Analyst Roger Read from Wells Fargo maintained a Buy rating on Suncor Energy and keeping the price target at C$60.00.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Roger Read has given his Buy rating due to a combination of factors including revised earnings expectations and favorable commodity prices. The adjustments in Suncor Energy’s oil sands production volumes and the actual commodity prices for the second quarter have led to an increase in the earnings per share estimates, which supports the positive outlook.
Additionally, the company’s financial performance, with an expected adjusted cash flow from operations of approximately $2.58 billion in the second quarter, further reinforces the Buy rating. Other considerations include the stability of downstream estimates and the progress in operational efficiencies, which are in line with the company’s guidance.
Read covers the Energy sector, focusing on stocks such as EOG Resources, EQT, and Ovintiv. According to TipRanks, Read has an average return of 0.0% and a 50.20% success rate on recommended stocks.
In another report released on July 8, RBC Capital also maintained a Buy rating on the stock with a C$65.00 price target.