Wells Fargo & Company Begins Coverage on Suncor Energy (NYSE:SU)

Wells Fargo & Company began coverage on shares of Suncor Energy (NYSE:SU) (TSE:SU) in a report issued on Friday, Marketbeat reports. The brokerage set an “equal weight” rating on the oil and gas producer’s stock.

SU has been the topic of several other reports. Royal Bank Of Canada restated an “outperform” rating and set a $65.00 price target on shares of Suncor Energy in a report on Friday, October 3rd. Weiss Ratings restated a “hold (c+)” rating on shares of Suncor Energy in a report on Wednesday, October 8th. Finally, Zacks Research cut Suncor Energy from a “hold” rating to a “strong sell” rating in a report on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Suncor Energy presently has an average rating of “Moderate Buy” and a consensus target price of $65.00.

Suncor Energy Stock Performance

Suncor Energy stock opened at $38.54 on Friday. Suncor Energy has a 12-month low of $30.79 and a 12-month high of $43.48. The company has a quick ratio of 0.77, a current ratio of 1.26 and a debt-to-equity ratio of 0.19. The business’s 50-day moving average price is $40.70 and its two-hundred day moving average price is $38.26. The stock has a market cap of $46.60 billion, a PE ratio of 11.86, a P/E/G ratio of 3.05 and a beta of 0.78.

Suncor Energy (NYSE:SU) (TSE:SU) last released its quarterly earnings results on Tuesday, August 5th. The oil and gas producer reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.01. The company had revenue of $8.81 billion for the quarter, compared to analysts’ expectations of $11.56 billion. Suncor Energy had a return on equity of 13.21% and a net margin of 11.35%.During the same period in the previous year, the business posted $1.27 earnings per share. As a group, analysts expect that Suncor Energy will post 3.42 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Suncor Energy

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in Suncor Energy by 3.1% in the second quarter. Vanguard Group Inc. now owns 54,631,516 shares of the oil and gas producer’s stock valued at $2,046,442,000 after buying an additional 1,632,247 shares during the period. Artisan Partners Limited Partnership raised its position in shares of Suncor Energy by 38.5% during the second quarter. Artisan Partners Limited Partnership now owns 33,722,975 shares of the oil and gas producer’s stock worth $1,264,043,000 after purchasing an additional 9,378,552 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of Suncor Energy by 3.2% during the second quarter. The Manufacturers Life Insurance Company now owns 20,911,602 shares of the oil and gas producer’s stock worth $779,788,000 after purchasing an additional 641,354 shares during the period. Principal Financial Group Inc. raised its position in shares of Suncor Energy by 65.0% during the first quarter. Principal Financial Group Inc. now owns 16,018,129 shares of the oil and gas producer’s stock worth $620,136,000 after purchasing an additional 6,311,513 shares during the period. Finally, Mackenzie Financial Corp raised its position in shares of Suncor Energy by 18.6% during the first quarter. Mackenzie Financial Corp now owns 15,377,546 shares of the oil and gas producer’s stock worth $595,398,000 after purchasing an additional 2,410,857 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.