The stock rose as much as 3.2% to hit C$56.30 in Toronto, the highest intraday price since September 2008. The shares are up about 32% this year, the fourth-best performance in the 41-company S&P/TSX Energy Index.
Suncor’s gains mark a major turnaround for a company that was a laggard of the Canadian oil industry two years ago, beset by a string of worker deaths. The poor performance prompted activist investor Elliott to demand a major shakeup of the company and ultimately resulted in the appointment of former Exxon Mobil Corp. executive Rich Kruger as CEO last year.
When Elliott launched its campaign two years ago, it held a 3.4% economic interest in Suncor. The activist now holds a 4.1% direct stake that makes it the company’s fourth-largest investor, according to data compiled by Bloomberg.
Elliott has increased its stake in Suncor because of the positive results on its performance and safety and still believes the stock…
