2024-04-29 05:01:50 ET
Summary
- Suncor Energy stock is still attractive despite trading near a 52-week high.
- It trades at ~10x FWD P/E only, yet offers many profit catalysts.
- I expect increases in oil prices, improved capacity utilization rates, and contributions from recent acquisitions and capital improvement projects.
Suncor Energy: Still attractive near 52-week high
In 2023, Shark Tank’s Kevin O’Leary made the following comments about energy stocks:
“I love energy. Everybody hates energy… Go where people hate it. Energy is the driving pivot.” O’Leary said. “The cash flow, the distribution… that sector is looking golden right now.”
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Suncor Energy: Still Not Too Late To Buy