Suncor Energy Inc. (NYSE:SU) Announces Quarterly Dividend of C$0.66

Suncor Energy Inc. (NYSE:SU) (TSE:SU) announced a quarterly dividend on Tuesday, November 3rd. Shareholders of record on Thursday, December 3rd will be paid a dividend of C$0.66 per share by the oil and gas producer on Thursday, December 24th. This represents a $2.64 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend is Thursday, December 3rd. This is a 10.0% increase from Suncor Energy’s previous quarterly dividend of C$0.60.

Suncor Energy has raised its dividend payment by an average of 0.2% annually over the last three years and has increased its dividend every year for the last 4 years. Suncor Energy has a dividend payout ratio of 57.9% meaning its dividend is sufficiently covered by earnings. Analysts expect Suncor Energy to earn $7.28 per share next year, which means the company should continue to be able to cover its $1.73 annual dividend with an expected future payout ratio of 23.8%.

Suncor Energy Trading Down 0.2%

Shares of NYSE:SU opened at $75.30 on Wednesday. Suncor Energy has a 12-month low of $38.72 and a 12-month high of $80.25. The business’s fifty day simple moving average is $71.36 and its 200-day simple moving average is $63.54. The company has a market capitalization of $88.07 billion, a PE ratio of 13.47, a P/E/G ratio of 0.26 and a beta of 0.22. The company has a current ratio of 1.65, a quick ratio of 1.08 and a debt-to-equity ratio of 0.19.

Suncor Energy (NYSE:SU) (TSE:SU) last issued its quarterly earnings data on Tuesday, August 4th. The oil and gas producer reported $2.33 earnings per share for the quarter, topping analysts’ consensus estimates of $2.14 by $0.19. Suncor Energy had a return on equity of 20.05% and a net margin of 15.62%. The firm had revenue of $13.41 billion during the quarter, compared to analysts’ expectations of $11.68 billion. During the same period in the prior year, the business posted $0.71 EPS. As a group, equities research analysts predict that Suncor Energy will post 8.76 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have commented on SU shares. Desjardins raised Suncor Energy to a “moderate buy” rating in a research report on Thursday, July 16th. Wall Street Zen upgraded Suncor Energy from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 17th. Morgan Stanley set a $106.00 price objective on shares of Suncor Energy in a research note on Wednesday, August 19th. Weiss Ratings upgraded Suncor Energy from a “buy (b)” rating to a “buy (a-)” rating in a research report on Thursday, October 8th. Finally, Zacks Research upgraded shares of Suncor Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 5th. Three investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Suncor Energy has an average rating of “Buy” and a consensus target price of $79.62.

About Suncor Energy

Suncor Energy Inc is an integrated energy company headquartered in Calgary, Alberta, Canada. Its operations span the energy value chain, including the development, production, upgrading, refining, and marketing of crude oil and petroleum products.

The company is one of Canada’s major oil sands producers, with interests in mining and in situ oil sands projects. Suncor produces bitumen and synthetic crude oil and also has conventional oil and offshore production interests. Its upstream portfolio includes operated and non-operated assets in Canada.

Through its downstream operations, Suncor refines crude oil into gasoline, diesel, jet fuel, asphalt, and other petroleum products.