UPDATE: Suncor Posts Forecast-Beating Earnings, Raises Dividend; Shares Up 1%
Canada's largest oil producer and refiner, Suncor Energy (SU.TO), posted higher-than-expected first quarter earnings and raised its dividend, Reuters reports.
Reuters said net income rose to C$1.46 billion, or 93 Canadian cents, from C$1.03 billion, or 65 Canadian cents, a year earlier, lifted by higher average oil prices. Cash flow rose 1.4% in the quarter to C$2.43 billion, or C$1.55 per share, from C$2.39 billion, or C$1.52, a year earlier. Per-share results topped analysts' average forecast by 4 Canadian cents, according to Thomson Reuters I/B/E/S.
SU.TO rose 1% to $33.09 with over 1.4 million shares changing hands.
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