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Activist hedge fund Elliott builds stake in Suncor, sees 50% upside to share price
Apr. 28, 2022 9:59 AM ETCNQ, SU
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  • Ahead of the market open Thursday, Elliott Associates, a $50b+ activist hedge fund, announced a 3.4% stake in Suncor (SU).
  • In a letter to the Company, Elliott cited the need for Suncor (SU) to shed its "overly bureaucratic corporate culture" and return to "the dynamism that not long ago made Suncor (SU) the most valuable energy company in Canada."
  • The letter flagged several operational and safety issues which have plagued the business in recent years.
  • Since the current Suncor (SU) CEO took over operations in Q4 2018, shares have risen ~4%; during that same period, Canadian Natural (CNQ) shares have risen 124%.
 
ATTENTION READERS
DO NOT MAKE A DECISION TO BUY ANY TECH UNTIL APPLE AND AMAZON REPORT
YOU'LL HAVE PLENTY OF TIME TO GET IN
VALUATIONS ARE CONTRACTING​
 
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