Suncor Energy, Inc. (SU) saw growth in the second quarter as evidenced by net earnings of $829 million, beating last year’s $738 million. The company’s earnings per share are expected to grow by 10% over the next 3 – 5 years, which is ahead of the industry average of 8%.

Company Description

Suncor Energy is an integrated energy company strategically focused on developing one of the world’s largest petroleum resource basins, Canada’s Athabasca oil sands.

Growth in the Second Quarter

In late July, Suncor posted net earnings of $829 million, beating last year’s $738 million.

The company noted that the growth in earnings was primarily due to improved price realizations on oil sands products as benchmark crude prices rose to historically high levels, and strong results from natural gas operations.

“A combination of a very cold winter, unplanned maintenance issues and tight bitumen supply made for a difficult start to the year,” said Rick George, president and chief executive officer. “Going forward, we’ll be focused on getting our oil sands operations running at steady and reliable rates. At the same time, we’ll continue work to realize the full benefit of our current and planned expansions.”

Suncor’s earnings per share are expected to grow by 10% over the next 3 – 5 years, which is ahead of the industry average of 8%.

Analysts are Bullish

Four out of seven covering analysts issued upward revisions of full-year earnings estimates. Current forecasts of $4.06 stands above last month’s $3.77. The most accurate projections is a more bullish $4.22.

Income in Addition to Growth

On July 23, the company declared a dividend of 5 cents per share, which is payable September 25 to shareholders of record as of September 4. SU is yielding 0.4% right now.

Content Courtesy: Zacks Investment Research

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