Royal Bank of Canada reissued their outperform rating on shares of Suncor Energy (NYSE:SU – Free Report) (TSE:SU) in a report released on Friday morning,Benzinga reports. The brokerage currently has a $66.00 price objective on the oil and gas producer’s stock.
SU has been the subject of a number of other reports. Desjardins raised shares of Suncor Energy from a “hold” rating to a “buy” rating in a report on Thursday, November 14th. StockNews.com cut shares of Suncor Energy from a “buy” rating to a “hold” rating in a research note on Monday, December 16th. Finally, Morgan Stanley cut shares of Suncor Energy from an “overweight” rating to an “equal weight” rating in a research report on Monday, December 16th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.00.
View Our Latest Stock Report on SU
Suncor Energy Price Performance
Suncor Energy Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 24th. Shareholders of record on Tuesday, December 3rd will be given a dividend of $0.4089 per share. This represents a $1.64 annualized dividend and a dividend yield of 4.74%. The ex-dividend date is Tuesday, December 3rd. This is a positive change from Suncor Energy’s previous quarterly dividend of $0.40. Suncor Energy’s payout ratio is 36.60%.
Hedge Funds Weigh In On Suncor Energy
Several hedge funds have recently bought and sold shares of SU. The Manufacturers Life Insurance Company boosted its holdings in shares of Suncor Energy by 5.1% in the second quarter. The Manufacturers Life Insurance Company now owns 25,134,149 shares of the oil and gas producer’s stock valued at $956,850,000 after purchasing an additional 1,209,073 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in shares of Suncor Energy by 1.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 23,048,048 shares of the oil and gas producer’s stock valued at $878,131,000 after purchasing an additional 366,432 shares in the last quarter. Toronto Dominion Bank boosted its stake in shares of Suncor Energy by 1.8% during the third quarter. Toronto Dominion Bank now owns 18,546,207 shares of the oil and gas producer’s stock valued at $684,726,000 after purchasing an additional 333,440 shares in the last quarter. CIBC Asset Management Inc raised its stake in Suncor Energy by 1.3% in the third quarter. CIBC Asset Management Inc now owns 13,942,455 shares of the oil and gas producer’s stock worth $516,728,000 after buying an additional 180,533 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in Suncor Energy by 23.3% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 9,695,560 shares of the oil and gas producer’s stock worth $357,827,000 after buying an additional 1,829,936 shares in the last quarter. Institutional investors own 67.37% 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.
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