Suncor Energy Maintained at Hold at TPH After Q3 Results Top Expectations; Price Target at C$62.00

MT Newswires2024-11-13

Tudor, Pickering, Holt on Wednesday reiterated its hold rating on the shares of Suncor Energy (SU.TO, SU) with a C$62.00 price target following third-quarter results from the oil producer and refiner....

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Better-than-expected capex of C$1.47B vs. TPHe/Street C$1.65B/C$1.63B further contributed to a beat on FCF, which totaled C$2.32B vs. TPHe/Street C$1.43B/C$1.31B. On upstream operational results, 829mbopd of total upstream production compared to TPHe/Street 819/806, with oil sands the driver, coming in at 776mbopd vs. TPHe/Street 766/753; 53mboepd E&P was in-line with TPHe/Street 53/54. On downstream operational results, utilization came in well above expectations at 105% vs. TPHe/Street 98%/97%, supporting throughput of 488mbpd vs. TPHe/Street 457/450. 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