Barclays Maintains an 'Overweight' on Suncor Energy (SU); 3Q11 Preview: Expect C$0.79
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Price: $68.42 +0.71%
Rating Summary:
15 Buy, 8 Hold, 0 Sell
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Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
15 Buy, 8 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Barclays maintains an 'Overweight' on Suncor Energy (NYSE: SU) price target maintained at CAD 48.00.
Barclays analyst says, "We fine-tune our 3Q11, 4Q11, and 2012 EPS estimates to reflect mark-to-market on our commodity price deck as well as updates to Syncrude production."
"Upstream: Earnings are expected to be C$918 million or C$18.8/boe, up 29%
sequentially and 39% y-o-y. Total production is expected to be 542 mboe/d (000's boe/d), up 16% q-o-q and down 13% y-o-y. We forecast 3Q11 oil sands sales at 369 mboe/d, up 33% from 2Q11 and 12% from the year-ago level...Downstream: We expect downstream earnings at C$478 million, compared to C$313 million in 2Q11 and C$140 million in 3Q10. Refinery throughput is expected to be 487 mb/d, up 13% q-o-q and down 1% y-o-y...Our 3Q11 estimate excludes FX loss related to debt revaluation. Our estimate, however, assumes no hedging losses/gains for this quarter and a C$180 million FIFO inventory pre-tax loss in the R&M segment, or C$0.08/share."
For more ratings news on Suncor Energy click here and for the rating history of Suncor Energy click here.
Shares of Suncor Energy closed at $33.31 yesterday.
Barclays analyst says, "We fine-tune our 3Q11, 4Q11, and 2012 EPS estimates to reflect mark-to-market on our commodity price deck as well as updates to Syncrude production."
"Upstream: Earnings are expected to be C$918 million or C$18.8/boe, up 29%
sequentially and 39% y-o-y. Total production is expected to be 542 mboe/d (000's boe/d), up 16% q-o-q and down 13% y-o-y. We forecast 3Q11 oil sands sales at 369 mboe/d, up 33% from 2Q11 and 12% from the year-ago level...Downstream: We expect downstream earnings at C$478 million, compared to C$313 million in 2Q11 and C$140 million in 3Q10. Refinery throughput is expected to be 487 mb/d, up 13% q-o-q and down 1% y-o-y...Our 3Q11 estimate excludes FX loss related to debt revaluation. Our estimate, however, assumes no hedging losses/gains for this quarter and a C$180 million FIFO inventory pre-tax loss in the R&M segment, or C$0.08/share."
For more ratings news on Suncor Energy click here and for the rating history of Suncor Energy click here.
Shares of Suncor Energy closed at $33.31 yesterday.
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