Post by
mrmomo on May 09, 2023 8:23am
Will it be enough......?
To save Suncor's stock today? I don't know......
As most of you know by now, it's earnings release day for Suncor today. Actually it was yesterday night at 8PM Eastern time lol.....and it's usually never a good thing to release earnings that late no matter where you live. But today is the day we see if the market LIKES what they hear & see from Suncor. I'm not a s/h here, only here purely for curiousity & general interests as Suncor is a bellwether of sorts for the enitre Canadian space and does provide some insights into the direction of the sector. But there are many that are SU s/h here and would be wise to follow what Suncor is doing & saying.
Taking a quick look at their earnings, briefly, it looks like they reported $1.36 and consensus was $1.32. I believe this was ALL in Canaidan bucks, but don't quote me on this as i cannot confirn that to be the case. If it is, then Sucor has satisfied the analyst's estimates, if the estimate was in us dollars, then it's a miss. Also, the accointing might play a facor here as these were quoted as stated below....
"On an adjusted basis, Suncor says its operating earnings for the first quarter were $1.81 billion, or $1.36 per common share, a 34-per-cent decrease year-over-year."
.........As i'm not sure if the estimates were on a "adjusted" basis or not. Whatever the case, i guess we will find out soon. My guess...... whatever happens today will depend on a slew of factors such as the price of WTI, the careful srcuntinization & parsing of Suncor's Q1 numbers, the continued fallout & effects of the Total/Suncor transaction, the statements made in CC by mgmt and also the impact & status of the Albertan brush fires. So it's a pretty loaded day indeed for Suncor and its holders.
But if i were to take a wild guess here, i'd say with oil prices being flat, the pressure of the Total-Suncor deal still in the air, with the added impact & uncertainty of the wild fires in Alberta should provide enough selling pressure to at least keep the stock from rising to any degree. I think the difference here, whether it a good or bad day for Suncor s/h, will be HOW investors view Q1 numbers & what Suncor mgmt say in the CC. In my opnion, the Q1 figures look ok but nothing to get to too excited about. So i'm personally expecting a down day, with the severity of that down draft depending on the severity of ALL the factors i listed above. So this could as good as a flat day for Suncor's stock to it "maybe" hitting a new 52 week low.
One thing is certain though......for a s/h, it will be a nail biting, hair pulling roller coaster ride right until the day ConocoP makes a final decision on Surmont ALONG with Suncor's subsequent reaction and if they have a PLAN B or not if things don't go their way..........
So GL to all Suncor holders.......it should be fun ride.........
GLTA
Comment by
pooltec on May 09, 2023 9:59am
With gold no question easy to manipulate the paper market. Gold only consumed with weddings and hording. Oil is used everywhere and destroyed not melted down into a gold bar to be made into rings again. Maybe manipulated for a short while until the tanker shipment is used up. Supply and demand will govern eventually price of oil.
Comment by
matt2018 on May 09, 2023 8:58am
Momo..... why so fixated on a one day stock performance of a company (SU or other)? Unless there was some major event/announcement (like the sale of the company). I don't believe anyone here has a 24hr time horizon on this investment. Do you check on the daily value of what your house is worth?
Comment by
matt2018 on May 09, 2023 9:36am
No frustrations here Momo..... But I do agree with your last paragraph.