Dividend increase: Suncor

Article Excerpt

SUNCOR ENERGY INC. $44 (Toronto symbol SU; Cyclical-Growth Payer Portfolio, Resources sector; Shares outstanding: 1.7 billion; Market cap: $74.8 billion; Dividend yield: 3.3%; Dividend Sustainability Rating: Above Average; www.suncor.com) is Canada’s largest integrated oil company, with its major projects in the Alberta oil sands. It also owns four refineries (three in Canada and one in Colorado), along with 1,500 Petro-Canada gas stations. With the March 2018 payment, Suncor raised its quarterly dividend by 12.5%. Investors now receive $0.36 a share, up from $0.32. The new annual rate of $1.44 yields 3.3%. The company has now increased its dividend each year for the past 16 years. In 2017, Suncor also spent $1.4 billion on share buybacks. This year, it aims to repurchase up to $2.0 billion of its shares. Suncor is a buy. buy…

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