What Motivated Suncor Energy (SU) Stock To Climb In Pre-hour Trading?

Shares of Suncor Energy Inc. (SU) have gained 6.16% in premarket trading at $24.30. SU stock lost -3.30% to close the previous session at $22.89. SU stock recorded a trading volume of 8.67 million shares, which was slightly below the daily average of 7.45 million shares. Despite advancing -1.17% in the last five days, Suncor Energy shares have gained 9.52% over the last month.

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SU stock value increased 14.91% over the last three months and has gained 90.75 percent so far this year. The SU stock is currently trading at a price to earnings ratio of 28.33. Furthermore, its price to cash flow ratio is 36.03 as well as its price to sales ratio of 1.35. SU stock is gaining in pre-hours sessions following release of its financials and increase in dividend.

SU’s encouraging results:

Suncor Energy is Canada’s driving coordinated energy organization, with a worldwide group of more than 30,000 individuals. SU’s tasks incorporate oil sands improvement, creation and updating, seaward oil and gas, petrol refining in Canada and the US, and its public Petro-Canada retail circulation organization (presently including its Electric Highway organization of quick charging EV stations). Part of Dow Jones Sustainability files, FTSE4Good and CDP, SU is mindfully creating oil assets, while beneficially growing an environmentally friendly power portfolio and propelling the progress to a low-discharges future.

A bounce in crude oil costs from pandemic-driven lows helped Suncor Energy on Wednesday to post a second quarter profits as opposed to the year-earlier loss.

The financial highlights of SU results:

  • In the third quarter of 2021, SU’s operating earnings increased from the same quarter prior year loss of $338 million or $0.22 per common share to $1.043 billion or $0.71 per common share.
  • SU has posted net earnings of $877 million in the third quarter of 2021, compared to a net loss of $12 million in the third quarter of last year.
  • In the reported quarter, SU generated $2.641 billion from operations compared to $1.166 billion in the third quarter of 2020.
  • Total upstream production for Suncor increased from 616,200 boe/d in the third quarter of 2020 to 698,600 boe/d in the third quarter of 2021.

SU increased its dividend:

In light of the strength of the company and confidence in its strategy, the Board of Directors has approved the reinstatement of Suncor Energy (SU)’s dividend to 2019 levels in a bid to increase shareholder returns. Restoring the $0.42 per share dividend to shareholders of record on December 3, 2021, is a 100% increase over the $0.21 per share dividend previously paid.