The stock of Suncor Energy Inc. (NYSE:SU) is now priced at $16.13 and the shares are 0.1 points up or 0.62% higher compared to its previous closing price of $16.03. The stock had 4.27 million contracts set over the past session. SU shares’ daily volume is compared to its average trading volume at 4.952 million shares. However, it has a float of 1520 million and although its performance was -2.95% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the SU share price recently placing at $15.7345 to $16.38. However, some brokerage firms have priced the stock below the average, including one that has called $18.66.
The shorts are running away from the Suncor Energy Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the SU shares have declined. Short interest in the stock represents just 0.63% of its float, but the volume has dropped by 0.
In the last trading session, Suncor Energy Inc. (NYSE:SU) dropped by -$0.49 over the week and gained $0.04 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $34.56. The stock recorded its established 52-week high on 01/15/20.
Since 03/18/20, the stock has traded to a low of $9.6 at 67.93%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.42. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Suncor Energy Inc.’s two-week RSI is 45.07. This suggests that the stock is neutral at the moment and that SU shares’ price movement remains stable. The stochastic readings are equally revealing at 26.48% meaning the SU share price is currently in overbought territory.
The technical chart shows that the SU stock will likely settle at between $16.43 and $16.73 per share. However, if the stock dips below $15.78, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $15.44.
Currently, the stock is trading in the red of MACD, with a reading of -0.06. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Scotiabank raised their recommendation for SU from Sector Perform to Sector Outperform in June 11 review. Evercore ISI analysts downgraded their recommendation of the stock from Outperform to In-line in a flash note released to investors on April 03. Credit Suisse seeing the improvements upgraded the stock from Neutral to Outperform on March 14.
The average rating for the SU equity is 2.1 and is currently gathering a bullish momentum. Of 10 analysts tracking Suncor Energy Inc. polled by Reuters, 2 rated SU as a hold. The remaining 8 analysts were split evenly. However, the split wasn’t equal as a majority (8) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the SU stock price is 24.7X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Suncor Energy Inc. (NYSE:SU) will increase by about 78.29%, which will see them reach $7540 million. The company’s full-year revenues are, however, expected to increase by about 16.27%, up from $25300 million to $29500 million. SU’s expected adjusted earnings should surge almost 28.21% to end up at $0.5 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 15.89% to record $1.75/share.