Tudor, Pickering, Holt on Tuesday 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 fourth-quarter and annual production data.

"Positive. SU's streak of strong quarterly outperformance has continued into 2025, with yesterday's pre-release highlighting solid operational beats both in upstream and downstream. In upstream, 874mboepd total production comes in 4% / 5% above TPHe/Street 839/832mboepd, owing almost fully to oil sands vs. our model, which came in at 817mbopd, or ~5% better vs. TPHe/Street 777/778mboepd; 57mboepd E&P production was ~in-line with TPHe 58mboepd and better vs. Street 54mboepd. In downstream, 487mbpd throughput and 104% utilization bested TPHe/Street 451/450mbpd and 97% / 96%, respectively. Sensitizing our model to this brief update in isolation, leaving out mark-to-market factors, improves our CFPS estimate by ~8%, to C$2.59 vs. our prior C$2.39 and Street C$2.46. Big picture, we'd anticipate this momentum continuing into 2025 will keep SU sentiment favorable relative to integrated comps who have been struggling on execution and messaging on a relative basis within the past few updates," 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: 55.15, Change: +2.20, Percent Change: +4.15