Stockwatch Energy Oil sands giant Suncor Energy Inc. (SU), up $1.00 to $46.86 on 12.3 million shares, plans to release its third quarter financials on Wednesday after the close and hold a conference call on Thursday morning. Today it got a helping hand from RBC analyst Greg Pardy, who released a boosterish research note in advance of the financials. He expects the company to report production of 720,000 barrels a day and free cash flow of $2.6-billion. The analyst reiterated his "outperform" rating on the stock and his price target of $55.
It is, as ever, worth noting the ties between the object of Mr. Pardy's boosterishness, Suncor, and the firm that signs Mr. Pardy's paycheques, RBC. They forged another link just last week, when Suncor agreed to buy Teck Resources' 21.3-per-cent interest in the Fort Hills oil sands project for $1-billion. RBC is acting as a financial adviser in the transaction. Unsurprisingly, Mr. Pardy is a fan of the deal, calling it a "strategically sound move ... at a good price."