(MENAFN- Baystreet.ca) This Top Energy Stock is Still a Good Buy Today
Suncor (TSX:SU)(NYSE:SU) is one of the largest integrated energy companies in Canada. Shares of this energy stock have climbed 8.2% in 2021 as of mid-afternoon trading on January 27. The stock has shot up 63% in the year-over-year period.
Oil and gas prices have soared in the year-over-year period. In early 2021, renewed demand powered oil and gas as the vaccination drive got well underway in the developed world. Later in the year, oil prices sustained this momentum as supply tightened. Now, prices have received a further bump due to ongoing tensions between Russia, Ukraine, and NATO allies.
Investors can expect to see Suncor's fourth quarter and full year 2021 earnings on February 2, 2022. In the third quarter of 2021, the company delivered funds from operations of $2.64 billion or $1.79 per common share – up from $1.16 billion or $0.76 per common share in the previous year. Suncor saw total upstream production jump to 698,600 barrels of oil equivalent per day (boe/d) compared to 616,200 boe/d in the previous year.
This top integrated energy company should continue to benefit from bullish conditions in this sector. Shares of Suncor currently possess a price-to-earnings ratio of 22. That puts Suncor in favourable value territory compared its industry peers. Better yet, it offers a quarterly dividend of $0.42 per share, representing a solid 4.7% yield. Investors may have missed the brief dip, but Suncor is still a good buy in late January.
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