AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- Suncor Energy (TSX:SU) is currently among the most actively traded energy stocks on the.
- The TSX energy sector noted a growth of 3.14 per cent on Monday amid the hype around rising oil demand around the world, which saw the oil stock attract increased investor attention.
- In the last five days, Suncor stock scaled up by about 11 per cent, outperforming the TSX 300 composite index, which marked an increase of about nine per cent.
Amid rising oil prices, Suncor Energy (TSX:SU) saw its stock rise by nearly four per cent to close at C$ 26.51 per share on Monday, September 27. It also sailed high among the most actively traded energy stocks on the Toronto Stock Exchange (TSX), with a movement volume of 10.61 million at the end of Monday’s session.
The TSX energy sector noted a growth of 3.14 per cent on Monday amid the hype around rising oil demand around the world, which saw the oil stock attract increased investor attention.
With this expanded demand, is this Canadian oil company’s stock an option to explore? Let’s look into its recent performances to understand.
Also Read: Oil rises on strong demand and tight supplies
Suncor Energy Inc (TSX:SU) stock performance
Suncor Energy produces and distributes oil and gas products, wind-driven electricity, biofuel, sulphur diesel and ethanol worldwide. The company holds and operates its production assets in the east coast and western region of Canada, Norway, Libya and the United Kingdom.
In the last five days, Suncor stock scaled up by about 11 per cent, outperforming the TSX 300 composite index, which marked an increase of about nine per cent.
On a year-to-date (YTD) basis, the oil stock has risen by over 24 per cent. It also recorded an increase of about 10 per cent in the last 30 days and of over 59 per cent in the past year.
At the time of writing this, Suncor wass holding a dividend yield rate of 3.169 per cent against its quarterly dividend of C$ 0.21 per share.
Suncor Energy’s Q2 performance
In the second quarter of fiscal year 2021, Suncor’s funds from operations shot up to C$ 2.362 billion, up from that of C$ 488 million in Q2 2020.
Its operating earnings also surged to C$ 722 million in Q2 2021, as against an operating loss of C$ 1.345 million in the same quarter a year ago.
The Calgary-based firm’s upstream production rose to 699,700 boe/d in the Q2 2021, as compared to 655,500 boe/d in Q2 2020.
Also Read: Is this the best Canadian Oil & Gas stock to buy right now?
Earlier this month, on September 16, Suncor Energy signed agreements with eight indigenous communities, including three First Nations and five Metis communities, to acquire TC Energy’s ownership stake of 15 per cent in the Northern Courier Pipeline Limited Partnership.
This pipeline, which links the Fort Hills Mine to the company’s East Tank Farm, is expected to be under Suncor Energy’s asset portfolio in the fourth quarter, depending on necessary terms and conditions.
Bottom line
Following the production and operational challenges it faced during the COVID-19 pandemic, Suncor Energy appears to be on a path to recovery now.
Additionally, with the rising oil demand worldwide and concerns around a supply crunch, Suncor Energy could be one of the Canadian oil and gas stocks to keep an eye on.
