Alberta Authorities Investigate Suncor Worker Death at Fort Hills Site
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1h ago
0mins
Source: seekingalpha
- Worker Death Investigation: Alberta authorities are investigating the death of a worker at Suncor Energy's Fort Hills oil sands site, marking the first on-site fatality since the former CEO stepped down in 2022.
- Incident Details: The incident occurred on January 13 when the worker was operating heavy equipment that sank into muskeg, and the individual has not yet been found; Suncor indicated that the incident may have resulted from a medical event.
- Safety Concerns Raised: This fatality marks the first at a Suncor site since 2022, raising concerns about the company's safety management, particularly following the resignation of the former CEO due to a series of deadly incidents.
- Management Changes Impact: Following pressure from Elliott Investment Management, Suncor underwent management changes, with former CEO Mark Little resigning and being replaced by Rich Kruger, the former head of Imperial Oil, highlighting significant pressure on the company regarding safety and management.
Analyst Views on SU
Wall Street analysts forecast SU stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for SU is 49.83 USD with a low forecast of 41.06 USD and a high forecast of 70.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
11 Analyst Rating
7 Buy
4 Hold
0 Sell
Moderate Buy
Current: 50.510
Low
41.06
Averages
49.83
High
70.00
Current: 50.510
Low
41.06
Averages
49.83
High
70.00
About SU
Suncor Energy Inc. is a Canada-based integrated energy company. The Company's segments include Oil Sands, Exploration and Production (E&P), and Refining and Marketing. Its operations include oil sands development, production and upgrading; offshore oil production; petroleum refining in Canada and the United States; and the Company’s Petro-Canada retail and wholesale distribution networks (including Canada’s Electric Highway, a coast-to-coast network of fast-charging electric vehicle (EV) stations). The Company is developing petroleum resources while advancing the transition to a lower-emissions future through investments in lower-emissions intensity power, renewable feedstock fuels and projects targeting emissions intensity. The Company also conducts energy trading activities focused primarily on the marketing and trading of crude oil, natural gas, byproducts, refined products and power. It also wholly owns the Fort Hills Project, which is located in Alberta's Athabasca region.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
