National Bank Financial on Thursday reiterated its outperform rating on the shares of Suncor Energy (SU.TO, SU) and its C$76.00 price target after the oil producer and refiner released its 2025 spending plan.
"This morning before market, Suncor formalized its 2025 budget. The company is earmarking capital spend of $6.1-6.3 billion (-3% Y/Y), to deliver annual production of 810-840 mboe/d (implied growth of +4% Y/Y) as well as refinery throughput of 435-450 mbbl/d (95% utilization at the midpoint). Overall, upstream production is slightly below our estimates of 862 mboe/d, but in line with consensus of 830 mboe/d. The delta to our estimates is largely driven by internal transfers, as well as oil sands (read: base plant) volumes," analyst Travis Wood wrote.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
Price: 53.53, Change: -0.53, Percent Change: -0.98
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