Topic: How To Invest

The Successful Investor Hotline – Friday, August 9, 2024

Article Excerpt

SUNCOR ENERGY INC., $54.48, Toronto symbol SU, is 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 over 1,800 Petro-Canada gas stations. Suncor’s average daily oil production in the three months ended June 30, 2024, rose 3.9%, to 770,600 barrels a day from 741,900 a year earlier. That gain was mainly due to record quarterly production at its Fort Hills and Firebag oil sands properties. The higher output, combined with rising crude oil prices, lifted Suncor’s revenue in the quarter by 11.3%, to $13.04 billion from $11.72 billion. That beat the consensus forecast of $12.74 billion. Thanks to better efficiency and lower operating costs, overall cash flow improved 27.9%, to $3.40 billion from $2.66 billion. Due to fewer shares outstanding, cash flow per share rose 30.5%, to $2.65 from $2.03. That topped the consensus estimate of $2.28. The company still expects to…