Suncor Energy (TSE:SU) Hits New 52-Week High – Here’s Why

Shares of Suncor Energy Inc. (TSE:SU) (NYSE:SU) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as C$84.90 and last traded at C$84.87, with a volume of 1392871 shares changing hands. The stock had previously closed at C$84.11.

Analyst Upgrades and Downgrades

SU has been the subject of a number of recent research reports. ATB Cormark Capital Markets increased their price objective on Suncor Energy from C$68.00 to C$71.00 and gave the stock a “sector perform” rating in a research report on Thursday, February 5th. Jefferies Financial Group upped their price target on Suncor Energy from C$66.00 to C$82.00 in a research note on Monday. Raymond James Financial increased their price target on Suncor Energy from C$73.00 to C$76.00 and gave the stock an “outperform” rating in a report on Thursday, February 5th. TD Securities lifted their price objective on shares of Suncor Energy from C$74.00 to C$81.00 in a research report on Wednesday, February 4th. Finally, Scotiabank boosted their price objective on shares of Suncor Energy from C$62.00 to C$70.00 and gave the company a “sector perform” rating in a research note on Tuesday, January 20th. Six investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of C$75.86.

Suncor Energy Trading Up 0.8%

The company has a current ratio of 1.39, a quick ratio of 0.83 and a debt-to-equity ratio of 40.74. The business has a 50 day moving average price of C$73.81 and a 200-day moving average price of C$64.10. The firm has a market capitalization of C$100.64 billion, a PE ratio of 17.48, a P/E/G ratio of 0.15 and a beta of 0.75.

Suncor Energy (TSE:SU) (NYSE:SU) last posted its quarterly earnings results on Tuesday, February 3rd. The company reported C$1.10 earnings per share for the quarter. Suncor Energy had a return on equity of 13.17% and a net margin of 12.10%.The firm had revenue of C$12.04 billion for the quarter. Analysts expect that Suncor Energy Inc. will post 4.4208333 earnings per share for the current year.

Suncor Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 25th. Shareholders of record on Wednesday, March 25th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Wednesday, March 4th. Suncor Energy’s payout ratio is presently 47.63%.

About Suncor Energy

Suncor Energy Inc is an integrated energy company. The company’s operations include oil sands development, production and upgrading, offshore oil and gas, petroleum refining in Canada and the U.S. and the company’s PetroCanada retail and wholesale distribution networks. The company is developing petroleum resources while advancing the transition to a low-emissions future through investment in power, renewable fuels and hydrogen. It also conducts energy trading activities focused principally on the marketing and trading of crude oil, natural gas, byproducts, refined products and power.