Suncor Energy (SU.TO) retained its Outperform rating and C$65 price target ahead of the May 6 release of its first-quarter results, RBC Capital Markets said in a Monday note.
In summary, RBC RBC sits 4% below the Street consensus on AFFO/share and "a touch" below on production, while 8% below on capital spending (at low-end of the range).
RBC expects Suncor to book operating earnings of $1.21 per share, compared to the Street estimate of $1.22. Adjusted funds from operations were projected at $2.27 per share, below the Street forecast of $2.37 per share.
Also, RBC expects Suncor to report production of 835,600 barrels per day (bbl/d), compared to the Street expectation of 844,000 bbl/d.
Capital spending was estimated at $1.18 billion, compared to the Street forecast of $1.29 billion.
RBC said Suncor remains its favorite integrated producer and the company is part of its Global Energy Best Ideas list.
Suncor traded 0.6% lower at last look to $49.07 on the TSX.
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