Analysts say the stock is being weighed down by a checkered operational track record compared with its rivals, including a fire that resulted in an injury at a refinery last month and fatal accidents in the last two years. Suncor also cut its production guidance at its Fort Hills oil sands mine in 2021 after finding slopes in the mine were not stable.
Rafi Tahmazian, a senior portfolio manager with Calgary-based Canoe Financial, said the stock was hurt by the company’s decision to slash its dividend during the pandemic, though it has since raised the payout back to 2019 levels.
“The market is looking for proverbial leadership” from Suncor, Tahmazian said.
Suncor has lagged even smaller oil sands names like MEG Energy Corp., which is up more than 270% since the beginning of 2021. “You’re being compared against all ships rising,” Tahmazian said.
In an effort to boost performance, Calgary-based Suncor said Monday…
