Planned expansion and maintenance projects should help the company increase earnings after a difficult 2020 marked by low oil prices, COVID-19, and a recent fire at one of its properties.
A dividend cut will also help conserve cash as the company anticipates improved results in 2021.
SUNCOR ENERGY INC. (Toronto symbol SU; www.suncor.com) is Canada’s largest integrated oil firm, with major projects in the Alberta oil sands. Investors also gain exposure to Suncor’s four refineries (three in Canada and one in Colorado), along with 1,500 Petro-Canada gas stations.
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Suncor has now repaired the damage caused by a recent fire at its oil sands property in Fort McMurray, Alberta. However, it will take several weeks before the site returns to full production.
The company also plans to re-start that portion of its Fort Hills oil sands project it shut down earlier this year due to low oil prices. The company owns 54.11% of the northern Alberta project; the other partners are Teck Resources with 21.31% and Total SA with 24.58%.
With this expansion, Suncor’s share of Fort Hills’ output will range from 60,000 to 65,000 barrels a day for all of 2020 compared to its earlier forecast of 55,000 to 65,000 barrels.
In all, the company now expects to produce between 680,000 and 710,000 barrels of oil per day for all of 2020. That’s down from its earlier forecast of 740,000 to 780,000 barrels a day. However, the expansion of Fort Hills and recent maintenance projects should increase its profits in 2021.
To conserve cash in response to the COVID-19 pandemic and falling crude oil prices, Suncor cut the quarterly dividend by 54.8%. Starting with the June 2020 payment, investors now receive $0.21 a share instead of $0.465. The new annual rate of $0.84 yields a still-high 5.3%.
Due to the recent cut, Suncor’s dividend has now declined by an average 5.6% annually over the last 5 years. The company’s TSI Dividend Sustainability Rating remains Average.
SECTOR ROTATION: WE have had buy the health T.EXE ,buy the Financals T.TD,buy UtilitiesT.AQN technology,Buy industrials T.CNR.T.CP, buy the materialsT.POT,buy the energy T.SU There are only (10)sectors
I can see why the buy signal there has been weeks and weeks of (SHORT)accumulation picking up the public selling ,JUNE ,JULY,AUGUST,SEPTEMBER2020.No rush to get in short covering does not mean that the stock is bullish!
it’s nothing new if you were an portfolio manager what would you put in your portfolio,I think I would fill my portfolio with the stocks that has the greatest appeal to the investor.
Can I suggest to add, next to the price of the shares at the time of writing the analysis, the price of the shares one year earlier. It would instantly permit to see the direction in which the share has evolved in the last year. Thanks for looking to integrate this suggestion in your approach to inform your clients.
Thanks for your suggestion. Note that you can quickly look at a chart of any stock you are wondering about — and that would give you not only the year-ago price, but also the 5-year, 10-year, and so on trends, as well as the 52-week high and more.
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SECTOR ROTATION: WE have had buy the health T.EXE ,buy the Financals T.TD,buy UtilitiesT.AQN technology,Buy industrials T.CNR.T.CP, buy the materialsT.POT,buy the energy T.SU There are only (10)sectors
I can see why the buy signal there has been weeks and weeks of (SHORT)accumulation picking up the public selling ,JUNE ,JULY,AUGUST,SEPTEMBER2020.No rush to get in short covering does not mean that the stock is bullish!
looking at the Chart T.SU looks like the specialist’s now have the stock /inventory to rally PRICES!
Thanks for your opinion on this Successful Investor recommendation.
it’s nothing new if you were an portfolio manager what would you put in your portfolio,I think I would fill my portfolio with the stocks that has the greatest appeal to the investor.
strong buy. T.ADX
Thanks for your view on Advantex Marketing International.
Can I suggest to add, next to the price of the shares at the time of writing the analysis, the price of the shares one year earlier. It would instantly permit to see the direction in which the share has evolved in the last year. Thanks for looking to integrate this suggestion in your approach to inform your clients.
Thanks for your suggestion. Note that you can quickly look at a chart of any stock you are wondering about — and that would give you not only the year-ago price, but also the 5-year, 10-year, and so on trends, as well as the 52-week high and more.