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Suncor Energy Inc
Symbol SU
Shares Issued 1,275,938,297
Close 2024-08-08 C$ 54.63
Market Cap C$ 69,704,509,165
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Globe says Barth keeps Suncor at "market perform"

2024-08-09 07:16 ET - In the News

The Globe and Mail reports in its Friday edition that Raymond James analyst Michael Barth continues to rate Suncor Energy "market perform." The Globe's Darcy Keith writes that Mr. Barth boosted his share target by a loonie to $52. Analysts on average target the shares at $60.55, up from $60.06 a month ago. Mr. Barth says, "New leadership at Suncor is clearly paying proverbial dividends with continued operational improvements in both the upstream and downstream business." However, Mr. Barth notes that further improvements are going to be hard-fought at the company. Mr. Barth adds: "Would we brandish bayonets and follow [CEO] Rich Kruger into battle? Absolutely. At the same time, we think his rallying cry has already adequately completed the task of resetting near-term investor expectations higher, and it's challenging for us to see how Suncor meaningfully clears these new expectation hurdles. At a minimum, we've already included significant production, refining utilization, turnaround speed/cost, and OS&G improvements in our model. ... We remain concerned about the path to base mine end-of-life and the fact that Suncor could be heading into base mine decline with leverage at the high end of the peer group range."

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