Tudor, Pickering, Holt on Tuesday maintained its buy rating on the shares of Suncor Energy (SU.TO, SU) with a C$105.00 price target ahead of first-quarter results from the oil producer and refiner.

"Updating our model took our Q1'26 CFPS estimate higher to C$3.34 vs. prior TPHe/Street C$2.47/C$3.23, with markto-market factors the primary driver, more than offsetting moving pieces on ops (mainly Upstream production). At the segment level and in the context of total AFFO of TPHe C$3.95B, the key components of our build-up include TPHe C$2.94B for oil sands (TPHe 805mbopd in-line with Street, down vs. our prior 821 on sector-wide NGTL impacts and the early Feb coker outage which the company maximized in terms of elected maintenance work), C$423MM for E&P (TPHe 75mboepd production vs. prior TPHe/Street of ~60/~58 the driver of the delta in our overall production outlook), and TPHe C$1.87B (TPHe 477mbopd throughput vs. prior TPHe/Street 461/475)," analyst Jeoffrey Lambujon noted.

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