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Suncor Energy Inc. (NYSE: SU) Stock Forecast: By 2023, Bulls Expect $48.84 Per Share

In today’s recent session, 1.08 million shares of the Suncor Energy Inc. (NYSE:SU) have been traded, and its beta is 1.30. Most recently the company’s share price was $29.21, and it changed around $0.08 or 0.27% from the last close, which brings the market valuation of the company to $37.84B. SU at last check was trading at a discount to its 52-week high of $42.72, offering almost -46.25% off that amount. The share price’s 52-week low was $26.42, which indicates that the recent value has risen by an impressive 9.55% since then. We note from Suncor Energy Inc.’s average daily trading volume that its 10-day average is 4.36 million shares, with the 3-month average coming to 4.84 million.

Suncor Energy Inc. stock received a consensus recommendation rating of an Overweight, based on a mean score of 2.10. If we narrow it down even further, the data shows that 0 out of 19 analysts rate the stock as a Sell; another 0 rate it as Overweight. Among the rest, 8 recommended SU as a Hold, whereas 11 deemed it a Buy, and 0 rated it as Underweight. Suncor Energy Inc. is expected to report earnings per share of $0.88 for the current quarter.

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Suncor Energy Inc. (NYSE:SU) trade information

Instantly SU has been showing a green trend so far today with a performance of 0.27% on intraday trading today. The performance over the last five days has remained in the green territory. The rise to weekly highs of 29.49 on Tuesday, 05/23/23 increased the stock’s daily price by 0.95%. The company’s shares are currently down -7.94% year-to-date, but still up 2.03% over the last five days. On the other hand, Suncor Energy Inc. (NYSE:SU) is -2.21% up in the 30-day period. We can see from the shorts that 17.18 million shares have been sold at a short interest cover period of 3.8 day(s).

The consensus price target as assigned by Wall Street analysts is $38.67, which translates to bulls needing to increase their stock price by 24.46% from its current value. Analyst projections state that SU is forecast to be at a low of $31.04 and a high of $48.84. In order for the stock price to hit the forecast high, the stock would need to plunge -67.2% from its current level, while the stock would need to crash -6.26% from its current level to reach the projected low.

Suncor Energy Inc. (SU) estimates and forecasts

Suncor Energy Inc. share prices are performing particularly well not compared to other companies within the same industry. As is evident from the statistics, the company’s shares have fallen -16.97 percent over the past six months and at a -42.37% annual growth rate that is well below the industry average of -19.30%. Moreover, analysts have decided to roll up on their fiscal year 2023 revenue estimates. The rating firms predict that it will loss -56.40% in revenue this quarter, and will report a decrease of -31.70% in the next quarter. The year-over-year growth rate is expected to be -12.30%, down from the previous year.

Consensus estimates provided by 3 financial analysts predict the company will bring in an average of $8.85 billion in revenue for the current quarter. 4 analysts expect Suncor Energy Inc. to make $8.09 billion in revenue for the quarter ending Sep 2023. The company’s sales for the same quarters a year ago were $12.15 billion and $11.12 billion respectively. Analysts predict that the company’s current quarter sales will drop, forecast at -27.20%. Forecasts for the next quarter put sales growth at -27.20%.

Looking at the company’s year-over-year earnings, the past five years showed a positive earnings growth rate of 19.50%. Suncor Energy Inc. earnings are expected to increase by 136.10% in 2023, but the outlook is negative -5.54% per year for the next five years.

SU Dividends

Suncor Energy Inc.’s next quarterly earnings report is expected to be released around August 02 and August 07. The annual dividend yield of the stock is 5.34 percent and its annual dividend per share was 1.56. It is important to note, however, that the 5.34% dividend yield ratio should be regarded as a guide only, as many other factors should be taken into consideration before making any investment decision.

Suncor Energy Inc. (NYSE:SU)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 0.01% of Suncor Energy Inc. shares, and 66.72% of them are in the hands of institutional investors. The stock currently has a share float of 66.72%. Suncor Energy Inc. stock is held by 878 institutions, with Royal Bank of Canada being the largest institutional investor. By Mar 30, 2023, it held 5.73% of the shares, which is about 75.13 million shares worth $2.33 billion.

Vanguard Group, Inc. (The), with 3.78% or 49.62 million shares worth $1.54 billion as of Mar 30, 2023, holds the second largest percentage of outstanding shares.

Dodge & Cox International Stock Fund and Vanguard International Stock Index-Total Intl Stock Indx were the top two Mutual Funds as of Dec 30, 2022. The former held 27.32 million shares worth $866.83 million, making up 2.05% of all outstanding shares. On the other hand, Vanguard International Stock Index-Total Intl Stock Indx held roughly 18.02 million shares worth around $625.75 million, which represents about 1.35% of the total shares outstanding.

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