CIBC Capital Markets on Monday reiterated its outperformer rating on the shares of Suncor Energy (SU.TO, SU) and its C$110.00 price target ahead of the May 5 release of the oil producer and refiner's first-quarter results.

"We estimate Q1/26 production of 862 MBoe/d and CFPS of $3.23, vs. consensus of 868 MBoe/d and $3.29, respectively. We expect the impact from the natural gas outage on oil sands production to be largely offset by the company's ability to transfer barrels between assets. On the downstream side, we expect the company to continue showing strong market capture, with FIFO/LIFO gains of at least $500 million. The company repurchased $823 million of shares during Q1/26, and we expect full-year share buybacks to be approximately $4 billion. The company hosted an Investor Day focusing on growth of 100 MBbl/d by 2028, a decrease of the WTI dividend breakeven to US$38, and prudent capital allocation including increased FCF generation and returns to shareholders," the investment bank noted.

(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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