Traders Buy Large Volume of Put Options on Suncor Energy (NYSE:SU)

Suncor Energy Inc. (NYSE:SU) (TSE:SU) was the target of some unusual options trading on Wednesday. Traders purchased 28,315 put options on the company. This represents an increase of approximately 2,998% compared to the average daily volume of 914 put options.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on SU. StockNews.com upgraded Suncor Energy from a “hold” rating to a “buy” rating in a research note on Thursday. Morgan Stanley raised their price objective on Suncor Energy from $50.00 to $52.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $52.00.

Institutional Trading of Suncor Energy

Several hedge funds have recently added to or reduced their stakes in the business. Benjamin F. Edwards & Company Inc. raised its stake in Suncor Energy by 43.2% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 1,038 shares of the oil and gas producer’s stock valued at $33,000 after acquiring an additional 313 shares in the last quarter. Adirondack Trust Co. increased its position in shares of Suncor Energy by 45.6% during the 4th quarter. Adirondack Trust Co. now owns 1,000 shares of the oil and gas producer’s stock valued at $34,000 after purchasing an additional 313 shares during the period. Independence Bank of Kentucky increased its position in shares of Suncor Energy by 6.7% during the 1st quarter. Independence Bank of Kentucky now owns 5,050 shares of the oil and gas producer’s stock valued at $186,000 after purchasing an additional 315 shares during the period. First Financial Corp IN increased its position in shares of Suncor Energy by 3.3% during the 4th quarter. First Financial Corp IN now owns 12,422 shares of the oil and gas producer’s stock valued at $398,000 after purchasing an additional 393 shares during the period. Finally, Pinnacle Wealth Planning Services Inc. increased its position in shares of Suncor Energy by 5.4% during the 1st quarter. Pinnacle Wealth Planning Services Inc. now owns 7,695 shares of the oil and gas producer’s stock valued at $284,000 after purchasing an additional 395 shares during the period. Institutional investors own 67.37% of the company’s stock.

Suncor Energy Stock Performance

Shares of NYSE SU traded up $0.37 during mid-day trading on Thursday, hitting $39.78. The company had a trading volume of 5,705,187 shares, compared to its average volume of 4,313,889. The stock has a market cap of $51.15 billion, a price-to-earnings ratio of 8.78, a PEG ratio of 3.50 and a beta of 1.11. Suncor Energy has a 12 month low of $27.59 and a 12 month high of $40.69. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.51 and a quick ratio of 0.97. The firm’s 50 day simple moving average is $37.77 and its two-hundred day simple moving average is $34.39.

Suncor Energy (NYSE:SU) (TSE:SU) last announced its quarterly earnings results on Wednesday, February 21st. The oil and gas producer reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.13. The business had revenue of $10.39 billion for the quarter, compared to the consensus estimate of $8.46 billion. Suncor Energy had a return on equity of 15.69% and a net margin of 15.38%. During the same quarter last year, the business posted $1.33 EPS. As a group, equities research analysts forecast that Suncor Energy will post 3.77 earnings per share for the current year.

Suncor Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 25th. Shareholders of record on Tuesday, June 4th will be paid a dividend of $0.395 per share. This represents a $1.58 annualized dividend and a yield of 3.97%. The ex-dividend date of this dividend is Tuesday, June 4th. Suncor Energy’s payout ratio is currently 35.86%.

Suncor Energy Company Profile

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.