01:05 PM EDT, 05/08/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

Our 12-month target of USD43, up USD8, reflects a 5.3x multiple of EV to projected 2024 EBITDA, slightly below SU's historical average. We lift our 2024 EPS view by CAD0.89 to CAD5.94 and 2025's by CAD1.01 to CAD5.46. Q1 EPS of CAD1.41 vs. CAD1.36, beat consensus by CAD0.15. Q1 production (835K boe/d) grew 13% Y/Y and 3% sequentially, driven by higher total oil sands production volumes (+4%). Refining utilization (98%) grew 19 percentage points Y/Y, but remained flat sequentially, while throughput volumes (455K b/d) rose ~24% Y/Y, but remained flat sequentially. SU reiterated its 2024 guidance, with capex expected to be in the range of CAD6.4B at the midpoint (vs. CAD5.6B in 2023), while production is expected to be in the range of 790K boe/d at the midpoint (vs. 746K boe/d). In addition, SU kept its 2024 throughput volume guide intact (440K b/d at the midpoint vs. 421K b/d in 2023); however, we are wary of its downstream guide, given our view that the demand picture could be weaker than previously expected.