Shares of integrated energy company Suncor Energy (NYSE:SU) (TSE:SU) are on the rise today after the firm announced an average upstream production of 808,000 barrels per day for the fourth quarter of 2023. The company averaged 746,000 barrels per day for the year.
Impressively, December proved to be the best month ever for Suncor, with average upstream production of over 900,000 barrels per day. Further, it achieved a total Oil Sands production of 758,000 barrels per day in Q4. Its total production from Exploration and Production stood at 50,000 barrels per day during this period.
In addition, production at Fort Hills came in at a record of 186,000 barrels per day on a gross basis. Concurrently, Suncor’s downstream operations witnessed robust performance with an average refining utilization of 97% in Q4. This figure stood at 90% for the full year.
Is Suncor a Buy, Sell, or Hold?
Overall, the Street has a Moderate Buy consensus rating on Suncor Energy. Following a modest 8% rise in the company’s share price over the past six months, the average SU price target of $41.81 points to a substantial 30.2% potential upside in the stock.
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