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Research Alert: Su Q1: Record Q1 Production, Increases Share Repurchases 30%

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-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

SU reported adjusted operating earnings of CAD2.3B, up 41%, driven by improved downstream margins, higher upstream price realizations, and volume growth. Adjusted funds from operations increased 32% to CAD4.03B while free funds flow surged 53% to CAD2.91B, with upstream production reaching 875.2k bbl/d (+2.6%) and refining throughput at 497.8k bbl/d with 97% utilization. The company returned CAD1.54B to shareholders through buybacks and dividends, while management increased monthly share repurchases by 27% to CAD350M, projecting total 2026 buybacks of nearly CAD4B, a 30%+ increase over 2025 levels. The Investor Day outlined three-year targets including CAD2B increase in free funds flow by 2028, USD5/bbl reduction in corporate WTI breakeven to USD38/bbl, and 100k bbl/d upstream production growth. We remain bullish on their highly efficient integrated positioning, as crude price drops should enable return to ~100% utilization with higher throughput capacity and benefit from that pricing environment.

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Research Alert: Iag Q1: Aum & Wealth Management Drive 9% Core Earnings Growth

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:IAG reported quarterly core diluted EPS of CAD3.25 (+12% Y/Y), with core earnings of CAD298M up 9% Y/Y. Wealth Management drove strong performance, with core earnings of CAD131M up 24%, while Insurance - Canada declined to CAD96M from CAD100M due to CAD3M in morbidity experience losses. The company achieved its 2026 ROE target early, reaching 17.5%, and enhanced shareholder returns by increasing NCIB capacity to 8% of public float and raising the quarterly dividend 11% to CAD1.10. Assets under management and administration reached CAD346.1B (+31%), supported by robust segregated fund sales of CAD2.4B. The solvency ratio of 134% reflects solid organic capital generation of CAD155M, beating prior year by CAD30M. We believe IAG's significant exposure to equity markets and robust distribution networks position it well for continued growth, with segregated and mutual fund sales growth of 23% and 30%, respectively, demonstrating the underlying strength of its product offerings and extensive market reach.

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Duratec Secures AU$68 Million Northern Australia Contract

Duratec (ASX:DUR) received a contract worth around AU$68 million from Clough BMD joint venture to deliver construction and commissioning works for the Darwin Ship Lift Facility in northern Australia, according to a Wednesday filing with the Australian bourse.The project, led by the Northern Territory Government, is a major infrastructure initiative to position Darwin as a maritime services hub for defense, border protection, energy, tourism, and aquaculture vessels, per the filing.The company's scope of work includes the construction of a blast and paint facility and washdown bay slab, as well as the installation and commissioning of systems such as dust collectors, tanks, water treatment, heating, ventilation, and air conditioning, communications, electrical, and hydraulic systems, the filing said.Construction is scheduled to start in June and is expected to be completed between mid and late 2027, the filing added.

$ASX:DUR
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Research Alert: CFRA Lowers Opinion On Shares Of Corteva, Inc. To Hold From Buy

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We keep our target at $84, 20.1x our 2027 EPS estimate, in line with CVTA's five-year average. After Q1 earnings release, we raise our 2026 EPS view to $4.01 from $3.72 to reflect the Q1 beat. We maintain our 2027 EPS estimate at $4.17. CTVA delivered strong Q1 2026 results today after market close, demonstrating robust operational execution across both business segments, while maintaining momentum toward the planned 2H 2026 separation of the Seed and Crop Protection business. Net sales increased to $4.9B (+11% Y/Y) with organic growth of 7% Y/Y, reflecting broad-based demand for the company's differentiated technology offerings across all geographic regions. Management confirmed the separation remains on track for 2H 2026, with key milestones including Luke Kissam's appointment as New Corteva CEO and the announcement of "Vylor" as the future seed and genetics company name. Yet, with shares up nearly 32% in the last six months, we see limited upside potential at this point and lower our rating to Hold from Buy.

$CTVA