in the third quarter. Mediolanum International Funds Ltd now owns 250,849 shares of the oil and gas producer’s stock worth $9,245,000 after buying an additional 46,155 shares in the last quarter. 67.37% of the stock is 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.