Tudor, Pickering, Holt on Thursday reiterated its hold rating on the shares of Suncor Energy (SU.TO, SU) with a C$62.00 price target after the oil producer and refiner released 2025 guidance.
"Headline 2025 guidance ranges are in-line with consensus across the board. In Upstream, 810-840mboepd guidance for production compares to TPHe/Street 845/835, with better OSM expectations vs. our model at guidance of 765-785mbopd vs. TPHe/Street 765 (Street 784 on sales), offset by E&P guidance of 45-55mboepd vs. TPHe 61 (Street 56). The growth in upstream is consistent with the company's plan to add >100mbopd between 2023 and 2026. In Downstream, 435-450mbpd of total throughput guidance is ~in-line vs. TPHe/Street 445/443. On capex, the 2025 budget of C$6.1-6.3B compares to TPHe/Street C$6.29B/C$6.25B, with lighter-than-expected OSM vs. our model at guidance of C$4.175-4.250B vs. TPHe $4.360B offsetting slightly higher spending plans in both E&P (C$725-775MM vs. TPHe C$709MM) and downstream (C$1.175-1.250B vs. TPHe C$1.115B)," 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)
Price: 53.06, Change: -1.00, Percent Change: -1.85
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