Suncor Energy (NYSE:SU) Downgraded to “Equal Weight” Rating by Morgan Stanley

Morgan Stanley downgraded shares of Suncor Energy (NYSE:SU) (TSE:SU) from an overweight rating to an equal weight rating in a research note released on Monday morning, MarketBeat Ratings reports.

Several other research firms have also recently commented on SU. Desjardins raised Suncor Energy from a “hold” rating to a “buy” rating in a report on Thursday, November 14th. StockNews.com raised Suncor Energy from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $56.40.

Suncor Energy Stock Performance

NYSE SU opened at $36.26 on Monday. The stock has a fifty day simple moving average of $39.07 and a 200-day simple moving average of $38.69. The stock has a market cap of $45.62 billion, a PE ratio of 7.90, a P/E/G ratio of 2.43 and a beta of 1.11. The company has a current ratio of 1.59, a quick ratio of 1.04 and a debt-to-equity ratio of 0.24. Suncor Energy has a twelve month low of $31.03 and a twelve month high of $41.94.

Suncor Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 24th. Investors of record on Tuesday, December 3rd will be issued a dividend of $0.4089 per share. The ex-dividend date is Tuesday, December 3rd. This is a boost from Suncor Energy’s previous quarterly dividend of $0.40. This represents a $1.64 annualized dividend and a yield of 4.51%. Suncor Energy’s payout ratio is currently 36.60%.

Hedge Funds Weigh In On Suncor Energy

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Cullen Investment Group LTD. raised its holdings in shares of Suncor Energy by 0.8% in the third quarter. Cullen Investment Group LTD. now owns 33,106 shares of the oil and gas producer’s stock worth $1,222,000 after acquiring an additional 262 shares during the last quarter. First Horizon Advisors Inc. raised its holdings in shares of Suncor Energy by 6.1% in the second quarter. First Horizon Advisors Inc. now owns 4,879 shares of the oil and gas producer’s stock worth $186,000 after acquiring an additional 281 shares during the last quarter. Blue Trust Inc. raised its holdings in shares of Suncor Energy by 11.0% in the second quarter. Blue Trust Inc. now owns 3,278 shares of the oil and gas producer’s stock worth $121,000 after acquiring an additional 325 shares during the last quarter. Richardson Financial Services Inc. raised its holdings in shares of Suncor Energy by 82.8% in the second quarter. Richardson Financial Services Inc. now owns 724 shares of the oil and gas producer’s stock worth $28,000 after acquiring an additional 328 shares during the last quarter. Finally, Coldstream Capital Management Inc. grew its position in shares of Suncor Energy by 5.0% in the third quarter. Coldstream Capital Management Inc. now owns 7,486 shares of the oil and gas producer’s stock valued at $276,000 after purchasing an additional 354 shares during the period. 67.37% of the stock is owned by institutional investors and hedge funds.

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.