SUNCOR ENERGY INC. $30 - Toronto symbol SU

SUNCOR ENERGY INC. $30 (Toronto symbol SU; Conservative Growth Portfolio, Resources sector; Shares outstanding: 1.5 billion; Market cap: $45.0 billion; Price-to-sales ratio: 1.1; Dividend yield: 1.7%; TSINetwork Rating: Average; www.suncor.com) has cancelled its $11-billion Voyageur oil sands upgrader project, which would have converted the tar-like bitumen into a lighter form of oil that is easier to pump through pipelines to refineries. The company cancelled Voyageur because a lack of new pipeline capacity is hurting oil prices and the project’s economic viability.

As part of this decision, Suncor paid $515 million to Total SA for its 49% stake in Voyageur. The price is equal to 11% of the $4.9 billion, or $3.16 a share, that Suncor earned in 2012. Buying back this stake will make it easier for Suncor to use some of Voyageur’s equipment at its other oil sands projects.

Suncor is still a buy.

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Value Stocks

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One of the sweetest and most profitable pleasures of successful investing is to buy high-quality “value stocks” (or stocks that are reasonably priced, if not cheap, in relation to its sales, earnings or assets), then hold on to them as mainstream investors recognize the value and push up the share price.

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