DESJARDINS SECURITIES Maintains Suncor Energy (SU) Buy Recommendation

Desjardins Securities maintained a Buy on Suncor Energy on Dec. 12, 2025, with the consensus one-year price target at $48.80 as of Dec. 6 (implying roughly 11.9% upside from a $43.62 close); the company is projected to generate annual revenue of 46,146MM (down 6.58%) and non‑GAAP EPS of 4.93. Institutional ownership is broadly intact but showing modest trimming—1,046 funds reported positions (down 42 owners, or 3.9%), total institutional shares fell about 2.1% to 945,814K—and options sentiment is mildly bearish with a put/call ratio of 1.12. Major holders include Royal Bank of Canada (66,835K shares, 5.54%), Elliott (52,671K, 4.37%) and Artisan (33,869K, 2.81%), indicating continued core institutional exposure even as some allocations shift, leaving a mixed near‑term outlook despite analyst upside.

Analysis

Desjardins Securities maintained coverage of Suncor Energy (SU) with a Buy on December 12, 2025; the reported consensus one‑year price target as of December 6 is $48.80, implying an 11.86% upside from the latest close of $43.62 and a target range of $41.26 to $56.44. This analyst backing provides a clear near‑term upside reference but sits alongside mixed underlying metrics.

Company projections show annual revenue of 46,146MM, down 6.58%, and a projected non‑GAAP EPS of 4.93, indicating weaker top‑line pressure despite profit expectations. Options sentiment is mildly bearish with a put/call ratio of 1.12, and overall sentiment signals are mixed (sentiment score ~0.1), which tempers conviction from analyst targets.

Institutional positioning is broadly intact but slightly reduced: 1,046 funds report positions (down 42 owners or 3.86%), total institutional shares fell 2.08% to 945,814K, while average portfolio weight ticked up to 0.40%. Major holders—RBC (66,835K, 5.54%), Elliott (52,671K, 4.37%) and Artisan (33,869K, 2.81%)—remain core owners; the combination of analyst upside, declining revenue and modest institutional trimming suggests a cautiously constructive but risk‑sensitive outlook.

Key Decisions for Investors

• Consider a modest buy-to-hold or selective add on weakness given Desjardins' Buy and an 11.86% one‑year price‑target upside to $48.80, but size positions conservatively because projected revenue is down 6.58%
• Monitor options flow and put/call ratio (currently 1.12) alongside institutional flows—sustained bearish options sentiment and further declines in institutional shares should prompt tighter stops or hedging
• Watch upcoming filings and quarterly results to confirm the projected non‑GAAP EPS of 4.93 and any directional changes from major holders (RBC, Elliott, Artisan, BMO) before materially increasing exposure