UPDATE 1-Suncor shares jump 5 pct on dividend hike, earnings beat

Tue Apr 30, 2013 12:16pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* Raises dividend 54 pct

* Plans C$2 bln share repurchase

* Q1 operating earnings C$0.90 vs C$0.75 expected

* Expects 100,000 bpd new output from small expansions

* Shares rise 4.6 pct (Add background on canceled upgrader and expansion plans and CEO comment beginning in eighth paragraph; updates shares.)

By Scott Haggett

CALGARY, Alberta, April 30 (Reuters) - Shares of Suncor Energy Inc jumped nearly 5 percent on Tuesday after Canada's largest oil and gas producer took steps to increase returns to shareholders and reported first-quarter earnings that surpassed expectations.

Suncor said late on Monday it would raise its quarterly dividend 54 percent to 20 Canadian cents per share from 13 cents and launch its repurchase plan to buy back C$2 billion ($1.97 billion) of its own shares, which will run from May 2 until September 19.

Suncor's shares were up C$1.39 to C$31.03 by late morning on the Toronto Stock Exchange. The shares had fallen 9.2 percent over the past 12 months.   Continued...