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

Suncor Energy Inc. (NYSE:SU) (TSE:SU) announced a quarterly dividend on Wednesday, November 13th,Wall Street Journal reports. Shareholders of record on Tuesday, December 3rd will be paid a dividend of 0.4089 per share by the oil and gas producer on Tuesday, December 24th. This represents a $1.64 annualized dividend and a yield of 4.14%. The ex-dividend date of this dividend is Tuesday, December 3rd. This is an increase from Suncor Energy’s previous quarterly dividend of $0.40.

Suncor Energy has increased its dividend payment by an average of 24.3% annually over the last three years. Suncor Energy has a dividend payout ratio of 49.8% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Suncor Energy to earn $3.13 per share next year, which means the company should continue to be able to cover its $1.63 annual dividend with an expected future payout ratio of 52.1%.

Suncor Energy Price Performance

Shares of SU stock opened at $39.48 on Monday. The stock has a 50 day moving average price of $39.12 and a 200 day moving average price of $38.86. Suncor Energy has a 52-week low of $29.45 and a 52-week high of $41.94. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.04 and a current ratio of 1.59. The firm has a market capitalization of $49.67 billion, a P/E ratio of 8.60, a P/E/G ratio of 2.61 and a beta of 1.12.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on SU. TD Securities raised shares of Suncor Energy from a “hold” rating to a “buy” rating in a research note on Wednesday, August 7th. Desjardins raised shares of Suncor Energy from a “hold” rating to a “buy” rating in a research report on Thursday, November 14th. BMO Capital Markets upgraded shares of Suncor Energy from a “market perform” rating to an “outperform” rating in a research note on Wednesday, August 7th. Finally, StockNews.com raised shares of Suncor Energy from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target 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.