Topic: How To Invest

Dividend Advisor Hotline – Friday, May 13, 2022

Article Excerpt

SUNCOR ENERGY INC., $46.92, Toronto symbol SU, remains a buy. The company is Canada’s largest integrated oil firm, with major projects in the Alberta oil sands. Suncor also operates four refineries (three in Canada and one in Colorado), along with 1,875 Petro-Canada gas stations. Suncor is now increasing your quarterly dividend by 11.9%. Starting with the June 2022 payment, investors will receive $0.47 a share instead of $0.42. The new annual rate of $1.88 yields a high 4.0%. It also aims to buy back 10% of its common shares by February 7, 2023. Meantime, Suncor’s average daily oil production in the three months ended March 31, 2022, fell 2.5%, to 766,100 barrels a day from 785,900 a year earlier. That’s mainly because harsh winter weather disrupted production at its oil sands projects. Recent asset sales also hurt its production. However, the company’s average realized price for oil sands crude jumped 80.7%. As a result, revenue in the quarter rose 55.4%, to $13.49 billion from…