Topic: How To Invest

Dividend Advisor Hotline – Friday, October 13, 2023

Article Excerpt

SUNCOR ENERGY INC., $46.74, Toronto symbol SU, is a buy. The company is Canada’s largest integrated oil firm, with major projects in the Alberta oil sands. It also operates four refineries (three in Canada and one in Colorado), along with 1,875 Petro-Canada gas stations. With the December 2022 payment, Suncor raised your quarterly dividend by 10.6%, to $0.52 a share from $0.47. The new annual rate of $2.08 yields a high 4.5%. Suncor has now agreed to buy French oil producer TotalEnergies SE’s remaining Canadian operations, including its 31.23% stake in the Alberta’s Fort Hills oil sands project, for $1.47 billion. That will increase Suncor’s ownership in Fort Hills to 100%. The deal’s price tag equals 2% of Suncor’s $60.8-billion market cap. An earlier version of the agreement included TotalEnergies’ 50.0% interest in the Surmont oil sands project. However, ConocoPhillips (New York symbol COP), which owns the other 50.0% the Surmont project, exercised its right of first refusal over that portion of the sale and…