RBC Capital Markets on Tuesday retained Suncor Energy's (SU.TO) outperform rating and C$100 price target following the release of the company's first-quarter results.
Suncor's operating earnings of $1.93 per share missed RBC's forecast of $2.01 per share but matched the Street estimate.
Adjusted funds from operations of $3.39 per share exceeded RBC's projection of $3.32 per share and the Street estimate of $3.29 per share.
Suncor reported total production of 875,000 barrels per day (bbl/d), compared to the RBC estimate of 860,000 bbl/d and the Street forecast of 868,000 bbl/d.
The company's capital spending of $1.08 billion was below RBC and Street estimates of $1.22 billion.
Suncor remained RBC's favorite integrated producer and is part of RBC's Global Energy Best Ideas list.
Suncor traded at $89.57 per share at last look Wednesday on the Toronto Stock Exchange.
Price: $89.68, Change: $-5.37, Percent Change: -5.65%