The price target revision comes just weeks ahead of Suncor's investor day, where executives are set to spell out a turnaround plan for Fort Hills From jefflagerquist
) over many months of strong commodity prices, a point raised by an activist investor in a public letter earlier this year.
Shaw's upward price target revision comes three weeks ahead of Suncor's investor day, where executives are expected to spell out a 36-month turnaround plan for Fort Hills, an asset plagued by missed production targets and safety issues. Suncor has faced pressure from New York-based Elliott Investment Management to improve its "unacceptable" safety record, following a string of worker deaths that ultimately led to Mark Little departing as chief executive officer in July.
Elliott has also prompted Suncor to review the sale of its Petro-Canada gas station chain. The company says it will present the results of its review at its Nov. 29 investor day.under its plan to improve safety. Interim CEO Kris Smith says the company is also deploying collision prevention technology and fatigue management systems across its mines.
"We applaud the steps taken to improve [Suncor's] safety record discussed on the conference call, but reiterate our view that this process will take time as the issues are likely deeply entrenched," Shaw wrote on Tuesday, noting investment in technology and fewer contractors "will almost certainly imply higher costs."
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