Suncor Energy (TSE:SU) Price Target Raised to C$56.00

Suncor Energy (TSE:SU) (NYSE:SU) had its price target increased by Raymond James from C$52.00 to C$56.00 in a research note published on Thursday morning,BayStreet.CA reports. Raymond James also issued estimates for Suncor Energy’s FY2024 earnings at $5.29 EPS, FY2025 earnings at $4.86 EPS and FY2028 earnings at $4.51 EPS.

A number of other brokerages have also recently issued reports on SU. Wolfe Research raised Suncor Energy to a “strong-buy” rating in a report on Thursday, July 18th. Scotiabank increased their price objective on Suncor Energy from C$59.00 to C$62.00 in a research note on Wednesday. BMO Capital Markets upgraded shares of Suncor Energy from a “market perform” rating to an “outperform” rating and set a C$62.00 target price on the stock in a research note on Wednesday, August 7th. Royal Bank of Canada increased their target price on shares of Suncor Energy from C$64.00 to C$66.00 in a research report on Thursday. Finally, Desjardins boosted their price target on shares of Suncor Energy from C$56.00 to C$59.00 and gave the company a “hold” rating in a research report on Tuesday, July 23rd. Five investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of C$61.54.

Suncor Energy Stock Performance

TSE SU opened at C$57.00 on Thursday. Suncor Energy has a twelve month low of C$40.07 and a twelve month high of C$57.50. The company has a quick ratio of 0.83, a current ratio of 1.46 and a debt-to-equity ratio of 34.98. The stock has a market cap of C$72.39 billion, a P/E ratio of 9.79, a PEG ratio of 0.15 and a beta of 1.47. The company’s 50-day simple moving average is C$52.72 and its 200 day simple moving average is C$53.12.

Suncor Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 25th were issued a dividend of $0.545 per share. This represents a $2.18 annualized dividend and a yield of 3.82%. The ex-dividend date of this dividend was Wednesday, September 4th. Suncor Energy’s dividend payout ratio is 37.46%.

Insider Buying and Selling at Suncor Energy

In related news, Senior Officer Jacqueline Sue Moore sold 37,700 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of C$56.54, for a total transaction of C$2,131,558.00. Corporate insiders own 0.01% of the company’s stock.

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.