Suncor Energy Received its Third Buy in a Row

By Jason Carr

Suncor Energy (TSX: SU), the Materials company, has been an analyst favorite lately as another research firm gave the stock a Buy rating today. Analyst Dennis Fong from Canaccord Genuity rated Suncor Energy (TSX: SU) a Buy, setting a C$52 price target.

According to TipRanks.com, Fong is a 4-star analyst with an average return of 10.9% and a 53.4% success rate. Fong covers the Basic Materials sector, focusing on stocks such as Athabasca Oil Corporation, Whiting Petroleum Corp, and Freehold Royalties Ltd.

Currently, the analyst consensus on Suncor Energy is Strong Buy and the average price target is C$49.31, representing a 14.5% upside.

In a report issued on May 15, Scotiabank also maintained a Buy rating on the stock with a C$47 price target.

The company has a one year high of C$44.90 and a one year low of C$33.49. Currently, Suncor Energy has an average volume of 2.86M.

Suncor Energy, Inc. is an integrated energy company, which develops petroleum resource basins. Its activities include oil sands development, and upgrading, onshore and offshore oil and gas production, petroleum refining, and product marketing. It operates through the following segments: Oil Sands, Exploration & Production and Refining & Marketing. The Oil Sands segment refers to the operations in the Athabasca oil sands in Alberta to develop and produce synthetic crude oil and related products through the recovery and upgrading of bitumen from mining and in situ operations. The Exploration and Production segment includes offshore activity in East Coast Canada the exploration and production of crude oil and natural gas in the United Kingdom, Norway, Libya, and Syria, and exploration and production of natural gas and natural gas liquids in Western Canada. The Refining and Marketing segment is the refining of crude oil products, and the distribution and marketing of these and other purchased products through retail stations located in Canada and the United State, as well as a lubricants plant located in Eastern Canada. The company was founded on August 1, 2009 and is headquartered in Calgary, Canada.

The company’s shares closed last Thursday at $43.07, close to its 52-week high of $44.90.