Topic: How To Invest

Dividend Advisor Hotline – Friday, November 17, 2023

Article Excerpt

SUNCOR ENERGY INC., $46.33, Toronto symbol SU, remains a buy. The company is Canada’s largest integrated oil firm, with major projects in the Alberta oil sands. It also operates four refineries (three in Canada and one in Colorado), along with 1,875 Petro-Canada gas stations. With the December 2023 payment, Suncor will raise your quarterly dividend by 4.8%, to $0.545 a share from $0.53. The new annual rate of $2.18 yields a high 4.7%. Due to recent asset sales, Suncor’s average daily oil production in the three months ended September 30, 2023, fell 4.6%, to 690,500 barrels a day from 724,100 a year earlier. In addition, the company’s benchmark price for oil sands crude fell 10.3%. As a result, revenue in the quarter declined 16.1%, to $12.64 billion from $15.06 billion. Even so, that beat the consensus forecast of $11.6 billion. Overall cash flow dropped 18.8%, to $3.63 billion from $4.47 billion. Due to fewer shares outstanding, cash flow per share declined at a slower rate of…