HomeTop MoversHere is why Suncor Energy Inc. (SU) stock flipped in the after-hours...

Here is why Suncor Energy Inc. (SU) stock flipped in the after-hours on Wednesday?

Suncor Energy Inc. (SU) shares gained 5.64% in after-hours on Wednesday, October 27, 2021, and closed the daily trading at $24.18. However, in the regular trading session, SU’s stock lost 3.30%. SU shares have risen 90.75% over the last 12 months, and they have moved down 1.17% in the past week. Over the past three months, the stock has gained 14.91%, while over the past six months, it has surged 5.19%.

Let’s see is there any recent news behind its turnaround on Wednesday?


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SU recent financial results announcement

On October 27, 2021, Suncor Energy Inc. (SU) announced its financial results for the third quarter of 2021 which ended on September 30, 2021.

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Q3 2021 financial highlights

  • SU operating earnings reached $1.043 billion in the third quarter of 2021 compared to an operating loss of $338 million in Q3 2020.
  • Funds from operations were $2.641 billion in the third quarter of 2021, compared to $1.166 billion in the third quarter of 2020.
  • Total operating, selling and general expenses were $2.768 billion in the third quarter of 2021, compared to $2.235 billion in the prior-year quarter.
  • It reported net earnings of $877 million or $0.59 per common share in the third quarter of 2021, compared to a net loss of $12 million or $0.01 per common share in the prior-year quarter.

SU dividend declaration

On October 27, 2021, the Board of Directors of Suncor Energy Inc. (SU) approved the dividend of $0.42 per common share from $0.21 per share, which is a 100% increase in the quarterly dividend.

SU operatorship of the Syncrude Joint Venture

On October 01, 2021, Suncor (SU) assumed operatorship of the Syncrude Joint Venture.

The arrangement, which has the full support of the Syncrude joint venture owners and was initially announced in the fourth quarter of 2020, reflects Suncor’s confidence in the Syncrude asset and is part of a multi-year strategy to improve its operational performance, efficiency and competitiveness.

SU agreement with Indigenous communities

On September 16, 2021, Suncor (SU) signed agreements with eight Indigenous communities in the Regional Municipality of Wood Buffalo (RMWB) to acquire all of TC Energy’s 15 per cent equity interest in the Northern Courier Pipeline Limited Partnership. This historic partnership includes Suncor, three First Nations and five Métis communities who will own a 15 per cent stake in this pipeline asset with a value of approximately $1.3 billion, which will provide long-term, stable revenues that will benefit the communities for decades to come.

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Conclusion

The recent financial results could be the reason behind its after-hours surge on Wednesday. Let’s see how it performs in the coming trading sessions?

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