Global travel has plummeted, and so have oil demand and prices.
Suncor is playing more defensive as the company struggles to cope with record low crude prices. U.S. jobs data on Friday showed “we’re not out of the woods as it seemed maybe a month ago.”Oil options markets have also turned more bearish. The layoffs will take place throughout the organization and will be a combination of layoffs, voluntary buyouts and early retirement.Suncor’s spokesperson Sneh Seetal said that the company was already implementing measures to improve its cost structure that would have led to a smaller workforce over time. Payable Sept. 25; for shareholders of record Sept. 5; ex-div Aug. 31. (See SU stock analysis on TipRanks)“We believe that the company should trade at a modest premium vis-à-vis [its] peer group given its downstream integration and balance sheet liquidity, partly offset by mixed operational performance” states RBC Capital analyst Greg Pardy. Because of the possibility of human or mechanical error by Mergent's sources, Mergent or others, Mergent does not guarantee the accuracy, adequacy, completeness, timeliness or availability or for the results obtained from the use of such information. Though I see a lot of ifs for Suncor stock to reach the pre-pandemic levels, a big discount of over 61% and the scope for recovery make it an attractive investment at the current levels. 5 Stocks Under $49 (FREE REPORT). “Trump testing positive for the virus is a slap in the face for all the people who thought that the Covid situation was going to be a thing of the past.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P. SU: What does Argus have to say about SU? In the U.S., South Dakota set records in virus-related cases and deaths, and average daily virus cases in New York City are at the highest since June.There are “concerns about Covid causing a second wave of demand slowdown,” said Michael Lynch, president of Strategic Energy & Economic Research. Get the latest Suncor Energy Inc. (SU) stock news and headlines to help you in your trading and investing decisions. Reproduction of such information in any form is prohibited. Suncor Energy goes ex-dividend on Sep. 1 Suncor Energy (NYSE: SU) will start trading without C$0.29 quarterly dividend declared on July 28.
Payable March 25; for shareholders of record March 4; ex-div March 2. Suncor Energy (NYSE:SU) posted lower than expected Q4 earnings but said it would increase its quarterly dividend by 11% to C$0.465/share. Helpful articles on different dividend investing options and how to best save, invest, and spend your hard-earned money. After increasing its stake recently, Berkshire owns about $224 million in Suncor stock, but it's still one of the company's smaller … Suncor Energy pays out -42.77% of its earnings out as a dividend. Significant erosion in demand and higher supply weighed heavily on energy companies, including Suncor. Click to subscribe to real-time analytics on SU, Now read: Enterprise Products Partners: Slower Growth But Strong Prospects Ahead », Enterprise Products Partners: Slower Growth But Strong Prospects Ahead ». As the massive selloff in Suncor Energy stock eroded significant value, I believe it’s time to invest in beaten-down sectors like energy, which has not participated in recovery rally to generate stellar returns in the medium to long term. But Suncor's dividend hike reassures analysts such as Scotiabank's Jason Bouvier, who says the increase and extension of the stock buyback program up to C$2B are a testament to the company's sustainable business model. Payable March 25; for shareholders of record March 4; ex-div March 1. U.S. House Speaker Nancy Pelosi said negotiations on a new stimulus with the White House will press ahead. Further, a lot will depend on the coordination among OPEC+ nations to actively manage the prices and the oil market. “We understand that if oil prices and margins rebound, SU can grow back the dividend, and the decision to cut was made out of an abundance of caution.”. Find the latest dividend history for Suncor Energy Inc. Common Stock (SU) at Nasdaq.com. Deepen your understanding of Responsible Investing.
Russia raised its crude and condensate production last month, while Saudi Arabia’s oil exports jumped to a four-month high in September.Governments around the world are struggle to control the spread of the virus. Byrne expected Suncor to further cut capex (which occurred) and reassess its dividend in July. Suncor’s dividend reduction comes on the back of Royal Dutch Shell Plc’s actions in lowering its payout to shareholders for the first time since at least the Second World War. ... Suncor Energy- (SU)-operates as an integrated energy company in Canada. While Trump is experiencing mild symptoms, the diagnosis adds another degree of uncertainty to a market reeling from a resurgence of the global pandemic from New York to London.Meanwhile, U.S. job gains slowed in September and many Americans quit looking for work, further underscoring the shaky state of the economy. Payable June 25; for shareholders of record June 4; ex-div June 1. Dividend Capture Avg Days for Stock Price Recovery, Schlumberger, Suncor Energy and Halliburton Cut Dividend, Suncor Energy Inc. Cuts Dividend By 55% Amid COVID-19 Crisis, Permian Basin Royalty Trust Decreases Dividend by 31.58%, Home Depot Leads 213 Securities Going Ex-Dividend This Week, Critical Facts You Need to Know About Preferred Stocks, Earn More With Dividend Stocks Than With Annuities for Your Retirement. Suncor Energy (NYSE:SU) declares CAD 0.465/share quarterly dividend, a 10.7% increase from prior dividend of CAD 0.420. Stay up to date with timely dividend news. I consent to receiving information from The Motley Fool via email, direct mail, and occasional special offer phone calls. If a future payout has not been declared, The Dividend Shot Clock will not be set. Before it's here, it's on the Bloomberg Terminal. Motley Fool Canada's market-beating team has just released a brand-new FREE report revealing 5 "dirt cheap" stocks that you can buy today for under $49 a share. Payable June 25; for shareholders of record June 4; ex-div June 3. The glimmer of hope comes from the sharp recovery in China and the unlocking process in India. Current as of October 5, 2020. 12.10 0.00 (0.00%)After hours: 7:32PM EDT, Subscribe to Premium to view Fair Value for SU, Suncor Energy will layoff about 10%-15% of its employees due to a significant drop in oil prices, the impact of the pandemic and continued market volatility.Canada-based Suncor Energy (SU) had a total workforce of about 13,000 at the end of 2019. Investors have turned bullish on these two dividend-paying large cap companies, resulting in heavy trading volumes in the month of August. Payable Dec. 22; for shareholders of record Dec. 1; ex-div Nov. 30.
Fixed income news, reports, video and more. Annualized Dividend is a standard in finance that lets you compare companies that have different payout frequencies. Investors with a medium- to long-term investment horizon could consider buying Suncor stock at the current levels, as even with a protracted pace of recovery, it’s likely to deliver substantial gains in three to four years. Fool contributor Sneha Nahata has no position in any of the stocks mentioned.
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