Suncor Energy Inc T.SU

Testing $24 again

[Obscure1]

The share price dropped below $24 three times last week and each time it rebounded. 

The market often tests a limit 3 times to determine a new direction. If the limit holds, the stock may have found a bottom.  If the limit breaks, the market searches for a new low.

With WTI testing $66 again, SU is likely going to test $24 again. 

What I would like to know is whether SU will increase its purchases under its NCIB and if so, what the trigger price would be. 

SU is allowed to purchase up to 2% of the O/S shares per month which equates to 30mm shares.  They have been buying back shares at a rate of about 7mm shares per month, so they have lots of room to increase their buying.

[saintpeeter]

I keep waiting for SU to get back to the highs from a few years ago. It's so frustrating seeing a solid company stock languish. Will we ever see $40 again?

[Fishermen]

Not likely

[Wynjoe]

unfortunately,they dont have the cash to buy back shares like they should be doing and investing in green energy at the same time.Suncor is going to tank...Too many shares and too few buyers,"tarsands are done in this climate changing world....ask Greta.SELL.

[saintpeeter]

I will keep the faith. Crude is an essential commodity for the modern world, despite all the propaganda of the environmentalists and government backed grifters. Flash in the pan Greta will be a punchline in the not-too-distant future.

[Vlosun]

Oh yes they have the cash, 10M shares per month at this level, 8,5M$ per day. They  have 6-8G FCF per year next ten years. Ask Nutall. Buy

[thegreattimario]

Well they better increase their buying because nobody else is buying this junk.

[prophetoffacts]

This post has been removed in accordance with Community Policy