Suncor Energy stock gets CAD 146 target after National Bank upgrade
Published on 10/04/2026 at 19:01 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS
Suncor Energy stock (ISIN CA8672241079) was last at CAD 99.15 on the Toronto Stock Exchange on October 2, 2026, up 0.87 percent from CAD 98.29. The latest analyst action came from National Bank Financial, which lifted its target to CAD 146.00 from CAD 118.00 and kept an Outperform rating, according to MarketBeat on September 30, 2026.
National Bank raises target
The move represents a CAD 28.00 increase, or 23.7 percent, in National Bank Financial's target. That figure stands well above the Toronto quote, putting the target at a 47.3 percent premium to CAD 99.15.
The broader analyst picture is also constructive. MarketBeat reported a Moderate Buy consensus from 11 analysts, including seven Buy ratings, three Hold ratings and one Strong Buy, with an average 12-month target of USD 80.25.
Q2 cash generation sets the test
Suncor's second-quarter 2026 results provide the operating foundation for the higher valuation. The company reported CAD 17.50 billion in quarterly revenue and CAD 3.23 in earnings per share, according to MarketBeat in its September 30, 2026 report.
Operating leverage was clearest downstream. Zacks reported CAD 5.3 billion in adjusted funds from operations and CAD 4.0 billion in free cash flow for Q2 2026. Refining throughput reached 470,600 barrels per day, compared with 442,300 barrels per day in the prior-year quarter.
Refining margins remain decisive
The same quarter produced 654,800 barrels per day of refined product sales, versus 600,500 barrels per day a year earlier, while refinery utilization reached 92 percent from 87 percent. The comparison shows why refining reliability is central to the new target case.
Risk factors remain tied to crude prices, maintenance spending and refining margins. Suncor's upstream production was 760,900 barrels per day in Q2 2026, down from 808,100 barrels per day in the prior-year quarter, according to Zacks.
Stock stays near yearly high
On the TSX, Suncor's October 2, 2026 range was CAD 97.00 to CAD 99.61, with a 52-week range of CAD 53.02 to CAD 100.24 and volume of 8.77 million shares. The last price therefore stood 1.1 percent below the 52-week high.
Suncor Energy stock facts
- Company: Suncor Energy Inc.
- ISIN: CA8672241079
- Ticker: SU
- Trading venue: Toronto Stock Exchange
- Price (as of October 2, 2026): CAD 99.15
- 52-week range: CAD 53.02-CAD 100.24
- Sector / Industry: Energy / Oil Sands
