Suncor Energy Ventures Holding Corporation – a wholly owned subsidiary of leading integrated energy player Suncor Energy Inc. (SU - Free Report) – declared that it has offered to purchase its notes, worth as high as C$1.5 billion. The plan reflects the company’s intention to lower its debt load – which is C$15 billion as per Bloomberg – and to enhance liquidity.
The to-be repurchased notes – carrying a significant elevated interest rate of 8.2% – are expected to mature between 2019 and 2042. This decision is as per Suncor Energy’s plan to maintain sufficient cash balance in its balance sheet especially in an era when oil – despite walking on the bullish path now – is way beyond the price it traded at during mid-2014. Along with increasing its cash balance, the company is dedicated in expanding operations and acquiring growth projects.
Calgary, Alberta-based Suncor Energy is Canada’s premier integrated energy company. Suncor's operations include oil sands development and upgrading, conventional and offshore crude oil and gas production, petroleum refining, and product marketing under the Petro-Canada brand. The company has surpassed the Zacks Consensus Estimate in two of the last four quarters with an average beat of 22.05%.
Our main concern is with crude prices remaining weak. Suncor Energy’s upstream division has been able to extract less value for its products and has curtailed its profit margins.
SUNCOR ENERGY Price
Currently, the company carries a Zacks Rank #4 (Sell), which implies that the stock will underperform the broader U.S. equity market over the next one to three months.
Some better-ranked players in the energy sector include Braskem S.A. (BAK - Free Report) , McDermott International Inc. and Boardwalk Pipeline Partners LP . Each of these stocks sports a Zacks Rank #1 (Strong Buy).
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Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Suncor Energy Ventures Holding Corporation – a wholly owned subsidiary of leading integrated energy player Suncor Energy Inc. (SU - Free Report) – declared that it has offered to purchase its notes, worth as high as C$1.5 billion. The plan reflects the company’s intention to lower its debt load – which is C$15 billion as per Bloomberg – and to enhance liquidity.
The to-be repurchased notes – carrying a significant elevated interest rate of 8.2% – are expected to mature between 2019 and 2042. This decision is as per Suncor Energy’s plan to maintain sufficient cash balance in its balance sheet especially in an era when oil – despite walking on the bullish path now – is way beyond the price it traded at during mid-2014. Along with increasing its cash balance, the company is dedicated in expanding operations and acquiring growth projects.
Calgary, Alberta-based Suncor Energy is Canada’s premier integrated energy company. Suncor's operations include oil sands development and upgrading, conventional and offshore crude oil and gas production, petroleum refining, and product marketing under the Petro-Canada brand. The company has surpassed the Zacks Consensus Estimate in two of the last four quarters with an average beat of 22.05%.
Our main concern is with crude prices remaining weak. Suncor Energy’s upstream division has been able to extract less value for its products and has curtailed its profit margins.
SUNCOR ENERGY Price
Currently, the company carries a Zacks Rank #4 (Sell), which implies that the stock will underperform the broader U.S. equity market over the next one to three months.
Some better-ranked players in the energy sector include Braskem S.A. (BAK - Free Report) , McDermott International Inc. and Boardwalk Pipeline Partners LP . Each of these stocks sports a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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