Tudor, Pickering, Holt on Wednesday maintained its buy rating on the shares of Suncor Energy (SU.TO, SU) with a C$66.00 price target following first-quarter results from the oil producer and refiner.

"Suncor put up another strong quarter across-the-board which TPHe should support relative outperformance today. Headline Q1'25 metrics included beats on AFFO ($3.05B vs. TPHe/Street $2.95B/$2.91B; C$2.46/shr vs. TPHe/Street C$2.38/$2.37), which net of better-than-expected capex (C$1.15B excl. capitalized interest vs. consensus C$1.29B), drove a beat on FFO (C$1.90B vs. consensus C$1.62B). On Upstream ops, 853mboepd beat TPHe/Street 842/844, though numbers were revised lower across the Street heading into the print and Oil Sands production of 791mbpd printed in-line with TPHe 791. The delta vs. our model was driven almost entirely by E&P volumes, with Atlantic Canada featuring strong performance in the Hebron and Terra Nova fields (the latter being risked into the print due to an unplanned downtime). On Downstream ops, 483mbpd throughput came in well north of TPHe/Street 445/458. From a shareholder returns standpoint, the company returned C$1.5B during the quarter (C$750MM buybacks, C$705MM dividends).," analyst Jeoffrey Lambujon 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)

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