Wells Fargo Thinks Suncor Energy’s Stock is Going to Recover

By Carrie Williams

Wells Fargo analyst Roger Read maintained a Buy rating on Suncor Energy (SUResearch Report) yesterday. The company’s shares closed last Monday at $13.52, close to its 52-week low of $9.61.

According to TipRanks.com, Read is a 1-star analyst with an average return of -3.0% and a 42.9% success rate. Read covers the Utilities sector, focusing on stocks such as Occidental Petroleum, Delek US Holdings, and Conocophillips.

Suncor Energy has an analyst consensus of Strong Buy, with a price target consensus of $22.07, implying a 59.5% upside from current levels. In a report issued on September 2, Barclays also initiated coverage with a Buy rating on the stock with a C$29.00 price target.

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Based on Suncor Energy’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $7.39 billion and GAAP net loss of $3.53 billion. In comparison, last year the company earned revenue of $10.07 billion and had a net profit of $2.73 billion.

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Suncor Energy, Inc. is an integrated energy company, which develops petroleum resource basins. Its activities include oil sands development, and upgrading, onshore and offshore oil and gas production, petroleum refining, and product marketing. The company operates through the following business segments: Oil Sands; Exploration & Production; and Refining & Marketing. The Oil Sands segment refers to the operations in the Athabasca oil sands in Alberta to develop and produce synthetic crude oil and related products through the recovery and upgrading of bitumen from mining and in situ operations. The Exploration and Production segment includes offshore activity in East Coast Canada the exploration and production of crude oil and natural gas in the United Kingdom, Norway, Libya, and Syria, and exploration and production of natural gas and natural gas liquids in Western Canada. The Refining & Marketing segment is the refining of crude oil products and the distribution & marketing of these and other purchased products through retail stations located in Canada and the United State, as well as a lubricants plant located in Eastern Canada. The company was founded in 1917 and is headquartered in Calgary, Canada.