Canaccord Genuity said they're maintaining a "Buy" on Suncor Energy Inc. (NYSE:SU), updating their production numbers.
"September oil sands production (ex-Syncrude) averaged 264 MBbl/d. This number came in lower than the 285 MBbl/d we had been expecting ... Nonetheless, the production level is still positive. Had the U2
upgrader turnaround and the planned maintenances at Firebag and MacKay River not taken place, we estimate September ex-Syncrude oil sands production would have averaged approximately 310 MBbl/d. This is still a strong number. The MacKay and Firebag maintenances have been completed and the U2 work is a six-week turnaround that started in early September. For Suncor to meet the low and midpoint of this year’s annual guidance, which remains at 280 MBbl/d (+/-5%), production would need to average 260 to 315 MBbl/d for the remaining three months," said Canaccord.
Suncor closed last week at $34.61, gaining $1.10 on Friday, or 3.28 percent. Canaccord has a price target of 43 on the company.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment