Suncor Energy Set to Release Q4 Earnings on February 3rd
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 6d ago
0mins
Should l Buy SU?
Source: seekingalpha
- Earnings Announcement: Suncor Energy is set to announce its Q4 2023 earnings on February 3rd after market close, with consensus EPS estimate at $0.75, reflecting a 40% year-over-year decline, and revenue estimate at $9 billion, indicating a 28% year-over-year drop, highlighting significant profitability challenges.
- Historical Performance Review: Over the past two years, Suncor has exceeded EPS estimates 88% of the time, while only beating revenue estimates 25% of the time, indicating considerable volatility in the company's earnings performance.
- Expectation Adjustment Dynamics: In the last three months, EPS estimates have seen five upward revisions and two downward revisions, while revenue estimates have experienced two upward revisions and one downward revision, reflecting market uncertainty regarding the company's future performance.
- Market Response and Investment Dynamics: J.P. Morgan upgraded ratings for Suncor and Chevron while downgrading ConocoPhillips and Cenovus, indicating increased market confidence in Suncor, which also announced a $1 billion medium-term note offering to enhance financial flexibility.
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Analyst Views on SU
Wall Street analysts forecast SU stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for SU is 49.83 USD with a low forecast of 41.06 USD and a high forecast of 70.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
11 Analyst Rating
7 Buy
4 Hold
0 Sell
Moderate Buy
Current: 53.130
Low
41.06
Averages
49.83
High
70.00
Current: 53.130
Low
41.06
Averages
49.83
High
70.00
About SU
Suncor Energy Inc. is a Canada-based integrated energy company. The Company's segments include Oil Sands, Exploration and Production (E&P), and Refining and Marketing. Its operations include oil sands development, production and upgrading; offshore oil production; petroleum refining in Canada and the United States; and the Company’s Petro-Canada retail and wholesale distribution networks (including Canada’s Electric Highway, a coast-to-coast network of fast-charging electric vehicle (EV) stations). The Company is developing petroleum resources while advancing the transition to a lower-emissions future through investments in lower-emissions intensity power, renewable feedstock fuels and projects targeting emissions intensity. The Company also conducts energy trading activities focused primarily on the marketing and trading of crude oil, natural gas, byproducts, refined products and power. It also wholly owns the Fort Hills Project, which is located in Alberta's Athabasca region.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Optimistic Market Outlook: Analysts suggest that catalysts in Venezuela could benefit Suncor Energy more than Petrobras, highlighting the company's increasing competitiveness in international markets, which may attract more investor interest.
- Value Investment Potential: Suncor is viewed as a value machine, with rising efficiency expected to enhance profitability further, appealing to investors seeking stable returns and potentially driving stock price appreciation.
- Rating Adjustments Impact: J.P. Morgan upgraded ratings for Suncor and Chevron while downgrading ConocoPhillips and Cenovus, reflecting increased market confidence in Suncor's future performance, which may further enhance its market position.
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- Market Reaction: Although the earnings data did not exceed market expectations, the company maintains a relatively stable financial performance, which may provide some support for investor confidence.
- Industry Context: In light of increasing uncertainty in the global energy market, Suncor's earnings performance reflects its ongoing efforts in cost control and operational efficiency, enhancing its position in the highly competitive energy sector.
- Future Outlook: As energy demand shifts and market dynamics evolve, Suncor may need to further adjust its strategy to address future challenges, ensuring sustained profitability and market share.
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- Historical Performance Review: Over the past two years, Suncor has exceeded EPS estimates 88% of the time, while only beating revenue estimates 25% of the time, indicating considerable volatility in the company's earnings performance.
- Expectation Adjustment Dynamics: In the last three months, EPS estimates have seen five upward revisions and two downward revisions, while revenue estimates have experienced two upward revisions and one downward revision, reflecting market uncertainty regarding the company's future performance.
- Market Response and Investment Dynamics: J.P. Morgan upgraded ratings for Suncor and Chevron while downgrading ConocoPhillips and Cenovus, indicating increased market confidence in Suncor, which also announced a $1 billion medium-term note offering to enhance financial flexibility.
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- Market Momentum Indicators: The RSI serves as a momentum indicator that compares a stock's strength on up days versus down days; the elevated RSI values for both VAALCO and Suncor signal potential short-term pullback risks, which investors should factor into their trading decisions.
- Investor Caution: With both stocks exhibiting overbought momentum indicators, investors should remain vigilant in pursuit of short-term gains to avoid losses due to market volatility, particularly in the context of increasing fluctuations within the energy sector.
See More
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