Suncor Energy (NYSE:SU) Announces Quarterly Earnings Results, Beats Estimates By $0.07 EPS

Suncor Energy (NYSE:SU) (TSE:SU) announced its quarterly earnings results on Tuesday. The oil and gas producer reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.07, Zacks reports. Suncor Energy had a return on equity of 13.01% and a net margin of 10.61%.

Suncor Energy Stock Performance

Suncor Energy stock traded up $0.76 on Tuesday, hitting $53.42. The company’s stock had a trading volume of 7,711,853 shares, compared to its average volume of 5,368,442. The company has a fifty day moving average price of $46.19 and a 200-day moving average price of $42.68. The firm has a market cap of $63.75 billion, a P/E ratio of 17.51 and a beta of 0.45. Suncor Energy has a one year low of $30.79 and a one year high of $54.80. The company has a quick ratio of 0.85, a current ratio of 1.35 and a debt-to-equity ratio of 0.19.

Institutional Investors Weigh In On Suncor Energy

A number of institutional investors have recently added to or reduced their stakes in the stock. Alyeska Investment Group L.P. raised its stake in shares of Suncor Energy by 334.8% during the third quarter. Alyeska Investment Group L.P. now owns 2,590,863 shares of the oil and gas producer’s stock worth $108,324,000 after buying an additional 1,995,007 shares during the last quarter. Lazard Asset Management LLC raised its position in shares of Suncor Energy by 173.2% during the 3rd quarter. Lazard Asset Management LLC now owns 3,036,031 shares of the oil and gas producer’s stock valued at $126,994,000 after acquiring an additional 1,924,923 shares during the last quarter. Corient Private Wealth LLC lifted its stake in shares of Suncor Energy by 82.5% in the 2nd quarter. Corient Private Wealth LLC now owns 1,461,949 shares of the oil and gas producer’s stock valued at $54,750,000 after purchasing an additional 660,914 shares during the period. Bank of America Corp DE boosted its position in shares of Suncor Energy by 7.2% in the 2nd quarter. Bank of America Corp DE now owns 9,126,124 shares of the oil and gas producer’s stock worth $341,773,000 after purchasing an additional 609,833 shares during the last quarter. Finally, Merewether Investment Management LP boosted its position in shares of Suncor Energy by 17.7% in the 3rd quarter. Merewether Investment Management LP now owns 3,681,304 shares of the oil and gas producer’s stock worth $154,017,000 after purchasing an additional 553,600 shares during the last quarter. 67.37% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. The Goldman Sachs Group raised their price target on Suncor Energy from $48.00 to $54.00 and gave the stock a “buy” rating in a research report on Friday, January 23rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Suncor Energy in a research report on Monday, December 29th. Wall Street Zen lowered Suncor Energy from a “buy” rating to a “hold” rating in a research note on Sunday, December 28th. JPMorgan Chase & Co. raised shares of Suncor Energy from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $46.15 to $54.00 in a research report on Tuesday, January 20th. Finally, Wells Fargo & Company assumed coverage on Suncor Energy in a report on Friday, October 17th. They set an “equal weight” rating on the stock. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.67.

About Suncor Energy

Suncor Energy Inc is a Canadian integrated energy company headquartered in Calgary, Alberta. The company’s operations span the full oil and gas value chain, with principal activities in oil sands development and production, conventional exploration and production, refining, distribution and retail marketing of petroleum products. Suncor supplies crude, synthetic crude and refined fuels as well as related products and services to commercial and consumer markets.

Upstream, Suncor is a major developer and operator of oil sands projects in Alberta, using both mining and in situ technologies to produce bitumen and synthetic crude.