In a report released yesterday, Lloyd Byrne from Jefferies maintained a Hold rating on Suncor Energy, with a price target of C$59.00.
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Lloyd Byrne has given his Hold rating due to a combination of factors that reflect Suncor Energy’s current performance and future outlook. The company reported a strong third quarter with cash flow per share exceeding expectations, driven by robust operational results in both its Upstream and Downstream segments. Despite this positive performance, Byrne notes that Suncor is focusing on optimizing its assets and improving turnaround times, which indicates a cautious approach to future growth.
Additionally, while Suncor has raised its guidance for fiscal year 2025, the emphasis on asset optimization and cost structure suggests that there are still challenges to be addressed. The company’s ability to push its assets harder outside of maintenance periods is a positive sign, but it also highlights the need for continued efficiency improvements. These factors combined lead to a Hold rating, as the potential for significant upside may be limited in the near term despite the company’s recent achievements.
According to TipRanks, Byrne is a 5-star analyst with an average return of 16.9% and a 54.20% success rate. Byrne covers the Energy sector, focusing on stocks such as Cenovus Energy, EQT, and Suncor Energy.