Operating earnings from the downstream unit plunged to C$49 million from the year-ago figure of C$677 million due to FIFO losses associated with the significant slump in commodity prices. However, the year-ago bottom line was a profit of 60 cents per share. This should result in the removal of travel restrictions and boost fuel demand. Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in. Victoria Hetherington | July 25, 2020 | More on: SU SU. A month has gone by since the las t earnings report for Suncor Energy (SU).

The company reiterates its capex guidance on the earnings call.The company progressed substantially in containing operating costs in the second quarter and remains on track to achieve its $1-billion operating cost-saving target by 2020 end. Another of its peers Cenovus Energy Inc (CVE) has dropped -2.92% today, but is -56.74% down over the past year.

A loss of $614 million is nothing to be sniffed at. The company incurred capital expenditure worth C$671 million in the quarter under discussion.As of Jun 30, 2020, Suncor Energy had cash and cash equivalents worth C$1.85 billion and total long-term debt of C$15.97 billion. Its total production is estimated within 740,000-780,000 BPD.The unexpected descent in oil prices and deterioration in global demand due to the novel coronavirus outbreak are taking a toll on the oil and energy players. To read this article on Zacks.com click here. Refining margin was C$34.8 a barrel compared with C$41.5 a year ago.Crude throughput came in at 447,500 Bbl/d in the fourth quarter compared with 467,900 Bbl/d in the year-ago period.
Oil Sands operations volume was 396,300 Bbl/d compared with 416,000 Bbl/d in the year-earlier quarter. On the contrary, stocks have plenty of downside. The company’s operating earnings per share of 39 cents lagged the Zacks Consensus Estimate of 50 cents, attributable to lower output contribution from Fort Hills and Syncrude operations. Suncor Energy recorded soft refined product sales in the quarter under consideration, which fell to 438,800 Bbl/d from the prior-year level of 508,100 Bbl/d due to compressed refinery utilization levels. Notably, Suncor Energy has a Zacks Rank #3 (Hold). Selling just below its book price, Suncor is cheap. Fool contributor Victoria Hetherington has no position in any of the stocks mentioned. Like us on Facebook to see similar stories, Video of fatal Illinois police shooting of Marcellis Stinnette will be released this week, mayor says, A New Website Tracks Broken McFlurry Machines, Because We've All Been Heartbroken Before. Not to alarm you, but you’re about to miss an important event. In addition, the company owns four large refineries and has a retail division that includes roughly 1,500 Petro-Canada stations. Suncor Energy reported loss in second-quarter 2020 results.

OPEC supply increased in September, according to a new Reuters report. Especially in an industry that saw its major commodity — oil — not only lose all value for a moment, but actually trade briefly for negative dollars. Today, you can download 7 Best Stocks for the Next 30 Days. Between a double-dip recession on the horizon and dwindling household savings, cashing in shares is tempting right now. Suncor posted a bigger-than-expected drop in profits in what has proven so far to be a damning Q2 across the board.
The same was but partially offset by natural declines in the United Kingdom.DownstreamOperating earnings from the downstream unit decreased to C$558 million from the year-ago figure of C$762 million due to soft refining margins. Moreover, this upstream unit recorded an operating loss of C$51 million against earnings of C$247 million in the prior-year quarter, thanks to weak price realizations and mandatory production curtailments.Notably, Fort Hills production came in at 47,300 barrels per day (BPD) in the quarter, higher than 89,300 BPD registered in the year-ago period. First of all, a recovery is baked into the market. This downside in the performance is due to lower commodity prices and reduced upstream production.

However, the year-ago bottom line was a profit of 60 cents per share.

Moreover, the company has plans to spend C$700-C$800 million on its downstream operations in 2020 while the corporate spending is assumed within C$150-C$250 million. Our team thinks these 5 stocks are critically undervalued, but more importantly, could potentially make Canadian investors who act quickly a fortune.

TSX Stocks: 2 Stars With Reliable 5% Yields, Love High Dividend Yields? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts. Lockdowns forced people to work from home over the past six months. The reduced dividend should be safe and offers a yield above 5%. A month has gone by since the last earnings report for Suncor Energy (SU). says as it announces new limits on social gatherings; Ontario reveals reasons why case numbers likely spiked, How the CRA is coming after people who got double CERB payments, Snow Plows Pass Through Colorado Springs Amid Record-Setting Cold, Oil selloff pauses, but outlook shaky on surging coronavirus cases, supply woes, Kelly Ripa Says Mark Consuelos' Bulge In Halloween Pic Is No Trick, All Treat, Suncor Energy Inc. (SU) : Free Stock Analysis Report. Suncor Energy reported loss in second-quarter 2020 results.


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