|Bid||17.20 x 1800|
|Ask||17.36 x 1000|
|Day's range||16.86 - 17.41|
|52-week range||9.61 - 34.56|
|Beta (5Y monthly)||1.70|
|PE ratio (TTM)||7.55|
|Forward dividend & yield||0.60 (3.40%)|
|Ex-dividend date||03 Jun 2020|
|1y target est||42.83|
Suncor announced today that it has priced an offering of US$450 million in aggregate principal amount of senior unsecured notes due on May 15, 2023 (the “2023 Notes”) and US$550 million in aggregate principal amount of senior unsecured notes due on May 15, 2025 (the “2025 Notes” and, together with the “2023 Notes”, the “Notes”). The offering is expected to close on May 13, 2020, subject to customary closing conditions. Suncor intends to use the net proceeds from the sale of the Notes to repay short-term indebtedness and for general corporate purposes.
Thank you for standing by and welcome to the Suncor Energy First Quarter 2020 Financial Results Call. With me this morning are Mark Little, President and Chief Executive Officer; and Alister Cowan, Chief Financial Officer.
CALGARY, Alberta, May 06, 2020 -- Suncor held its Annual General Meeting in Calgary today. A total of approximately 1.16 billion shares (approximately 76.05% of outstanding.
Suncor Energy (SU) delivered earnings and revenue surprises of 21.05% and -31.90%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?
CALGARY, Alberta (AP) _ Suncor Energy Inc. (SU) on Tuesday reported a first-quarter loss of $2.63 billion, after reporting a profit in the same period a year earlier. The Calgary, Alberta-based company said it had a loss of $1.72 per share. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 19 cents per share.
The COVID-19 pandemic and the associated rapid demand reduction and the crude oil supply shock as a result of the OPEC+ production decisions are expected to keep crude oil prices lower for at least the next 12-24 months. In order to maintain the financial health and resiliency of the company to navigate the current market conditions, the company has reduced operating costs by $1 billion (10%) compared to 2019 levels. In addition, we have reduced 2020 capital expenditures by $1.9 billion (33%) compared to the original 2020 plan.
Canada's second-largest oil and gas producer produced a total of 739,800 barrels of oil equivalent per day (boepd) in the first quarter, down from 764,300 boepd a year ago. Suncor cut its 2020 capital budget to a range of C$3.6 billion to C$4.0 billion, a C$400 million reduction at mid‑point compared to the previous guidance and about 33% compared to the original plan.
Unless otherwise noted, all financial figures are unaudited, presented in Canadian dollars (Cdn$), and have been prepared in accordance with International Financial Reporting Standards, specifically International Accounting Standard 34 Interim Financial Reporting as issued by the International Accounting Standards Board. References to Oil Sands operations exclude Suncor Energy Inc.’s interests in Fort Hills and Syncrude. CALGARY, Alberta, May 05, 2020 (GLOBE NEWSWIRE) -- “The COVID‑19 pandemic has led to an unprecedented decline in demand for transportation fuels and a significant oversupply of crude oil resulting in a substantial decline in crude oil prices,” said Mark Little, president and chief executive officer.
While major activities at Suncor Energy's (SU) principal projects are likely to reflect on its Q1 upstream results, weak year-over-year refining margins might have dampened its downstream units.
Teck Resources (NYSE: TECK), one of Canada's largest and most diversified miners, looked to move into the oil space to further increase its diversification. Although its massive Fort Hills oil sands project managed to stay alive through the last deep energy market downturn, the COVID-19-related oil plunge may be more than Teck and its Fort Hills partners can handle. In the fourth quarter of 2019, Teck's energy business had a gross profit margin of just 1%.
CALGARY, Alberta, April 27, 2020 -- Suncor will release its first quarter financial results on May 5, 2020 before 8:00 p.m. MT (10:00 p.m. ET). A webcast to review the first.
Petro-Canada, a Suncor business, is contributing $3 million to help meet the needs of Canadians and their communities. Over the coming days and weeks, at Petro-Canada locations across the country, our associates and their teams will acknowledge Canadians, who are supporting all essential work, through small acts of kindness. From fuel discounts, to meals, showers, or a small token of appreciation for our customers, these gestures are our way to say Thank You to all Canadians who are doing their part during this time of COVID-19.
Suncor announced today that its upcoming Annual General Meeting (AGM) will be held in a virtual-only format in light of public health concerns regarding COVID-19. Suncor believes in safety above all else. The decision to move to a virtual meeting was made in response to the recent health measures enacted by the federal and provincial governments, and to protect the health and safety of Suncor’s shareholders, employees, directors and other stakeholders.
Suncor announced today that it will issue $1.25 billion of senior unsecured Series 7 Medium Term Notes due on April 9, 2030 (the “Notes”). Suncor intends to use the net proceeds from the sale of the Notes to repay short-term indebtedness and for general corporate purposes. Pending any such use of the net proceeds, Suncor will invest the net proceeds in bank deposits and short-term marketable securities.
The Zacks Analyst Blog Highlights: TC Energy, Imperial Oil, Suncor Energy, Canadian Natural Resources and Kinder Morgan
Suncor Energy (SU) trimmed its 2020 capital spending guidance by nearly 26% due to an unexpected drop in oil prices and bleak global demand on account of the coronavirus outbreak.
Suncor released a corporate update today, including revised 2020 corporate guidance for capital, operating costs and production outlook, reflecting the significant decline in the crude oil price and uncertainty surrounding the economic impact of COVID-19. “Our business model and financial strategy are designed to withstand volatile environments.” Suncor’s business model is built on long life, low decline assets and capturing the full value of the barrel through integration.
Canadian oil producers, already under stress before this month, now face deeper spending cuts and possibly a wave of consolidation due to the twin shocks of the global spread of coronavirus and the Saudi-Russia oil price war. The TSX energy index has dropped 57%, showing the strain on producers in the world's fourth-biggest oil supplying country since the price war began and the coronavirus pandemic slashed global energy demand. On average, a Canadian oil sands producer can generate enough cash to operate with a U.S. benchmark West Texas Intermediate (WTI) price of $37.30 a barrel, according to CIBC analyst Jon Morrison.
Canada's Syncrude oil sands facility has declared force majeure after a fire on Sunday at the plant and told customers it will reduce production by about 20%, sources familiar with the matter said. Syncrude is a joint venture majority-owned by Suncor Energy Inc, with minority stakes held by Imperial Oil Ltd and others. The facility upgrades thick bitumen to light oil.
CALGARY, Alberta, Feb. 27, 2020 -- Suncor has filed its 2019 Annual Report, 2019 Annual Information Form and 2020 Management Proxy Circular. To view the company’s annual.
The Zacks Analyst Blog Highlights: TOTAL, BP, ConocoPhillips, Suncor Energy and National Oilwell Varco