Analysts Offer Predictions for Suncor Energy FY2024 Earnings

Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU - Research analysts at Raymond James lifted their FY2024 earnings estimates for shares of Suncor Energy in a note issued to investors on Wednesday, November 13th. Raymond James analyst M. Barth now forecasts that the oil and gas producer will post earnings of $3.81 per share for the year, up from their prior estimate of $3.61. The consensus estimate for Suncor Energy's current full-year earnings is $3.63 per share. Raymond James also issued estimates for Suncor Energy's FY2025 earnings at $3.50 EPS, FY2026 earnings at $3.12 EPS, FY2027 earnings at $3.25 EPS and FY2028 earnings at $3.25 EPS.

Several other equities analysts have also recently commented on SU. Desjardins upgraded shares of Suncor Energy from a "hold" rating to a "buy" rating in a research report on Thursday. StockNews.com raised shares of Suncor Energy from a "hold" rating to a "buy" rating in a report on Thursday, November 7th. BMO Capital Markets raised shares of Suncor Energy from a "market perform" rating to an "outperform" rating in a research note on Wednesday, August 7th. Finally, TD Securities upgraded Suncor Energy from a "hold" rating to a "buy" rating in a report on Wednesday, August 7th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $56.40.

Suncor Energy Stock Performance

Shares of SU stock traded up $0.33 on Monday, reaching $40.81. The stock had a trading volume of 3,850,225 shares, compared to its average volume of 4,271,865. Suncor Energy has a 12 month low of $29.45 and a 12 month high of $41.94. The company has a quick ratio of 0.93, a current ratio of 1.59 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $51.49 billion, a price-to-earnings ratio of 8.89, a P/E/G ratio of 2.87 and a beta of 1.12. The firm's 50-day moving average is $38.47 and its two-hundred day moving average is $38.79.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SU. Eastern Bank purchased a new position in Suncor Energy in the third quarter valued at about $25,000. Trust Co. of Vermont purchased a new position in shares of Suncor Energy in the 2nd quarter worth approximately $26,000. Summit Securities Group LLC bought a new position in shares of Suncor Energy during the 2nd quarter worth approximately $27,000. Richardson Financial Services Inc. lifted its position in Suncor Energy by 82.8% during the second quarter. Richardson Financial Services Inc. now owns 724 shares of the oil and gas producer's stock valued at $28,000 after acquiring an additional 328 shares during the last quarter. Finally, Ridgewood Investments LLC acquired a new stake in Suncor Energy in the second quarter valued at approximately $29,000. 67.37% of the stock is currently owned by institutional investors.

Suncor Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 24th. Shareholders of record on Tuesday, December 3rd will be issued a $0.4089 dividend. This represents a $1.64 annualized dividend and a dividend yield of 4.01%. This is a boost from Suncor Energy's previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Tuesday, December 3rd. Suncor Energy's dividend payout ratio is currently 36.60%.

About Suncor Energy

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.