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Bullboard - Stock Discussion Forum SUNCOR ENERGY INC. T.SU

Alternate Symbol(s):  SU

Suncor Energy Inc is an integrated energy company. The company's operations include oil sands development, production and upgrading, offshore oil and gas, petroleum refining in Canada and the U.S. and the company's PetroCanada retail and wholesale distribution networks. The company is developing petroleum resources while advancing the transition to a low-emissions future through investment in power, renewable fuels and hydrogen. It also conducts energy trading activities focused principally on the marketing and trading of crude oil, natural gas, byproducts, refined products and power.

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SUNCOR ENERGY INC. > Question for Migraine
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Question for Migraine

Obscure1 (611) | August 11, 2022 02:30 pm

Do you think oil prices are finally going up again or is the action for the past two days just a head fake?

I added 12,900 shares of SU a couple of weeks ago for a trade.  I have been down most of the time since then but am now up a buck per share. 

Sell and take a small profit or hold?


RE:Question for Migraine

MigraineCall (1122) | August 11, 2022 03:55 pm

Going up. Might not be in a straght line, but we need to get past this summer, and into fall winter for the market to see some clarity, and continue up to where it should be, in the 50s and more. Market seems like it wants to catch up with the indexes now, and volume selling has abated.

We have some bullish news that some oil pipelines from the gulf are down due to a leak, damage from a past hurricane. Also EIA and OPEC issued bullish statements.

EIA gasoline figures last week showing a demand drop were wrong, and it corrected in this weeks numbers.

I expect a lot of these present negative issues SU has to be dealt with by then.

As I said before, I sold all my shares on the US side, and bought call options. I'm up about 25% with the currency exchange tailwinds in my favour, so a good move so far with plenty of upside left.

Holding.

Obscure1 wrote: Do you think oil prices are finally going up again or is the action for the past two days just a head fake?

I added 12,900 shares of SU a couple of weeks ago for a trade.  I have been down most of the time since then but am now up a buck per share. 

Sell and take a small profit or hold?




RE:RE:Question for Migraine

Obscure1 (611) | August 11, 2022 04:34 pm

Thanks

RE:Question for Migraine

w8asec (109) | August 11, 2022 09:04 pm

Hi Obscure;

You could consider taking your dollar profits and moving to a couple of smaller peer stocks that may have more upside potential.

CJ - debt free soon or now and paying 6.9% divy,,, increases promissed
GXE - Now debt free and giving back to shareholders @ 8.6% divy

Good luck... don't fight the tape...SU's a pooch



Obscure1 wrote: Do you think oil prices are finally going up again or is the action for the past two days just a head fake?

I added 12,900 shares of SU a couple of weeks ago for a trade.  I have been down most of the time since then but am now up a buck per share. 

Sell and take a small profit or hold?




RE:RE:Question for Migraine

MigraineCall (1122) | August 12, 2022 01:32 am

Yes, Cardinal should be a great buy right now. I almost doubled down on it as well, but I decided to wait a week more for my MEG options to mature and cash out. Share price action yesterday was flat while others soared as many were upset that they kept the dividend the same when the market expecting a boost. It has a limited float too, so the daily share price is easily pushed around. The increased divvy will likely happen next qtr now, so very good upside potential. Positive comments from Nuttall on BNN Friday may move it, as he does with other small caps.

GXE has good potential as well, but you can't margin it till it is over $3. Good to keep those under $3 in an RRSP or TFSA account, and the marginable ones in the other accounts. These need higher oil prices to really fly, but are quite tradeable now.

SU is a heavy ship. It trades like a dog, and it doesn't rise or fall as violently as many others. However, it offers a great deal of stability to an energy portfolio, and is very easy to trade on longer timeframes. It's oversold and support levels are so clearly defiined. If it would just stop walking into pointy sticks...

One needs a good mix.

w8asec wrote: Hi Obscure;

You could consider taking your dollar profits and moving to a couple of smaller peer stocks that may have more upside potential.

CJ - debt free soon or now and paying 6.9% divy,,, increases promissed
GXE - Now debt free and giving back to shareholders @ 8.6% divy

Good luck... don't fight the tape...SU's a pooch



Obscure1 wrote: Do you think oil prices are finally going up again or is the action for the past two days just a head fake?

I added 12,900 shares of SU a couple of weeks ago for a trade.  I have been down most of the time since then but am now up a buck per share. 

Sell and take a small profit or hold?