Suncor 3rd Q EPS = ~$2.50 TTM = ~$8.07 PE = 5.3According to Ycharts the average price of WTI Oil Q3 = $96.42, Q2 = $110.00 and Q1 = $96.62.
If you assume Suncor is an oil producer only then Q3 should = Q1. However earnings will be significantly higher Q3/Q1 because of 3 things;
- Canadian Dollar depreciation means higher realized prices in CAD $
- Less shares out
- Way higher crack spreads and high run rates due to no scheduled maintenance.
IMO Its doubtful refining margins completely make up for the lower oil revenuesQ3/Q2 though they will make up most of the shortfall. Cracks were at record highs.
The current estimate of $2.22 / share is low IMO because of the 3 reasons above.
Barring some unknown negative surprise Suncor will make around $2.50 Q3 EPS. Thats my guess. Last quarter my guess was almost bang on so now lets see.