Streetview: Suncor rises on strong production, cash returns
** Canada's second-largest oil producer, Suncor Energy SU.TO rises ~1.3% to C$54.08 after reporting Q1 2024 results in previous session
** Reported adj. operating earnings of C$1.41/shr for the quarter ended March 31 vs. ests of C$1.29/shr - LSEG data
** Company highlighted that upstream production hit record in Q1, while oil sands output hit all-time high
FREE CASH FLOW AND PRODUCTION BOOST RESULTS
** TPH Energy Research (PT: C$55, "hold") says company's FCF beat, driven by better-than-expected capex, should drive outperformance in the session
** TD Cowen ("hold") raised PT to C$52 from C$50, sees strong operational performance and execution of RoC commitment
** Eight Capital (PT: C$56, "neutral") noted that "while upstream prices and refining margins are strong this quarter, Q2 is a turnaround-heavy quarter for both the upstream and downstream operations, and as a result, we see a temporary operational dip in Q2"
Reporting by Seher Dareen in Bengaluru
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