Posts for Ticker ‘SU’

Soros Fund Holdings

Yesterday Soros Fund Management Filed a 13-F outlining the fund’s long portfolio as of September 30th, 2009.  The total value of the holdings reported in the filing is $6,198,089.  Twenty holdings represented roughly 50% of the value.  Soros Fund Management is a hedge fund management company that invests primarily based on macroeconomic analysis.  It should be noted that the fund’s equity portfolio likely contains significant short positions, which are not reported in 13-F filings.  Some of the positions in the filing may be in place as hedges or part of a multi-part trade, rather than a directional bet.  With that in mind, a glance at this firm’s major holdings provides clues to its macroeconomic outlook.  

Total stakes in Petroleo Brasileo Brasileiro (NYSE: PBR) represent 9.23% of the value of the positions reported in the filing, with just over 13 million shares held.  This is down from by 2.3 million from the fund’s last filing. Read More »

Posted on: November 17, 2009 – 10:52 am in Uncategorized, , , , , , , , , , , , , , , , , , , , ,

T. Boone Pickens & BP Updated Stock Holdings (ANR, APC, COG, CHK, CNX, DVN, FLR, FWLT, HAL, MEE, OXY, STR, SLB, SU, RIG, WFT)

Pickens PicThis morning we got to see the new equity holdings of T. Boone Pickens, via his BP Capital Management, L.P.,  as of March 31, 2009.  Some of the higher stakes look to be in Chesapeake Energy Corporation (NYSE: CHK), Devon Energy Corporation (NYSE: DVN), Suncor Energy Inc. (NYSE: SU), and Transocean Ltd. (NYSE: RIG).  Here is the full list of holdings for Pickens’ BP Capital with the implied value as of the reporting dat of March 31:

Posted on: May 15, 2009 – 11:37 am in Activist Investor, Insider Activity, Mutual Funds, Oil & Gas, , , , , , , , , , , , , , , ,

French Company Surrenders in Takeover Battle (TOT, SU, PCZ, TCK)

oil-well-image13French supermajor oil company Total SA (NYSE:TOT) has let its offer for Canada’s UTS Energy Corporation expire. Total failed to get tenders for two-thirds of UTS’s shares, and has directed the tender depositary to return all deposited common shares of UTS.
Read More »

Posted on: April 28, 2009 – 8:44 am in ADR, Mergers and Buy Outs, Oil & Gas, , , ,

Oil Sands Universe Just Got Simpler (SU, PCZ, TOT, ENY)

money-stack-image48Two of the largest players in the Canadian oil sands, Suncor Energy Inc. (NYSE: SU) and Petro-Canada (NYSE:PCZ) announced that Suncor will acquire Petro-Canada in a deal valued at $15.5 billion. Shareholders of Petro-Canada will get 1.28 shares of the new company for each share of Petro-Canada they hold, and Suncor shareholders will get one share for each share of Suncor they hold.

Read More »

Posted on: March 23, 2009 – 7:33 am in ADR, Mergers and Buy Outs, Oil & Gas, , , ,

Trouble in the Oil Sands (SU, ECA)

Yesterday’s New York Times carried a story about the commercial building boom in Calgary, Alberta. About 75% of Calgary’s office space is occupied by companies involved in extracting fossil fuels, and much of that is taken up by companies in the oil sands business.

Two of the largest players in the oil sands are Suncor Energy Inc. (NYSE:SU) and Encana Corporation (NYSE:ECA), and both are headquartered in Calgary. Encana has fully leased a 58-story office tower that is still under construction and that is finding it difficult to secure financing to complete the building.

Read More »

Posted on: January 21, 2009 – 10:30 am in Oil & Gas, ,

Analysts Downgrading Oil Patch (NOV, PDE, REP, SII, STO, SU, RIG)

Burning_money_pic_2Oil_well_imageIt is probably no huge shock that downgrades are coming more than upgrades now that oil has come down so much.  Too bad these were not the calls several months ago.  Here are some of the downgrades this Wednesday in the oil patch:

  • National Oilwell Varco (NYSE: NOV) Cut to Underweight at JPMorgan.
  • Pride International (NYSE: PDE) Cut to Underweight at JPMorgan.
  • Repsol SA (NYSE: REP) Cut to Neutral at UBS.
  • Smith International (NYSE: SII) Cut to Neutral at JPMorgan.
  • Statoil (NYSE: STO) Cut to Neutral at UBS.
  • Suncor Energy (NYSE: SU) Cut to Sector Perform at RBC.
  • Transocean (NYSE: RIG) Cut to Neutral at JPMorgan.

Jon C. Ogg
January 14, 2009

Posted on: January 14, 2009 – 7:56 am in Analyst Calls, Oil & Gas, , , , , , ,

Suncor Production Heads South (SU)

Suncor Energy Inc. (NYSE:SU) reports today that production from its oil sands operations averaged 235,000 barrels/day for December. In October, production averaged 258,000 barrels/day. Third quarter production averaged 261,000 barrels/day. This is not the direction trend lines should be going.

Read More »

Posted on: January 8, 2009 – 1:23 pm in Oil & Gas,

New Technology Could Help Oil Sands Producers (SU)

SRI Consulting published a new report on producing crude oil from western Canada’s oil sands deposits. The report concludes that "with rational engineering and prudent business decision making, grass roots tar sands projects should be economically viable at benchmark crude oil prices below US$60 a barrel."  This brings about good news and bad news for the Canadian Oil Sands sector.

This is a pretty big deal, especially with benchmark crude prices inthe low $40/barrel range. For example, in the 2008 third quarter,Suncor Energy Inc. (NYSE:SU) reported that its projected operatingcosts per barrel had increased to $36.50/barrel.

Read More »

Posted on: December 18, 2008 – 11:03 am in Oil & Gas,

Top Pre-Market Analyst Upgrades & Downgrades (DVN, ECA, STR, RSG, APC, AIN, AVB, BRE, CBST, DLTR, MEOH, SOA, SU, UDR)

These are some of the top pre-market upgrades and downgrades we have seen from Wall Street analysts this Monday morning:

  • Devon Energy (DVN) Raised to Buy at Jefferies.
  • EnCana (ECA) Raised to Neutral at Goldman Sachs.
  • Questar (STR) Raised to Buy at Goldman Sachs.
  • Republic Services (RSG) Raised to Outperform at FBR.
  • Anadarko Petroleum (APC) Cut to Sell from Buy at Goldman Sachs.
  • Apartment Investment (AIV) Cut to Market Perform at KBW.
  • AvalonBay (AVB) Cut to Underperform at KBW.
  • BRE Properties (BRE) Cut to Underperform at KBW.
  • Cubist (CBST) Cut to Underperform at Leerink Swann.
  • Dollar Tree (DLTR) Cut to Market Perform at FBR.
  • Methanex (MEOH) Cut to Sector Perform at CIBC.
  • Solution (SOA) Cut to Neutral at Goldman Sachs.
  • Suncor Energy (SU) Cut to Sell at Goldman Sachs.
  • UDR (UDR) Cut to Market Perform at KBW.

Jon C. Ogg
December 8, 2008

Posted on: December 8, 2008 – 7:51 am in Analyst Calls, , , , , , , , , , , , , ,

Oil Sands Still Producing Cash (SU)

Oil_sands_imageCanadian oil company Suncor (NYSE:SU) today reported quarterly earnings of $815 million ($0.87 EPS), compared with analysts’ estimates for EPS of $0.95. Higher prices for the company’s synfuel production contributed to the increase, which would have been higher if costs could have been contained.

Cost is the story in the oil sands play these days. Operating costs perbarrel for the third quarter reached $34.00, compared with $25.10 forthe same period a year ago. Higher natural gas costs were the mainculprit, and it would be foolish to think that this cost will declineanytime soon.

Read More »

Posted on: October 29, 2008 – 12:30 pm in Uncategorized,

Oil Patch Results Seeing Very Mixed Reviews (SU, EPD, ECA, SII)

Before today’s opening bell, four players in the oil patch released their second quarter numbers.

Suncor (NYSE:SU), Enterprise Products Partners (NYSE:EPD), EnCana (NYSE:ECA), and Smith International (NYSE:SII) all posted good numbers, but the outlook with the recent fall in prices is not so clear.  The next trend in prices of those stocks is also becoming unclear.

Read More »

Posted on: July 24, 2008 – 11:35 am in Earnings, Oil & Gas, , , ,

Top 10 Pre-Market Analyst Calls (APKT, ARMH, BRCM, CPN, DIS, JNPR, KND, MRK, ONT, SU)

These are ten of the analyst calls with upgrades and downgrades we are focusing on this Monday morning in pre-market trading:

  • Acme Packet (NASDAQ: APKT) cut to Underweight at JPMorgan; cut to Neutral at Piper Jaffray.
  • ARM Holdings (NASDAQ: ARMH) raised to Buy at UBS.
  • Broadcom (NASDAQ: BRCM) raised to Buy at Piper Jaffray.
  • Calpine (NYSE: CPN) downgraded to Equal-Weight at Lehman Brothers.
  • Disney (NYSE: DIS) cut to Underweight at Lehman Brothers.
  • Juniper Networks (NASDAQ: JNPR) raised to Buy at Piper Jaffray.
  • Kindred Healthcare (NYSE: KND) raised to Outperform at Friedman Billings.
  • Merck (NYSE: MRK) downgraded to Neutral from Buy at UBS.
  • On2 Technologies (AMEX: ONT) downgraded to Neutral from Buy at Merriman Curhan Ford.
  • Suncor Energy (NYSE: SU) raised to Overweight at JP Morgan; raised to Outperform at Friedman Billings.

Jon C. Ogg
July 7, 2008

Posted on: July 7, 2008 – 6:36 am in Analyst Calls, , , , , , , , , ,

Goldman Sachs Lifts Oil Services Sector (APC, APA, CVX, COP, DVN, EOG, HES, PBR, SU)

We already noted how Goldman Sachs Group (NYSE: GS) has raised its average oil prices for the years ahead, but the firm has also raised its OIL SERVICES Sector ratings this morning to "Attractive" from "Neutral."  Below are just some of the "BUY-Rated" stocks covered in this call with significant raised estimates:

  • Anadarko Petroleum Corp. (NYSE: APC)
  • Apache Corp. (NYSE: APA)
  • Chevron Corp. (NYSE: CVX)
  • ConocoPhillips (NYSE: COP)
  • Devon Energy Corp. (NYSE: DVN)
  • EOG Resources Inc. (NYSE: EOG)
  • Hess Corp. (NYSE: HES)
  • Petroleo Brasileiro S.A. (NYSE: PBR)
  • Suncor Energy Inc. (NYSE: SU)

The firm believes that $100.00 oil is reality. and is raising price targets by 12% on average with new price targets to reflect the high-end of its trading ranges with what it now sees as a 20% average upside for the Goldman Sachs "Buy-rated" stocks.

The firm had been recommending a strategy of "buy on pullbacks" but it notes that the pullbacks have been shorter and smaller than expected.   The firm believes that the stocks could trade 5% to 10% lower in a correction scenario as of now, but also says it would view any weakness as temporary and would use it as a buying opportunity.

Jon C. Ogg
June 19, 2008

Posted on: June 19, 2008 – 7:40 am in Analyst Calls, Oil & Gas, , , , , , , , ,

The 52-Week Low Club (GM)(CNB)(SU)(PFE)(AIG)(FVRL)

GM (GM) falls as sales appear to falter. Down to $16.87 from 52-week high of $43.20.

The Colonial BancGroup (CNB) Worries about bank failures push shares down to $5.65 from 52-week high of $25.50.

Suncor Energy (SU) Stock split. Meaningless. Down to $68.36 from 52-week high of $148.55.

Pfizer (PFE) hit by worries of too few new drugs in the pipeline. Falls to $19.25 from 52-week high of $27.73.

American International Group (AIG) hurt by write-offs, money raise, and broker downgrades. Triple Crown. Off to $36.56 from 52-week high of $72.96.

Favrille (FVRL) has failed drug trials and collapses to $.19 from 52-week high of $4.08.

Douglas A. McIntyre

Posted on: May 27, 2008 – 2:50 pm in HI/LOW, , , , , ,

Suncor Energy Tries Stock Split Game (SU)

Maybe not all companies want to try the "high price stock" game.  Tonight, Suncor Energy Inc. (NYSE: SU) announced it would pursue a two-for-one stock split.  With a price at $102.84 it isn’t too hard to figure out why it would want to split its shares.

If this adjusted instantly we would see a $51.92 price, with twice the number of shares.   Suncor last split its shares in May 2002 and shares have risen nearly 300% since then. Before that, it announced two-for-one stock splits in 2000 and in 1997.  Its U.S. market cap is listed as being $almost $47.6 Billion.

The company does require shareholder approval, which will come up for vote at the April 24, 2008 meeting.  Unless there is some hidden tragedy, you can consider this a shoe-in to be approved by holders.  This was one of the companies that was a beneficiary of last year’s "raised oil super-spike price band" out of Goldman Sachs.

Suncor Energy Inc. is a Canadian integrated energy company operating in Oil Sands, Natural Gas, Energy Marketing and Refining, and Refining and Marketing.  It is headquartered in Calgary, Alberta, and its 52-week trading range is $67.78 to $117.98.  Shares closed flat at $102.84 today on over 2.1 million shares, yet shares are up almost 1% at $103.85 in after-hours. 

Jon C. Ogg
February 27, 2008

Posted on: February 27, 2008 – 5:38 pm in Oil & Gas, Stock Splits, , ,