Analyst Roger Read from Wells Fargo reiterated a Buy rating on Suncor Energy (SU – Research Report) and keeping the price target at C$64.00.
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Roger Read has given his Buy rating due to a combination of factors that highlight Suncor Energy’s operational and financial strength. The company has shown exceptional performance, surpassing its targets and delivering significant shareholder returns earlier than anticipated. This robust performance is expected to continue into 2025, with Suncor focusing on efficient execution and progress towards its 2026 goals.
Additionally, Suncor’s commitment to returning 100% of excess free cash flow to shareholders underscores its strong capital management strategy. The company’s efforts to optimize its operations, improve asset utilization, and maintain high production levels further contribute to its free cash flow potential. These strategic initiatives, coupled with plans for substantial share repurchases and a growing dividend, reinforce the positive outlook for Suncor Energy’s stock.
According to TipRanks, Read is a 4-star analyst with an average return of 4.9% and a 53.61% success rate. Read covers the Energy sector, focusing on stocks such as Suncor Energy, Conocophillips, and Phillips 66.
In another report released yesterday, TD Securities also maintained a Buy rating on the stock with a C$63.00 price target.