Suncor Energy (NYSE:SU) Now Covered by Bank of America

Bank of America assumed coverage on shares of Suncor Energy (NYSE:SU) (TSE:SU) in a research note published on Wednesday. The brokerage issued a neutral rating on the oil and gas producer’s stock.

SU has been the topic of a number of other research reports. Desjardins upgraded Suncor Energy from a “hold” rating to a “buy” rating in a research report on Thursday, November 14th. Morgan Stanley downgraded Suncor Energy from an “overweight” rating to an “equal weight” rating in a research report on Monday, December 16th. Royal Bank of Canada restated an “outperform” rating and issued a $66.00 target price on shares of Suncor Energy in a research report on Tuesday, January 7th. Tudor, Pickering, Holt & Co. upgraded Suncor Energy from a “hold” rating to a “buy” rating in a report on Monday, February 10th. Finally, Cibc World Mkts upgraded Suncor Energy from a “hold” rating to a “strong-buy” rating in a report on Tuesday, February 11th. Five equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $58.00.

Suncor Energy Stock Performance

NYSE SU opened at $38.26 on Wednesday. The stock’s fifty day moving average is $38.13 and its two-hundred day moving average is $38.65. The firm has a market capitalization of $47.62 billion, a P/E ratio of 11.09, a price-to-earnings-growth ratio of 2.94 and a beta of 1.12. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.86 and a current ratio of 1.33. Suncor Energy has a fifty-two week low of $33.26 and a fifty-two week high of $41.94.

Suncor Energy (NYSE:SU) (TSE:SU) last posted its earnings results on Wednesday, February 5th. The oil and gas producer reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.82 by $0.07. Suncor Energy had a return on equity of 15.37% and a net margin of 11.80%. On average, research analysts anticipate that Suncor Energy will post 3.42 earnings per share for the current year.

Suncor Energy Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Tuesday, March 4th will be paid a dividend of $0.399 per share. The ex-dividend date of this dividend is Tuesday, March 4th. This represents a $1.60 annualized dividend and a yield of 4.17%. Suncor Energy’s payout ratio is 45.22%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of SU. Assenagon Asset Management S.A. grew its stake in Suncor Energy by 1,324.8% during the 4th quarter. Assenagon Asset Management S.A. now owns 3,469,008 shares of the oil and gas producer’s stock worth $123,774,000 after purchasing an additional 3,225,543 shares in the last quarter. Principal Financial Group Inc. grew its stake in Suncor Energy by 39.9% during the 4th quarter. Principal Financial Group Inc. now owns 9,706,616 shares of the oil and gas producer’s stock worth $346,298,000 after purchasing an additional 2,767,043 shares in the last quarter. Jupiter Asset Management Ltd. grew its stake in Suncor Energy by 2,061.8% during the 4th quarter. Jupiter Asset Management Ltd. now owns 2,438,291 shares of the oil and gas producer’s stock worth $86,990,000 after purchasing an additional 2,325,503 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in Suncor Energy by 500.4% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 2,453,314 shares of the oil and gas producer’s stock worth $87,459,000 after purchasing an additional 2,044,680 shares in the last quarter. Finally, Fisher Asset Management LLC boosted its position in shares of Suncor Energy by 97.4% during the 4th quarter. Fisher Asset Management LLC now owns 3,734,572 shares of the oil and gas producer’s stock worth $133,250,000 after acquiring an additional 1,842,791 shares in the last quarter. 67.37% of the stock is owned by institutional investors and hedge funds.

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.