Elliott got what they want. With a 4.1% share of the company they have transplanted a puppet as CEO who fired 2,000 employees, terminated Energy Transition, and continues to focus on cost reductions. With the plan to “invest” 100% of free cash in share buy-backs, the shareholder value increases.
Winning !!!
Looks to me they won but it’s a disappointing win. It’s hardly worth all that blood sweat and tears that came from Freddie’s haunting horror he swept through the entire company. Most employees left ant Suncor are just patiently waiting for him to leave… the light at the end of the tunnel for a new and better company to work at. SU.TO is still at the end of the day an oil stock bound by Oil sentiment and Freddie has cut the paths of this company diversifying.
CNQ sees this move of buybacks from Freddie coming and the momentum SU has had. It’s countered to protect their stock by doing the 1:2 stock split which makes it appear to be worth less and make the stock more attractive to buy but still has the higher market cap. The dividend yields are similar. That market cap gap is closing between the two. What is happened is some of CNQ was sold to buy SU…
Freddie is frustratingly watching the $60.00 stock price target slip away that was once so close, it could be this year or next year when oil makes it’s next swing higher, but right now oil is seasonally swinging down now.
Haha no doubt. Elliot Activist Investors from Florida Congratulations!!! I really hope you’re proud of what you did ruining so many people’s lives, delaying Suncor’s urgent need for energy transition and emission reductions projects, and Suncor’s long term future, for dollars you don’t even need!
I agree the Suncor stock is now “winning”, but in a dirty way. Beating the other big Canadian oils for sure now. Use all that extra cash to buy back stock. The stock is running on an uptrend now and has momentum to the upside. More money is jumping in. Question is where is the breaking point? Where is the exit? There is a breaking point where this is no longer sustainable, where Elliot Investors and their horror puppet Freddie have to leave and cash out.