Topic: How To Invest

Dividend Advisor Hotline – Friday, July 15, 2022

Article Excerpt

SUNCOR ENERGY INC., $39.32, Toronto symbol SU, is a buy. The company is Canada’s largest integrated oil firm, with major projects in the Alberta oil sands. Suncor also operates four refineries (three in Canada and one in Colorado), along with 1,875 Petro-Canada gas stations. With the June 2022 payment, Suncor increased your quarterly dividend by 11.9%. Investors now receive $0.47 a share instead of $0.42. The new annual rate of $1.88 yields a high 4.8%. It also aims to buy back 10% of its common shares by February 7, 2023. This week, Mark Little resigned as Suncor’s CEO and from its board of directors. That was due to the death of a contractor at its oil sands project near Fort McMurray, Alberta. Since 2014, 13 employees or contractors have died in accidents at the company’s operations. That poor safety record is partly why the stock has lagged its peers despite the jump in crude oil prices. It’s also why activist investment firm Elliott Management…

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