Suncor Energy Inc. (NYSE:SU) Raises Dividend to $0.41 Per Share

Suncor Energy Inc. (NYSE:SU) (TSE:SU) declared a quarterly dividend on Wednesday, November 13th,Wall Street Journal reports. Investors of record on Tuesday, December 3rd will be given a dividend of 0.4089 per share by the oil and gas producer on Tuesday, December 24th. This represents a $1.64 dividend on an annualized basis and a yield of 4.05%. The ex-dividend date is Tuesday, December 3rd. This is a positive change from Suncor Energy’s previous quarterly dividend of $0.40.

Suncor Energy has increased its dividend by an average of 24.3% per year over the last three years. Suncor Energy has a payout ratio of 50.0% meaning its dividend is sufficiently covered by earnings. Analysts expect Suncor Energy to earn $2.90 per share next year, which means the company should continue to be able to cover its $1.62 annual dividend with an expected future payout ratio of 55.9%.

Suncor Energy Trading Up 2.1 %

NYSE:SU opened at $40.44 on Friday. The company has a market cap of $51.02 billion, a P/E ratio of 8.81, a P/E/G ratio of 2.81 and a beta of 1.12. Suncor Energy has a 1 year low of $29.45 and a 1 year high of $41.94. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.46 and a quick ratio of 0.93. The stock’s fifty day moving average price is $38.29 and its two-hundred day moving average price is $38.74.

Wall Street Analyst Weigh In

SU has been the subject of a number of recent analyst reports. TD Securities raised Suncor Energy from a “hold” rating to a “buy” rating in a report on Wednesday, August 7th. StockNews.com raised shares of Suncor Energy from a “hold” rating to a “buy” rating in a report on Thursday, November 7th. Desjardins raised shares of Suncor Energy from a “hold” rating to a “buy” rating in a report on Thursday. BMO Capital Markets raised shares of Suncor Energy from a “market perform” rating to an “outperform” rating in a report on Wednesday, August 7th. Finally, Wolfe Research assumed coverage on Suncor Energy in a research note on Thursday, July 18th. They set an “outperform” rating and a $68.00 price objective for the company. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Suncor Energy has a consensus rating of “Moderate Buy” and a consensus target price of $56.40.

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.