Topic: How To Invest

The Successful Investor Hotline – Friday, July 22, 2022

Article Excerpt

SUNCOR ENERGY INC., $39.78, 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. This week, Suncor announced a new deal with activist investment firm Elliott Management, which owns 3.4% of the company’s shares. Under this agreement, Suncor appointed three of Elliott’s representatives to its now 13-member board of directors. All three have extensive experience in the oil extraction and mining industries. Those new directors will also help Suncor find a new CEO following the resignation of Mark Little. That was spurred by 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, which disrupted Suncor’s production, is partly why the stock has lagged its peers despite the jump in crude oil prices. The…

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