Suncor Energy (TSE:SU) Sets New 1-Year High Following Insider Buying Activity

Suncor Energy Inc. (TSE:SU) (NYSE:SU)’s share price reached a new 52-week high on Wednesday following insider buying activity. The company traded as high as C$58.58 and last traded at C$58.55, with a volume of 10488925 shares traded. The stock had previously closed at C$56.78.

Specifically, Director Russell Girling bought 10,000 shares of the company’s stock in a transaction on Thursday, August 14th. The shares were acquired at an average price of C$53.48 per share, with a total value of C$534,790.00. Following the transaction, the director owned 45,000 shares of the company’s stock, valued at C$2,406,555. The trade was a 28.57% increase in their ownership of the stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on SU. Gerdes Energy Research dropped their target price on Suncor Energy from C$79.00 to C$77.00 in a research report on Thursday. TD Securities increased their target price on Suncor Energy from C$62.00 to C$63.00 and gave the company a “buy” rating in a research report on Wednesday, August 6th. ATB Capital increased their target price on Suncor Energy from C$60.00 to C$62.00 and gave the company a “sector perform” rating in a research report on Thursday, August 7th. Scotiabank increased their target price on Suncor Energy from C$60.00 to C$62.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 6th. Finally, Wells Fargo & Company raised their price objective on Suncor Energy from C$59.00 to C$60.00 and gave the stock an “overweight” rating in a research report on Thursday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of C$63.67.

Suncor Energy Stock Down 0.8%

The company has a market cap of C$70.49 billion, a price-to-earnings ratio of 12.80, a P/E/G ratio of 0.15 and a beta of 0.83. The firm’s 50 day simple moving average is C$54.58 and its 200-day simple moving average is C$52.21. The company has a debt-to-equity ratio of 33.35, a current ratio of 1.59 and a quick ratio of 0.83.

Suncor Energy (TSE:SU) (NYSE:SU) last announced its earnings results on Tuesday, August 5th. The company reported C$0.71 earnings per share for the quarter. Suncor Energy had a net margin of 15.15% and a return on equity of 18.10%. As a group, sell-side analysts anticipate that Suncor Energy Inc. will post 4.4208333 earnings per share for the current year.

Suncor Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Thursday, September 25th will be given a dividend of $0.57 per share. The ex-dividend date is Thursday, September 4th. This represents a $2.28 dividend on an annualized basis and a yield of 3.9%. Suncor Energy’s dividend payout ratio (DPR) is 49.67%.

Suncor Energy Company Profile

Suncor Energy Inc is an integrated energy company. The company’s operations include oil sands development, production and upgrading, offshore oil and gas, petroleum refining in Canada and the U.S. and the company’s PetroCanada retail and wholesale distribution networks. The company is developing petroleum resources while advancing the transition to a low-emissions future through investment in power, renewable fuels and hydrogen.