Suncor Energy, Inc. [NYSE: SU] gained 0.90% or 0.31 points to close at $34.76 with a heavy trading volume of 5805016 shares. The company report on March 7, 2024 at 1:05 PM that Fort McKay First Nation and Suncor Energy to Partner on Prospective Oil Sands Development Opportunity on Reserve Lands.
Calgary, Alberta–(Newsfile Corp. – March 7, 2024) – Fort McKay First Nation (FMFN) and Suncor (TSX: SU) (NYSE: SU) today announced the signing of a Memorandum of Understanding (MOU) on a prospective oil sands lease development opportunity on Fort McKay reserve lands in the Regional Municipality of Wood Buffalo and respectively Fort McKay First Nation Traditional Territory. Building on decades of collaboration, the announcement marks a significant milestone for FMFN, a leader in working with industry to create opportunities for its people while safeguarding the environment, and in Suncor’s Journey of Reconciliation.
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“With this agreement, we are creating the conditions for sustainable prosperity, growth and health for our Nation for generations to come, while leading the way on protecting our land and water,” says Chief Raymond Powder of Fort McKay First Nation. “We will bring our values of stewardship and care to this opportunity. In doing so, we are charting a new path for economic development on our lands.”.
The daily chart for SU points out that the company has recorded 1.25% gains over the past six months.
If we look at the average trading volume of 4.38M shares, SU reached to a volume of 5805016 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying about Suncor Energy, Inc. [SU]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for SU shares is $38.57 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on SU stock is a recommendation set at 2.10. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
TD Securities have made an estimate for Suncor Energy, Inc. shares, keeping their opinion on the stock as Hold, with their previous recommendation back on September 28, 2023. The new note on the price target was released on September 18, 2023, representing the official price target for Suncor Energy, Inc. stock.
The Average True Range (ATR) for Suncor Energy, Inc. is set at 0.69, with the Price to Sales ratio for SU stock in the period of the last 12 months amounting to 1.24. The Price to Book ratio for the last quarter was 1.37, with the Price to Cash per share for the same quarter was set at 1.01. Price to Free Cash Flow for SU in the course of the last twelve months was 9.57 with Quick ratio for the last quarter at 0.88.
Trading performance analysis for SU stock
Suncor Energy, Inc. [SU] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 1.52. With this latest performance, SU shares gained by 7.82% in over the last four-week period, additionally plugging by 1.25% over the last 6 months – not to mention a rise of 3.11% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for SU stock in for the last two-week period is set at 61.61, with the RSI for the last a single of trading hit 62.73, and the three-weeks RSI is set at 59.77 for Suncor Energy, Inc. [SU]. The present Moving Average for the last 50 days of trading for this stock 32.92, while it was recorded at 34.68 for the last single week of trading, and 32.10 for the last 200 days.
Suncor Energy, Inc. [SU]: A deeper dive into fundamental analysis
Suncor Energy, Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.88 and a Current Ratio set at 1.44.
Suncor Energy, Inc. [SU]: An earnings per share (EPS) analysis
With the latest financial reports released by the company, Suncor Energy, Inc. posted 1.02/share EPS, while the average EPS was predicted by analysts to be reported at 0.97/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 5.20%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for SU. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Suncor Energy, Inc. go to -5.92%.
An analysis of Institutional ownership at Suncor Energy, Inc. [SU]
The top three institutional holders of SU stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in SU stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in SU stock with ownership which is approximately 5.8325%.
