Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SUNCOR ENERGY INC. We currently have 46 research reports from 1 professional analysts.
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SUNCOR ENERGY INC
SUNCOR ENERGY INC
Commodity Price Update – Impact on Integrateds, Large Cap E&P, Oilsands
28 Sep 16
3Q16e WTI prices look set to average ~US$44.50/bbl vs. our $50.00/bbl prior estimate. We have also reduced our 4Q16e WTI forecasts by US$5.00 to US$50.00/ bbl, but left our 2016e+ oil & gas price deck largely unchanged. For the second time in three months we are increasing our forecasts for Canadian refined product premiums relative to New York Harbor.
ISSUING C$1.0 BILLION IN NOTES - MORE DRY POWDER, OR MERELY OPPORTUNISTIC FINANCING?
08 Sep 16
Suncor announced it will issue C$1.0 billion of senior unsecured notes, consisting of C$700 mm of 2026 notes (3.00% coupon priced at $99.751) and $300 mm of 2046 notes (4.34% coupon priced at $99.900), and noted the intent is to use the proceeds to repay some of its existing short-term indebtedness.
SUNCOR BUYS 30% STAKE IN UNDEVELOPED UK ROSEBANK FIELD
09 Aug 16
Suncor announced that it is acquiring a 30% non-operated interest in the Chevron-operated Rosebank project, offshore UK. Suncor will pay US$50 mm, plus additional consideration of US$165 mm should the project get sanctioned and Suncor choose to participate.
2Q16 CFPS $0.58/SHARE BEATS EXPECTATIONS
27 Jul 16
Market Impact: Positive. Cash flow of $0.58/share handily beat expectations, as Oil Sands cash costs were not as high as we had guessed, and refining margins were better than we had modeled, partially due to FIFO. There was no cost update for Fort Hills, but first oil is now targeted for year-end 2017 instead of the fourth quarter, due to delays caused by the forest fires. 2016 guidance is unchanged
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
Opuama production restarts
21 Feb 17
Eland has confirmed the successful restart of exports from OML 40 through the new shipping alternative that it has implemented. Sales from the export terminal are expected imminently, re-establishing cash generation for Eland. Cash at YE16 was US$11.1m which has since reduced to US$5.9m, mainly reflecting initial operating expenses for the shipping alternative. While it is early days, Eland has demonstrated its ability to restart exports and production from OML 40 following the shut-down of the Forcados terminal a year ago. Production to date is averaging around 7kbd and we expect that to ramp up as Opuama operational performance improves. At US$55/bbl Brent, we estimate Eland is generating a net cash margin of around US$25/bbl. We reiterate our Buy recommendation and 95p per share Target Price.
Small Cap Breakfast
24 Feb 17
GBGI—Schedule One update from integrated provider of international benefits insurance. Raising £32m at 150p. Admission expected tomorrow. Anglo African Oil & Gas— Admission expected early March. Acquiring stake in producing near offshore field in the Republic of the Congo. Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb.
Operating update and shareholder activism
15 Feb 17
December and January have seen the emergence of shareholder activism at Bowleven (BLVN), bringing its strategy and management into greater focus. Its largest shareholder (Crown Ocean Capital, COC) evolved from being a supportive shareholder to voting against a number of resolutions at the December AGM, to recently calling for the widespread removal of the board and a radically different company structure. Operationally, the company reports that a new development concept is under review by the stakeholders in Etinde, where production would be piped to existing gas processing facilities in Equatorial Guinea. Such a solution would (if approved) require significantly less capex and could be brought online relatively quickly vs other solutions (fertiliser, FLNG, gas to power). We leave our valuation largely unchanged, save for a revision to cash holding to reflect the recent operational update. Our new core NAV is 49p/share.