The stock of Suncor Energy Inc. (TSE:SU) gapped up by $0.23 today and has $58.08 target or 42.00% above today’s $40.90 share price. The 8 months technical chart setup indicates low risk for the $68.51 billion company. The gap was reported on Nov, 15 by Barchart.com. If the $58.08 price target is reached, the company will be worth $28.77 billion more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 981,744 shares traded hands. Suncor Energy Inc. (TSE:SU) has risen 11.84% since April 11, 2016 and is uptrending. It has outperformed by 7.91% the S&P500.
Suncor Energy Inc. (TSE:SU) Ratings Coverage
Out of 7 analysts covering Suncor Energy Inc. (TSE:SU), 6 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 86% are positive. $52 is the highest target while $12.50 is the lowest. The $40.05 average target is -2.08% below today’s ($40.9) stock price. Suncor Energy Inc. has been the topic of 27 analyst reports since July 31, 2015 according to StockzIntelligence Inc. Morgan Stanley maintained the shares of SU in a report on Wednesday, November 2 with “Overweight” rating. The company was maintained on Monday, June 6 by Raymond James. The stock has “Sector Perform” rating given by RBC Capital Markets on Friday, October 28. Citigroup upgraded Suncor Energy Inc. (TSE:SU) on Friday, February 12 to “Buy” rating. The stock has “Outperform” rating given by Scotia Capital on Friday, July 29. RBC Capital Markets maintained the shares of SU in a report on Friday, April 29 with “Outperform” rating.
More notable recent Suncor Energy Inc. (TSE:SU) news were published by: Cbc.ca which released: “Warren Buffett’s Berkshire Hathaway sells its stake in Suncor Energy” on November 15, 2016, also Fool.com with their article: “Better Buy: Suncor Energy Inc. vs. Phillips 66” published on November 01, 2016, Seekingalpha.com published: “Suncor: The Profitable Unconventional Oil Growth Stock” on November 15, 2016. More interesting news about Suncor Energy Inc. (TSE:SU) were released by: Business.Financialpost.com and their article: “Suncor Energy Inc sells lubricants unit to HollyFrontier Corp for $1.13 billion” published on October 31, 2016 as well as Wsj.com‘s news article titled: “Canada’s Suncor Energy Swings to Profit” with publication date: October 27, 2016.
Suncor Energy Inc. is an integrated energy company. The company has a market cap of $68.51 billion. The Firm is focused on developing Canada’s petroleum resource basin, Athabasca oil sands. It currently has negative earnings. The Firm operates in three business divisions: Oil Sands, Exploration and Production (E&P), and Refining and Marketing.
SU.TO Company Profile
Suncor Energy Inc. (Suncor), incorporated on August 1, 2009, is an integrated energy company. The Firm is focused on developing Canada’s petroleum resource basin, Athabasca oil sands. The Firm operates in three business divisions: Oil Sands, Exploration and Production (E&P), and Refining and Marketing. In addition, it explores for, acquires, develops, produces and markets natural gas and crude oil in Canada and internationally. It transports and refines crude oil, and markets petroleum and petrochemical products primarily in Canada. It also markets third-party petroleum products. Suncor conducts energy trading activities focused principally on the marketing and trading of crude oil, natural gas, power and byproducts.
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