Topic: How To Invest

Dividend Advisor Hotline – Friday, October 14, 2022

Article Excerpt

SUNCOR ENERGY INC., $43.04, 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 4.4%. Suncor has now agreed to sell its renewable power projects in Alberta and Ontario to Canadian Utilities (see below). The company will receive $730 million for these assets when it completes the sale in the first quarter of 2023. That’s equal to 1% of its $58.7-billion market cap (the total value of all outstanding common shares). The sale will let Suncor focus on other ways to reduce its greenhouse gas emissions. For example, it plans to replace the coal it uses to power the boilers at its oil sands processing…