Suncor Energy Inc. (NYSE:SU) (TSE:SU) was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating in a research note issued on Friday.
A number of other research analysts have also issued reports on the stock. Citigroup Inc. restated a “buy” rating on shares of Suncor Energy in a research note on Wednesday, August 2nd. AltaCorp Capital lowered shares of Suncor Energy from an “outperform” rating to a “sector perform” rating in a research note on Friday, July 28th. Zacks Investment Research lowered shares of Suncor Energy from a “buy” rating to a “hold” rating in a research note on Wednesday, July 19th. Barclays PLC restated an “overweight” rating and set a $52.00 price target (up previously from $47.00) on shares of Suncor Energy in a research note on Wednesday, July 12th. Finally, Piper Jaffray Companies cut their price target on shares of Suncor Energy from $40.00 to $38.00 and set an “overweight” rating on the stock in a research note on Monday, July 3rd. One research analyst has rated the stock with a sell rating, four have given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $42.10.
Shares of Suncor Energy (NYSE SU) traded up 0.70% during midday trading on Friday, reaching $31.44. 1,191,867 shares of the company traded hands. The company has a market capitalization of $52.17 billion, a PE ratio of 24.41 and a beta of 0.82. The company has a 50 day moving average price of $30.93 and a 200 day moving average price of $30.93. Suncor Energy has a 1-year low of $25.70 and a 1-year high of $33.79.
Suncor Energy announced that its board has approved a stock repurchase plan on Wednesday, April 26th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the oil and gas producer to purchase up to 3.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.
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Several hedge funds have recently added to or reduced their stakes in the stock. Cetera Investment Advisers acquired a new stake in Suncor Energy during the second quarter valued at approximately $267,000. Advisory Services Network LLC increased its stake in Suncor Energy by 3.9% in the second quarter. Advisory Services Network LLC now owns 6,470 shares of the oil and gas producer’s stock valued at $189,000 after buying an additional 245 shares during the period. Colony Group LLC increased its stake in Suncor Energy by 3.7% in the second quarter. Colony Group LLC now owns 467,130 shares of the oil and gas producer’s stock valued at $13,640,000 after buying an additional 16,558 shares during the period. Capital Innovations LLC increased its stake in Suncor Energy by 88.5% in the second quarter. Capital Innovations LLC now owns 33,230 shares of the oil and gas producer’s stock valued at $970,000 after buying an additional 15,600 shares during the period. Finally, Bank of Nova Scotia increased its stake in Suncor Energy by 2.6% in the second quarter. Bank of Nova Scotia now owns 5,006,641 shares of the oil and gas producer’s stock valued at $146,356,000 after buying an additional 126,327 shares during the period. 65.59% of the stock is currently owned by institutional investors and hedge funds.
Suncor Energy Company Profile
Suncor Energy Inc (Suncor) is an integrated energy company. The Company is focused on developing Canada’s petroleum resource basin, Athabasca oil sands. The Company operates in three business segments: Oil Sands, Exploration and Production (E&P), and Refining and Marketing. The Company’s Oil Sands segment includes Oil Sands operations and Oil Sands ventures operations.
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