Suncor Energy (NYSE:SU) Sees Large Volume Increase – Here’s What Happened

Suncor Energy Inc. (NYSE:SU) (TSE:SU) shares saw strong trading volume on Wednesday . 10,534,314 shares were traded during mid-day trading, an increase of 122% from the previous session’s volume of 4,755,223 shares.The stock last traded at $65.81 and had previously closed at $65.31.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Weiss Ratings raised Suncor Energy from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, May 6th. Wall Street Zen upgraded shares of Suncor Energy from a “buy” rating to a “strong-buy” rating in a report on Saturday. Zacks Research lowered shares of Suncor Energy from a “strong-buy” rating to a “hold” rating in a report on Monday. Royal Bank Of Canada upped their price objective on shares of Suncor Energy from $75.00 to $89.00 and gave the stock an “outperform” rating in a report on Wednesday, April 1st. Finally, The Goldman Sachs Group increased their target price on Suncor Energy from $66.00 to $73.00 and gave the stock a “buy” rating in a research note on Wednesday, April 1st. Six analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $72.00.

Suncor Energy Stock Performance

The company has a market capitalization of $77.98 billion, a price-to-earnings ratio of 17.33 and a beta of 0.27. The company has a current ratio of 1.42, a quick ratio of 0.92 and a debt-to-equity ratio of 0.20. The stock’s fifty day simple moving average is $65.26 and its 200-day simple moving average is $55.26.

Suncor Energy (NYSE:SU) (TSE:SU) last released its earnings results on Tuesday, May 5th. The oil and gas producer reported $1.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.45 by ($0.04). The business had revenue of $10.41 billion for the quarter, compared to analyst estimates of $9.22 billion. Suncor Energy had a return on equity of 13.96% and a net margin of 12.29%.During the same quarter last year, the company earned $1.31 earnings per share. Analysts predict that Suncor Energy Inc. will post 7.07 EPS for the current year.

Suncor Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 25th. Shareholders of record on Thursday, June 4th will be given a $0.60 dividend. The ex-dividend date of this dividend is Thursday, June 4th. This represents a $2.40 dividend on an annualized basis and a yield of 3.6%. Suncor Energy’s dividend payout ratio (DPR) is currently 46.19%.

Institutional Investors Weigh In On Suncor Energy

A number of hedge funds have recently bought and sold shares of the stock. Atlantic Edge Private Wealth Management LLC raised its holdings in Suncor Energy by 54.9% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 635 shares of the oil and gas producer’s stock valued at $28,000 after acquiring an additional 225 shares in the last quarter. Headlands Technologies LLC acquired a new stake in shares of Suncor Energy in the 2nd quarter valued at $31,000. 1 North Wealth Services LLC acquired a new stake in shares of Suncor Energy in the 4th quarter valued at $32,000. Smartleaf Asset Management LLC raised its holdings in shares of Suncor Energy by 95.8% in the 3rd quarter. Smartleaf Asset Management LLC now owns 793 shares of the oil and gas producer’s stock valued at $33,000 after purchasing an additional 388 shares in the last quarter. Finally, Accent Capital Management LLC raised its holdings in shares of Suncor Energy by 37.5% in the 4th quarter. Accent Capital Management LLC now owns 825 shares of the oil and gas producer’s stock valued at $37,000 after purchasing an additional 225 shares in the last quarter. Institutional investors and hedge funds own 67.37% of the company’s stock.

Suncor Energy Company Profile

Suncor Energy Inc is a Canadian integrated energy company headquartered in Calgary, Alberta. The company’s operations span the full oil and gas value chain, with principal activities in oil sands development and production, conventional exploration and production, refining, distribution and retail marketing of petroleum products. Suncor supplies crude, synthetic crude and refined fuels as well as related products and services to commercial and consumer markets.

Upstream, Suncor is a major developer and operator of oil sands projects in Alberta, using both mining and in situ technologies to produce bitumen and synthetic crude.