Canaccord Genuity Believes Suncor Energy (SU) Still Has Room to Grow
In a new note to investors yesterday, an analyst has provided a rating update for the Materials sector company, Suncor Energy (TSX: SU). Analyst Dennis Fong from Canaccord Genuity reiterated a Buy rating, with a C$58 price target.
“We expect Fort Hills to show Q3/18 net production of ~90 MBbl/d above the upper end of guidance of ~70 MBbl/d. Looking forward to Q4/18, Suncor is now targeting 90% average net production of ~95 Hills, more closely in line with our estimate of ~100 MBbl/d.”
Fong has an average return of 14.5% when recommending Suncor Energy.
According to TipRanks.com, Fong is ranked #459 out of 4826 analysts.
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Suncor Energy has an analyst consensus of Strong Buy, with a price target consensus of C$54.33.
Based on Suncor Energy’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of C$8.81 billion and net profit of C$789 million. In comparison, last year the company earned revenue of C$7.82 billion and had a net profit of C$1.35 billion.
Suncor Energy, Inc. is an integrated energy company, which develops petroleum resource basins. Its activities include oil sands development, and upgrading, onshore and offshore oil and gas production, petroleum refining, and product marketing.
The company’s shares closed on Thursday at C$52.52, close to its 52-week high of C$53.43.