Suncor Energy (NYSE:SU) Upgraded by Zacks Research to Strong-Buy Rating

Suncor Energy (NYSE:SU) (TSE:SU) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

SU has been the topic of a number of other reports. Weiss Ratings upgraded Suncor Energy from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, June 26th. The Goldman Sachs Group downgraded Suncor Energy from a “buy” rating to a “neutral” rating and set a $72.00 price objective on the stock. in a report on Friday, June 5th. Wall Street Zen lowered Suncor Energy from a “strong-buy” rating to a “buy” rating in a research report on Sunday, June 7th. ATB Cormark Capital Markets upgraded Suncor Energy from a “hold” rating to a “moderate buy” rating in a research note on Wednesday, April 1st. Finally, Scotiabank raised Suncor Energy to a “strong-buy” rating in a report on Friday, June 26th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $71.67.

Suncor Energy Stock Performance

Shares of Suncor Energy stock opened at $56.69 on Monday. The business has a 50-day simple moving average of $62.00 and a 200-day simple moving average of $57.81. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.92 and a current ratio of 1.42. Suncor Energy has a one year low of $37.76 and a one year high of $70.29. The company has a market cap of $66.94 billion, a PE ratio of 14.88 and a beta of 0.30.

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

Institutional Investors Weigh In On Suncor Energy

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in Suncor Energy by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 55,720,921 shares of the oil and gas producer’s stock valued at $2,473,173,000 after acquiring an additional 1,166,405 shares during the period. Dodge & Cox lifted its position in Suncor Energy by 0.3% during the 3rd quarter. Dodge & Cox now owns 27,471,954 shares of the oil and gas producer’s stock worth $1,148,602,000 after acquiring an additional 70,300 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in shares of Suncor Energy by 121.4% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 26,085,360 shares of the oil and gas producer’s stock valued at $1,724,954,000 after purchasing an additional 14,304,131 shares during the last quarter. FIL Ltd increased its holdings in shares of Suncor Energy by 14.0% in the fourth quarter. FIL Ltd now owns 21,050,387 shares of the oil and gas producer’s stock valued at $934,312,000 after purchasing an additional 2,592,516 shares during the period. Finally, Principal Financial Group Inc. increased its holdings in shares of Suncor Energy by 2.7% in the fourth quarter. Principal Financial Group Inc. now owns 19,371,704 shares of the oil and gas producer’s stock valued at $860,933,000 after purchasing an additional 516,783 shares during the period. 67.37% of the stock is owned by hedge funds and other institutional investors.

About Suncor Energy

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.