SUNCOR ENERGY INC. $33 (Toronto symbol SU; Conservative Growth Portfolio, Resources sector; Shares outstanding: 1.5 billion; Market cap:$49.5 billion; Price-to-sales ratio: 1.3; Dividend yield:1.6%; TSI Network Rating: A v e r a g e ;www.suncor.com) earned $1.3 billion in the quarter ended September 30, 2012. That’s down 27.2%from $1.8 billion a year earlier. Earnings fell 25.4%,to $0.85 a a share from $1.14, on fewer shares outstanding. Revenue declined 7.9%, to $9.6 billion from $10.4 billion. However, cash flow per share rose 2.9%, to $1.78 from $1.73.
Suncor shut down some of its operations for planned maintenance. As a result, its average daily production fell 2.0% in the quarter, to 535,500barrels from 546,000 a year earlier. That more than offset a 47.8% jump in earnings at its refining and marketing division (46% of total earnings).
Suncor recently opened the fourth phase of its six-phase Fire bag oil sands project. This should help it meet its production goal of 540,000 to 580,000barrels a day for all of 2012.
The company’s balance sheet remains strong. Its long-term debt of $9.4 billion is a moderate19% of its market cap. It holds cash of $5.45 billion, or$3.55 a share.
Suncor trades at a low 10.0times the $3.29 a share that it likely earned in 2012. It’s also cheap at 5.1 times its likely cash flow of $6.52 a share. The$0.52 dividend yields 1.6%.
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