Suncor Energy’s Board of Directors has approved a quarterly dividend of C$0.29 per share on its common shares, payable September 25, 2015 to shareholders of record at the close of business on September 4, 2015. This represents a $0.87 annualized dividend and a dividend yield of 6.20%. The average daily volume of 3,513,180 shares suggests that the days to cover 8,612,284 short positions, as on July 15,2015, will be 2.
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In reinstating the buyback, the company can get quite a nice discount on any near-term repurchases given that its stock price is now down more than 30% over the past year. The information was released by Financial Industry Regulatory Authority, Inc (FINRA) on July 24th.
Cenovus Energy (NYSE:CVE) last posted its quarterly earnings results on Wednesday, April 29th. The total inflow of $0.26 million in upticks was completely overshadowed by an outflow of $1.02 million in downticks, giving the up/down ratio a value of 0.25. The stock had a trading volume of 7,248,559 shares. Subsequent to the quarter, the company reached an agreement with TransAlta Corporation (TransAlta) to exchange Suncor’s Kent Breeze and its share of the Wintering Hills wind power facilities for TransAlta’s Poplar Creek cogeneration facilities, which provide steam and power to Suncor’s Oil Sands operations. The 52-week low of the share price is $25.11.
Investor takeawaySuncor Energy delivered a surprisingly exceptional quarter as the company’s earnings blew past analysts’ estimates. Analysts’ estimates typically exclude special items. In the near term, the target price could hit a high of $53 and a low of $ 29. Suncor Energy has a 1-year low of $24.91 and a 1-year high of $41.59. The 50-Day Moving Average price is $27.48 and the 200 Day Moving Average price is recorded at $29.56. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Moreover, the company incurred capital expenditure of C$1.6 billion in the quarter.
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There are 11 sell-side analysts covering Suncor Energy Inc. The Company is focused on developing petroleum resource basins-Canada’s Athabasca oil sands. The Company also transports and refines crude oil, and markets petroleum and petrochemical products primarily in Canada. The Company operates under three segments: Oil Sands, Exploration and Production, and Refining and Marketing. Second quarter spending also included ongoing well pad construction to maintain existing production levels at Firebag and MacKay River.
