Chasing the Suncor share buy-back dragon. Apparently when you smoke opium you end up always trying relive the first sensation though can never succeed. It’s called chasing the dragon.
Likewise many investors got hooked on Suncor when they were buying back a million shares a day in May &June last year when the price put on $10 and went to $53. Personally I have been trying to relive that sensation though Suncor switched to paying off large amounts of debt (good) rather than continue buying large amounts of shares.
Now, finally, we have reached Q2. Many billions have been paid back with substantial money also yet to arrive due to the now many divestitures. Suncor has been promising for some time now this is when 75% of excess (free) cash will be dedicated to buying back shares only.
If oil prices rise Suncor's income rises increasing buyback money. Shares are dirt cheap and Suncor should be on the bid for up to a million shares a day. It should be a virtual circle.
Suncor has a long history of broken promises so cavaet emptor.