Topic: Growth Stocks

The Successful Investor Hotline – Friday, June 10, 2016

Article Excerpt

SUNCOR ENERGY INC., $34.38, Toronto symbol SU, is selling up to 82.2 million common shares to a group of underwriters at $35.00 a share. That will increase the total number of shares outstanding by 5%. The company will use the gross proceeds of $2.9 billion to buy an additional 5.0% stake in the Syncrude oil sands project, north of Fort McMurray, Alberta. Suncor will pay $937 million for the shares, giving it a total stake of 53.74%. The rest of the cash from the sale should help to cover the $6.0 billion to $6.5 billion that Suncor plans to spend on new oil and gas projects and upgrades in 2016. The company shut down its existing operations near Fort McMurray due to the recent wildfires. It should resume normal operations by the end of June. Due to the closure, Suncor expects its average production for all of 2016 will range between 585,000 and 620,000 barrels a day. That’s down from its earlier prediction…