JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Suncor Energy (TSE:SU) Stock

Suncor Energy (TSE:SU) (NYSE:SU) had its price objective increased by JPMorgan Chase & Co. from C$59.00 to C$61.00 in a report released on Friday morning,BayStreet.CA reports.

Other research analysts have also recently issued reports about the stock. Scotiabank lifted their price objective on shares of Suncor Energy from C$59.00 to C$62.00 in a research note on Wednesday, November 13th. Wells Fargo & Company lowered their price target on Suncor Energy from C$66.00 to C$64.00 in a report on Monday, December 9th. Royal Bank of Canada upped their price objective on Suncor Energy from C$64.00 to C$66.00 in a research report on Thursday, November 14th. National Bankshares lifted their target price on Suncor Energy from C$73.00 to C$76.00 in a research report on Thursday, November 14th. Finally, TD Securities increased their target price on shares of Suncor Energy from C$60.00 to C$62.00 in a report on Wednesday, November 13th. Four analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Suncor Energy currently has an average rating of “Moderate Buy” and a consensus target price of C$62.75.

Suncor Energy Stock Performance

SU opened at C$52.37 on Friday. The firm has a market cap of C$66.51 billion, a P/E ratio of 9.00, a price-to-earnings-growth ratio of 0.15 and a beta of 1.47. The company has a debt-to-equity ratio of 34.98, a quick ratio of 0.83 and a current ratio of 1.46. Suncor Energy has a 52-week low of C$41.30 and a 52-week high of C$58.28. The business’s fifty day moving average is C$54.62 and its 200-day moving average is C$53.36.

Suncor Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 24th. Shareholders of record on Tuesday, December 24th will be issued a dividend of $0.57 per share. The ex-dividend date of this dividend is Tuesday, December 3rd. This is an increase from Suncor Energy’s previous quarterly dividend of $0.55. This represents a $2.28 annualized dividend and a yield of 4.35%. Suncor Energy’s payout ratio is presently 37.46%.

Insider Activity

In other Suncor Energy news, Senior Officer Shelley Powell sold 50,000 shares of the company’s stock in a transaction on Thursday, November 14th. The shares were sold at an average price of C$56.87, for a total transaction of C$2,843,700.00. Also, Senior Officer Kristopher Peter Smith sold 105,000 shares of the stock in a transaction dated Monday, November 18th. The stock was sold at an average price of C$57.10, for a total value of C$5,995,185.00. Insiders own 0.01% of the company’s stock.

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.