Zacks upgraded shares of Suncor Energy (NYSE: SU) from an underperform rating to a neutral rating in a report released on Friday. Zacks currently has $35.00 target price on the stock.
Zacks’ analyst wrote, “We are upgrading our recommendation on Suncor Energy to Neutral from Underperform. For the July-September period, the company topped our earnings estimate, but lagged in the revenue front. Suncor is characterized by a robust portfolio of growth projects, unique asset base and lucrative returns. Looking ahead, the company will gain from its oil-weighted production mix and strong on-going in situ operations. A robust balance sheet and advanced technological applications also add to the positive aspects of Suncor. With these factors adequately reflected in the valuation, we expect the company to perform in line with the broader market and hence advice investors to hold on to the stock. “
A number of other firms have also recently commented on SU. Analysts at Macquarie raised their price target on shares of Suncor Energy from $40.00 to $43.00 in a research note to investors on Monday, November 5th. They now have an outperform rating on the stock. Separately, analysts at National Bank raised their price target on shares of Suncor Energy from $43.00 to $45.00 in a research note to investors on Friday, November 2nd. Finally, analysts at Raymond James raised their price target on shares of Suncor Energy from $37.00 to $38.00 in a research note to investors on Friday, November 2nd. They now have an outperform rating on the stock.
Suncor Energy traded down 1.59% on Friday, hitting $32.84. Suncor Energy has a 52-week low of $25.95 and a 52-week high of $37.37. The company has a market cap of $50.287 billion and a price-to-earnings ratio of 10.69.
Down 84c on some volume seems illogical.