SU

LONG

SUNCOR ENERGY INC NEW

Funds

Score

4.50

vs SPY

-22.0%

Stock return (since Q-end)

-5.7%

SPY return (since Q-end)

+16.3%

Current price

$62.36

News Summary

Positive

Suncor delivered strong Q1 2026 results with record production (875k bbls/d upstream, 498k bbls/d refining) and elevated cash generation ($2.9B free funds flow), while unveiling an ambitious 3-year plan targeting $2B incremental free funds flow, $5/bbl cost reduction, and 100k bpd production growth by 2028. The company raised share buybacks 20% to $4B for 2026 and achieved prior 2024 targets a year ahead of schedule, with analyst consensus at 'Strong Buy' and ~25% upside to $81 USD price target.

Red flags

•Q1 adjusted EPS of $1.93/share missed consensus estimate of $1.45 by ~33% (though this appears to reflect a significant upward beat; possible estimate staleness or reporting ambiguity should be clarified)
•Refinery utilization guidance revised downward from 99-102% to 90-93% due to capacity expansion, indicating lower-than-peak utilization rates going forward
•Ongoing regulatory pressure on emissions and Alberta carbon taxes pose margin risk if not fully offset by technology improvements

Funds Buying (3)

Fund	Manager	Shares Held	∆ Shares	Position Value	QoQ	Status
Elliott Investment	Paul Singer	52.7M	+52.7M	$3482.1B	—	NEW
Point72	Steve Cohen	716K	+716K	$47.3B	—	NEW
Maverick Capital	Lee Ainslie	23K	+23K	$1.5B	—	NEW

Shares Held and Position Value reflect total quarter-end holdings. ∆ Shares is the change from the prior quarter.