In its upcoming report, Suncor Energy (SU) is predicted by Wall Street analysts to post quarterly earnings of $0.86 per share, reflecting a decline of 18.1% compared to the same period last year. Revenues are forecasted to be $8.34 billion, representing a year-over-year decrease of 10.2%.
Over the last 30 days, there has been a downward revision of 4.5% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe.
Ahead of a company's earnings disclosure, it is crucial to give due consideration to changes in earnings estimates. These revisions serve as a noteworthy factor in predicting potential investor reactions to the stock. Numerous empirical studies consistently demonstrate a strong relationship between trends in earnings estimate revision and the short-term price performance of a stock.
While investors usually depend on consensus earnings and revenue estimates to assess the business performance for the quarter, delving into analysts' forecasts for certain key metrics often provides a more comprehensive understanding.
That said, let's delve into the average estimates of some Suncor Energy metrics that Wall Street analysts commonly model and monitor.
The consensus among analysts is that 'Crude oil processed per day - Total' will reach 461.56 millions of barrels of oil. Compared to the present estimate, the company reported 455.3 millions of barrels of oil in the same quarter last year.
It is projected by analysts that the 'Sales Volumes per day - Oil Sands operations - Upgraded (SCO and Diesel)' will reach 529.88 millions of barrels of oil. Compared to the current estimate, the company reported 550.3 millions of barrels of oil in the same quarter of the previous year.
The collective assessment of analysts points to an estimated 'Sales Volumes per day - Oil Sands operations - non-upgraded bitumen' of 262.12 millions of barrels of oil. The estimate is in contrast to the year-ago figure of 233.8 millions of barrels of oil.
Analysts' assessment points toward 'Production Volumes per day - Total Fort Hills bitumen production' reaching 169.75 millions of barrels of oil. Compared to the present estimate, the company reported 177.6 millions of barrels of oil in the same quarter last year.
Analysts predict that the 'Production Volumes per day - Total Syncrude production' will reach 206.63 millions of barrels of oil. Compared to the present estimate, the company reported 197.9 millions of barrels of oil in the same quarter last year.
Based on the collective assessment of analysts, 'Production volumes per day - E&P Canada' should arrive at 50.68 millions of barrels of oil. Compared to the current estimate, the company reported 46.7 millions of barrels of oil in the same quarter of the previous year.
Analysts forecast 'Total refined product sales per day' to reach 572.63 millions of barrels of oil. Compared to the present estimate, the company reported 581 millions of barrels of oil in the same quarter last year.
Analysts expect 'Production volumes per day - Total Oil Sands production' to come in at 792.00 millions of barrels of oil. Compared to the present estimate, the company reported 785 millions of barrels of oil in the same quarter last year.
The consensus estimate for 'Production volumes per day - Exploration and Production' stands at 52.48 millions of barrels of oil equivalent. The estimate is in contrast to the year-ago figure of 50.3 millions of barrels of oil equivalent.
The average prediction of analysts places 'Sales Volumes per day - Total Oil Sands operations' at 792.00 millions of barrels of oil. Compared to the current estimate, the company reported 784.1 millions of barrels of oil in the same quarter of the previous year.
According to the collective judgment of analysts, 'Crude oil processed per day - Eastern North America' should come in at 217.56 millions of barrels of oil. The estimate is in contrast to the year-ago figure of 216.5 millions of barrels of oil.
The combined assessment of analysts suggests that 'Crude oil processed per day - Western North America' will likely reach 244.00 millions of barrels of oil. The estimate compares to the year-ago value of 238.8 millions of barrels of oil.
View all Key Company Metrics for Suncor Energy here>>>
Shares of Suncor Energy have demonstrated returns of -2.9% over the past month compared to the Zacks S&P 500 composite's -0.5% change. With a Zacks Rank #3 (Hold), SU is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
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Suncor Energy Inc. (SU): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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