Suncor Energy (SU.TO) has kept its Outperform rating and C$65 price target after its fourth quarter results, RBC Capital Markets said in a Thursday note.

Suncor also remained as RBC's favorite integrated company in Canada and is part of its Global Energy Best Ideas list.

RBC said Suncor's fourth-quarter results "reinforced our confidence in its long-term outlook and capped off an exceptional year."

According to RBC, Suncor's "impressive" fourth-quarter results were punctuated by 8% lower capital spending of about $1.5 billion. This result put its annual capital investment at 2% below the lower end of its 2024 guidance.

During a conference call, RBC noted Suncor's relentless focus on fundamental blocking and tackling, running, and scoring when it comes to identifying and overcoming operating constraints.

"We believe the company should trade at an average/above-average multiple vis-a-vis our peer group given its physical integration, impressive upstream-downstream operating performance, free cash flow generation, solid balance sheet and abundant shareholder returns, partially counterbalanced by the need to address its Base mine depletion in the coming years," RBC said.

Suncor's share price was up 0.7% at last look Friday to $55.42 on the TSX.