Suncor Energy (NYSE:SU) Raised to “Strong-Buy” at Cibc World Mkts

Suncor Energy (NYSE:SU) (TSE:SU) was upgraded by analysts at Cibc World Mkts from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

SU has been the topic of a number of other reports. Morgan Stanley downgraded Suncor Energy from an “overweight” rating to an “equal weight” rating in a research note on Monday, December 16th. Desjardins raised Suncor Energy from a “hold” rating to a “buy” rating in a research report on Thursday, November 14th. Tudor, Pickering, Holt & Co. raised shares of Suncor Energy from a “hold” rating to a “buy” rating in a research report on Monday. Royal Bank of Canada reissued an “outperform” rating and issued a $66.00 price objective on shares of Suncor Energy in a report on Tuesday, January 7th. Finally, StockNews.com raised shares of Suncor Energy from a “hold” rating to a “buy” rating in a report on Tuesday, January 14th. Three equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Suncor Energy currently has an average rating of “Moderate Buy” and an average target price of $58.00.

Suncor Energy Price Performance

SU opened at $39.62 on Tuesday. The company’s 50-day simple moving average is $37.70 and its two-hundred day simple moving average is $38.58. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.04 and a current ratio of 1.59. The stock has a market capitalization of $49.31 billion, a P/E ratio of 11.48, a P/E/G ratio of 2.96 and a beta of 1.12. Suncor Energy has a 52-week low of $31.25 and a 52-week high of $41.94.

Suncor Energy (NYSE:SU) (TSE:SU) last issued its quarterly earnings data on Wednesday, February 5th. The oil and gas producer reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.82 by $0.07. Suncor Energy had a net margin of 11.80% and a return on equity of 15.33%. As a group, analysts predict that Suncor Energy will post 3.25 EPS for the current year.

Hedge Funds Weigh In On Suncor Energy

A number of hedge funds have recently made changes to their positions in SU. Sanctuary Advisors LLC lifted its holdings in Suncor Energy by 32.3% in the 3rd quarter. Sanctuary Advisors LLC now owns 82,204 shares of the oil and gas producer’s stock worth $3,035,000 after purchasing an additional 20,081 shares in the last quarter. Intech Investment Management LLC raised its position in shares of Suncor Energy by 1,345.8% during the third quarter. Intech Investment Management LLC now owns 468,415 shares of the oil and gas producer’s stock valued at $17,309,000 after buying an additional 436,016 shares during the last quarter. Aigen Investment Management LP purchased a new position in shares of Suncor Energy in the third quarter worth $1,376,000. Assenagon Asset Management S.A. lifted its holdings in shares of Suncor Energy by 1,324.8% in the fourth 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 buying an additional 3,225,543 shares in the last quarter. Finally, DRW Securities LLC bought a new position in shares of Suncor Energy during the third quarter worth $1,151,000. Institutional investors own 67.37% of the company’s stock.

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.