Suncor Energy Maintains Buy Rating from Goldman Sachs Following Q2 Results; Price Target Kept at US$44.00
11:33 AM EDT, 08/05/2022 (MT Newswires) -- Goldman Sachs on Friday reiterated its buy rating on the shares of Suncor Energy (SU.TO, SU) and its US$44.00 price target after Canada's No.1 oil producer and refiner reported second-quarter results near expections.
"SU reported 2Q2022 CFPS (diluted) of C$3.79, which came in slightly below GS estimates at C$3.88 and a touch above company-compiled consensus at C$3.72," the investment bank noted. "Adjusted EPS of C$2.70 came in below GS at C$2.83, but above company compiled consensus at C$2.66. Production for the quarter was 720 Mboe/d, which was slightly above GS expectations of 710 Mboe/d, but below company-compiled consensus expectations of 729 Mboe/d. We note the company reduced its 2022 production guidance from 750-790 Mboe/d to 740-760 Mboe/d (GS published at ~750 Mboe/d), and also raised its 2022 capex guidance from C$4.7 bn to C$4.9-C$5.2 bn (GS current published 2022 spend of ~C$5.1 bn) to reflect inflationary pressures, West White Rose, and increased turnaround/maintenance spend."
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Price: 39.25, Change: -0.21, Percent Change: -0.53