CA - Suncor: Long-Term Potential But Its Stock May Be Range-Bound For A While
2024-06-25 10:00:59 ET
Summary
- Suncor's stock price is currently range-bound, in correlation with the oil market, trading at $30-$40/share, as oil trades in the $60-$90/barrel range.
- In the shorter term there is a great deal of global oil supply/demand balance uncertainty, which could cause the market to sink, or break past the upside of the range.
- For the longer term, Suncor is a must-own for me, due to its ample upstream reserves, and production increase potential, within a world that is seeing dwindling oil exploration results.
- I plan to hold within the current range of $30-$40/share, sell incrementally once the price rises above $40/share, and buy in case it drops below $30/share while maintaining a significant position in Suncor stock for the foreseeable future.
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Suncor: Long-Term Potential, But Its Stock May Be Range-Bound For A While