Topic: How To Invest

Dividend Advisor Hotline – Friday, November 4, 2022

Article Excerpt

SUNCOR ENERGY INC., $48.70, Toronto symbol SU, remains 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 3.9%. Suncor has now agreed to buy a 21.3% stake in the Fort Hills oil sands project held by Teck Resources Ltd. (Toronto symbol TECK.B) That will lift Suncor’s total interest in the Northern Alberta development to 75.4%. France’s TotalEnergies holds the remaining 24.6% stake in Fort Hills but plans to spin off its Canadian oil sands assets, including Fort Hills, as a separate company to trade on the Toronto Stock Exchange. TotalEnergies aims to complete the spinoff in mid-2023. Suncor will pay $1 billion for Teck’s stake. It will also…