Post by
mariorizzi on Apr 23, 2022 12:15pm
Share Repurchases for Suncor
Looking at SEDI.CA you can see the share repurchases by Suncor this year
January - 5.7 million shares repurchased
February - 5.4 million shares repurchased
March - 10.5 million shares repurchased
April - Number will be released next week
So, in Q1 the company has repurcahsed about 21.7 million shares, representing about 1.5% of the outstanding, for a total investment of over $600 million CAD.
Notice that as the price of oil increased in March, the company actually doubled their daily purchases. I expect that April will show a further 10 million shares repurchased.
These are massive numbers and the company is using the huge free cash flow provided by high oil prices to return money to shareholders at a high rate. This is also shows that the company believes their shares to be undevalued (I agree) and that the market is not fully understanding the significance of a massive North American based oil producer in these times of global uncertainty and war.
In my opinion, shares can actually double from here on any catalyst. And more importantly, downside risk seems to be very minimal.
Good luck.
Comment by
Bigbear7405 on Apr 25, 2022 11:30am
The are getting close to being under the 1.4 billion mark, which is a solid accomplishment.
Comment by
mariorizzi on Apr 25, 2022 11:37pm
That would approximately be a reduction of 200 million shares since 2018, or about 13% of the outstanding share count at the time. Fundamentals are much better now, cash flow is huge, and even if the economy goes south, the trouble in eastern europe should keep oil prices relatively high and stable. This stock is going a lot higher.
Comment by
NPCexe on Apr 26, 2022 12:12am
The immediate threat though is low economic activity which may translate into poor energy demand