Q4 financials were slightly behind the Street in a volatile quarter. We view the misses on pricing and opex as likely being one-offs. With a 17% dividend bump, SU is now yielding 3.8%. At the strip, we estimate 2019e FFO exceeding capex and the new dividend by $2.5B. Go-forward estimates relatively unchanged. TP up $1.00 to $47.00/share. HOLD.
07 Feb 2019
SU – 4Q18 sees dividend up 17%, NCIB up $2.0B
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SU – 4Q18 sees dividend up 17%, NCIB up $2.0B
Suncor Energy Inc. (SU:TSE) | 0 0 (-0.3%) | Mkt Cap: 69,601m
- Published:
07 Feb 2019 -
Author:
Michael P. Dunn -
Pages:
11
Q4 financials were slightly behind the Street in a volatile quarter. We view the misses on pricing and opex as likely being one-offs. With a 17% dividend bump, SU is now yielding 3.8%. At the strip, we estimate 2019e FFO exceeding capex and the new dividend by $2.5B. Go-forward estimates relatively unchanged. TP up $1.00 to $47.00/share. HOLD.