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Suncor Likely to Achieve 2017 Target Despite Syncrude Fire
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Canadian energy giant Suncor Energy Inc. (SU - Free Report) recently declared that production at Syncrude oil sands project is on track and will meet the target set for 2017. The declaration was undoubtedly reassuring for investors as oil production at the facility was offline for two weeks.
On Mar 14, 2017, a fire broke out at the Mildred Lake oil-sands upgrader, followed by an explosion after a pipeline leaked near one of its two hydrotreating units. The blast seriously injured one worker. Suncor expects the pipeline shipments of treated oil to resume at up to 50% capacity in April.
Suncor’s guidance for 2017, issued on Nov 17, 2016, stated that the company will produce between 680,000 barrels of oil and 720,000 barrels of oil per day. The company plans to produce 150,000–165,000 barrels of oil per day from Syncrude. The company has 54% stake in the Syncrue oil-sands mining complex.
Despite the disruption at Syncrude, we believe that Suncor is poised to meet its targeted production owing to robust output from the other oil-sands and offshore assets.
Although a large section of Syncrude’s employees returned to the workplace, Imperial Oil Limited (IMO - Free Report) issued a statement saying that there are currently no shipments of synthetic crude from the operation. Imperial Oil provides management services under contract at Syncrude and owns 25% of the mining complex.
About The Company
Suncor is a world leader in mining and extracting crude oil from the vast oil-sands deposits of northern Alberta. The company also explores for, develops and markets natural gas. Moreover, it operates a refining and marketing business in Ontario, and is actively involved in the development of renewable energy sources. The company is headquartered at Calgary, Canada.
Price Performance
In the last six months, Suncor’s shares have outperformed the Oil and Gas – Integrated – Canadian Industry. During this period, the company’s shares appreciated 9.24%, while the industry witnessed an increase of only 5.48%.
Zacks Rank and Stocks to Consider
Suncor currently has a Zacks Rank #3 (Hold). Some better-ranked companies from the oil and energy space include Cenovus Energy Inc. (CVE - Free Report) and Antero Resources Corporation (AR - Free Report) . Both these companies sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
In the current quarter, Cenovus Energy is estimated to witness year-over-year sales growth of 96%. The company had an average positive surprise of earnings of 74.89% in the last four quarters.
Antero Resources is likely to see year-over-year sales growth of 11.01% in the current year. The company had a positive average surprise of earnings of 239.10% in the last four quarters.
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Suncor Likely to Achieve 2017 Target Despite Syncrude Fire
Canadian energy giant Suncor Energy Inc. (SU - Free Report) recently declared that production at Syncrude oil sands project is on track and will meet the target set for 2017. The declaration was undoubtedly reassuring for investors as oil production at the facility was offline for two weeks.
On Mar 14, 2017, a fire broke out at the Mildred Lake oil-sands upgrader, followed by an explosion after a pipeline leaked near one of its two hydrotreating units. The blast seriously injured one worker. Suncor expects the pipeline shipments of treated oil to resume at up to 50% capacity in April.
Suncor’s guidance for 2017, issued on Nov 17, 2016, stated that the company will produce between 680,000 barrels of oil and 720,000 barrels of oil per day. The company plans to produce 150,000–165,000 barrels of oil per day from Syncrude. The company has 54% stake in the Syncrue oil-sands mining complex.
Despite the disruption at Syncrude, we believe that Suncor is poised to meet its targeted production owing to robust output from the other oil-sands and offshore assets.
Although a large section of Syncrude’s employees returned to the workplace, Imperial Oil Limited (IMO - Free Report) issued a statement saying that there are currently no shipments of synthetic crude from the operation. Imperial Oil provides management services under contract at Syncrude and owns 25% of the mining complex.
About The Company
Suncor is a world leader in mining and extracting crude oil from the vast oil-sands deposits of northern Alberta. The company also explores for, develops and markets natural gas. Moreover, it operates a refining and marketing business in Ontario, and is actively involved in the development of renewable energy sources. The company is headquartered at Calgary, Canada.
Price Performance
In the last six months, Suncor’s shares have outperformed the Oil and Gas – Integrated – Canadian Industry. During this period, the company’s shares appreciated 9.24%, while the industry witnessed an increase of only 5.48%.
Zacks Rank and Stocks to Consider
Suncor currently has a Zacks Rank #3 (Hold). Some better-ranked companies from the oil and energy space include Cenovus Energy Inc. (CVE - Free Report) and Antero Resources Corporation (AR - Free Report) . Both these companies sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
In the current quarter, Cenovus Energy is estimated to witness year-over-year sales growth of 96%. The company had an average positive surprise of earnings of 74.89% in the last four quarters.
Antero Resources is likely to see year-over-year sales growth of 11.01% in the current year. The company had a positive average surprise of earnings of 239.10% in the last four quarters.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020. Click here for the 6 trades >>