Suncor Energy Stock Rises Pre-Market On Record Operational Results: Retail Sentiment Brightens

NYSE-listed shares of Canadian integrated energy firm Suncor Energy Inc (SU) traded nearly 15% higher in Tuesday’s pre-market session after the company announced record quarterly and full-year operational results.

Suncor Energy’s upstream business posted record quarterly production of 874,000 barrels/day (bbls/d) during the fourth quarter, up 66,000 bbls/d from the same quarter a year ago. The firm’s annual production rose by 81,000 bbls/d year-over-year (YoY) to 827,000 bbls/d in 2024. This stood 17,000 bbls/d above the high-end of its guidance.

The company’s downstream business also witnessed record numbers, with quarterly refining throughput of 487,000 bbls/d, up 31,000 bbls/d YoY. Annual refining throughput also hit a record high of 465,000 bbls/d, up 44,000 bbls/d YoY.

Suncor also announced its highest-ever annual refining utilization at 100%, 5% higher than its previous best.

CEO Rich Kruger said the firm's strong operational performance supported its financial performance, enabling it to achieve the $8 billion net debt target nine months ahead of the projection outlined in the May 2024 three-year plan.

Following the disclosures, retail sentiment on Stocktwits jumped into the ‘bullish’ territory (65/100) from ‘neutral’ a week ago. The move was accompanied by high message volumes.

Suncor’s Sentiment Meter and Message Volume as of 6:44 a.m. ET on Jan. 7, 2025 | Source: Stocktwits

Last month, Suncor Energy released its 2025 corporate guidance and said it expects to grow annual upstream production to 810,000 to 840,000 bbls/d and sees increased annual refining utilization of 93% to 97%.

The company’s significant economic investments for 2025 include replacing the Upgrader 1 coke drums at the Base Plant, developing the Mildred Lake West Mine Extension and West White Rose projects, and executing the Petro-Canada retail network improvement plan.

Last week, Wolfe Research raised the firm's price target on Suncor Energy to C$71 from C$67 while keeping an ‘Outperform’ rating on the shares.

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