Scotiabank Downgrades Suncor Energy to Hold

By Carrie Williams

Suncor Energy (TSX: SU), the Materials sector company, has received a rating update from a Wall Street analyst yesterday. Scotiabank’s analyst Jason Bouvier expressed some doubt about the stock, as it was downgraded to Hold with a C$47 price target.

Bouvier has an average return of 13.4% when recommending Suncor Energy.

According to, Bouvier is ranked #3297 out of 4570 analysts.

Suncor Energy has an analyst consensus of Strong Buy, with a price target consensus of C$49.56.

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 2.63M.

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 Friday at $41.25.