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Suncor (SU) Resolves $1.3 Billion Tax Dispute with CRA

Zacks Equity Research
Updated

Canada’s largest energy firm, Suncor Energy Inc. SU recently declared that it has resolved a $1.3 billion tax dispute with the Canada Revenue Agency (“CRA”) without new charges or penalties.

In early 2013, CRA had challenged Suncor’s statement of certain losses incurred in 2007 due to the settlement of certain derivative contracts.,On Dec 5, 2016, however, the Tax Court of Canada ruled in the favor of Suncor. Hence, Suncor is no longer liable for any new taxes, interest or penalties and all taxation matters related to the issue are now closed.

Moreover, Suncor is to have the security amount of $657 million returned, The company had posted this amount to the CRA and the provinces of Quebec and Ontario as potential taxes ahead of the final decision,.

Price Movement

Year to date, the Zacks categorized Canadian Oil and Gas Integrated Industry has registered an impressive growth of 30.11%. However, the Suncor stock has underperformed the industry with only 25.39% growth.

Calgary, Alberta-based Suncor is Canada’s premier integrated energy company. Suncor's operations include oil sands development and upgrade, conventional and offshore crude oil and gas production, petroleum refining, and product marketing under the Petro-Canada brand.

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SUNCOR ENERGY Price

 

SUNCOR ENERGY Price | SUNCOR ENERGY Quote

Suncor currently carries a Zacks Rank #1 (Strong Buy), which implies that the stock will outperform the broader U.S. equity market over the next one to three months.

Other well-ranked players from the broader energy sector include Braskem S.A. BAK, Ocean Rig UDW LLC ORIG and McDermott International Inc. MDR. All these stocks sport the same Zacks Rank as Suncor. You can see the complete list of today’s Zacks #1 Rank stocks here.

In the last four quarters, Braskem posted an average positive earnings surprise of 105.5%.

Ocean Rig, on the other hand, delivered an average positive earnings surprise of 66.39% in the last four quarters.

In the last four quarters, McDermott posted an average positive earnings surprise of 250.00%.

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MCDERMOTT INTL (MDR): Free Stock Analysis Report
 
SUNCOR ENERGY (SU): Free Stock Analysis Report
 
BRASKEM SA (BAK): Free Stock Analysis Report
 
OCEAN RIG UDW (ORIG): Free Stock Analysis Report
 
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Zacks Investment Research