Canadian shares rallied as Canada's main stock index, the Toronto Stock Exchange (TSX), rose for three days straight with energy stocks leading the gains, according to Reuters. Gas and oil stocks were helped by U.S. oil prices which remained relatively stable at close to $60 a barrel after a volatile first quarter.
"(Energy)'s got a lot traction from resilience in crude oil and rally in natural gas," Fergal Smith, managing market strategist at Action Economics, told Reuters.
Suncor Energy is an oil company based in Calgary, Alberta, Canada that specializes in the production of synthetic crude from oil sands.
About 2.9 million shares of Suncor Energy were traded by 12:06 p.m. Wednesday, compared to the company's average trading volume of about 3.6 million shares a day.
TheStreet Ratings team rates SUNCOR ENERGY INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate SUNCOR ENERGY INC (SU) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. Among the primary strengths of the company is its solid financial position based on a variety of debt and liquidity measures that we have evaluated. At the same time, however, we also find weaknesses including a generally disappointing performance in the stock itself, feeble growth in the company's earnings per share and deteriorating net income."