The new narrative: Suncor is backThe Q3 numbers were impressive.
The company reiterated its commitment to reducing costs, paying down debt, buying back shares, working the ESG angle, and rewarding shareholders by doubling the dividend.
All good stuff.
But the real message is that Suncor is BACK. Back to being a safe place to invest.
IMO, the key comment was the assurance that the reinstated dividend is sustainable.
Management of course added a proviso that WTI needs to stay above $55 to protect their keisters but they have to know that they have staked their reputations and thus their careers on the claim.
Shareholders and the street were unforgiving when SU slashed the dividend in May 2020 as the street has punished the company ever since. If SU cuts its dividend again in the future, there is no way that management could survive.