10 Oil Stocks with Biggest Upside Potential According to Analysts

2. Suncor Energy Inc. (NYSE:SU)

Upside Potential: 58.03%

Number of Hedge Fund Holders: 47

Suncor Energy Inc. (NYSE:SU) based in Canada, specializes in oil sands development, refining, and marketing petroleum products. The company generates revenue through the production and sale of crude oil, gasoline, diesel, and petrochemicals. Suncor Energy Inc.’s (NYSE:SU) clients include industrial users, retailers, and transportation sectors.

Suncor Energy Inc.’s (NYSE:SU) Firebag oil sands site, which utilizes steam-assisted gravity drainage technology, has been a game-changer for the company, with production rising to a record 284,000 barrels per day in October, a 2% hike from the previous month.

Suncor Energy Inc. (NYSE:SU) is leveraging its Firebag’s growth in a deliberate move to mitigate the expected decline in production from its Base Plant oil sands mine, which is anticipated to reach the end of its life in about 10 years. The company is confident in the Firebag site’s potential, which has already achieved five record months of output this year.

While the upcoming Fort Hills mine is expected to contribute to Suncor Energy Inc.’s (NYSE:SU) overall production capacity, Firebag’s outstanding results have positioned it as a key asset for the company’s future growth. The site’s ability to replace up to 30% of the production lost from the Base Plant mine makes it an indispensable component of the company’s long-term strategy. As Suncor Energy Inc. (NYSE:SU) continues to invest in Firebag’s expansion, the company is poised to maintain its position as a leader in the oil sands industry.