How to Buy Suncor Energy Stock in Canada [2024]

Summary: Suncor Energy is one of Canada’s leaders in the integrated energy sector and, thus, a popular investment option for both domestic and foreign investors. To buy Suncor Energy stock conveniently, Canadian residents can register at an online exchange platform such as Interactive Brokers.

About Suncor Energy

Suncor Energy (TSX: SU) is one of Canada’s largest and most well-known integrated energy companies, with a market cap of almost $54.99 billion as of December 2023. The company specializes in the production of synthetic crude from oil sands, operates in oil sands, exploration and production (E&P), and refining and marketing business segments.

When you invest in Suncor Energy, you’re investing in a company with an enticing 5% dividend yield, which makes it a favorite for income and energy investors. However, keep in mind that the stock price was fluctuating in 2023. At the beginning of August 2023, for example, it rose drastically, outperforming the market. However, the average price the same year has been down from the peak of $53 that it hit in June 2022 (although it is up from its 12-month low of around $37).

In terms of growth potential, Suncor Energy’s focus on sustainable practices and commitment to safety and operational excellence could be a driving force for its future success. The company usually utilizes cutting-edge technology to extract oil from oil sands with minimal environmental impact, placing it ahead of competitors in the energy industry. Still, the broader industry is going through some difficulties, and Suncor Energy was not spared, having had to face reductions in price objectives and all sorts of downgrades.

How to Buy Suncor Energy Stock: Step-by-step Process

In this section, you’ll find a step-by-step guide on how to buy Suncor Energy stock (SU), with clear instructions for each step.

Step 1: Choosing a Broker

To start, you’ll need to choose a broker. It’s important to compare different platforms based on factors such as commission fees, the number of markets available for investing, the complexity of the platform, and the ease of opening an account. 

Our recommended broker is Interactive Brokers, a platform featuring:

• Commission-free stock trading;
• Global stock-trading on 90+ market centers;
• Fractional shares;
• Additional income on fully paid shares;
• Lowest financing rates for margin accounts;
• No account minimums.

Step 2: Opening a Trading Account

Once you’ve selected a broker, the next step is to open a trading account with them. To do that, you have to provide the broker with your personal information and go through their account-opening process. Some brokers may require additional documentation for verification, such as IDs or proofs of residence, so make sure to have those ready. 

[Note. Be prepared for the registration process to take some time if documentation verification is required.]

Step 3: Funding Your Account

After setting up your trading account, you can transfer funds into it. There are several ways to do that. For example, you can try linking your bank account, using a wire transfer, scanning a check, transferring money from another trading account, etc. While transferring funds, ensure that you have enough funds to cover the cost of the SuncoEnergy stock. Moreover, take into account all fees or commissions charged by the broker.

Step 4: Placing an Order

Once your account is funded, you can buy Suncor Energy stock. Begin by searching for the stock by its name or ticker symbol (SU) on your chosen trading platform. When you find it, decide the number of shares you want to buy, select a trading order type (e.g., market, limit), and submit your order.

Why invest in Suncor Energy

Suncor Energy operates in a sector with consistent growth expectations. This is hardly surprising given Canada’s reliance on fossil fuels and natural resources that characterize its huge landmass. With increasing global energy demand, especially in developing economies, Suncor Energy’s diverse portfolio of assets positions it well to capitalize on this trend.

Moreover, Suncor Energy continuously invests in technology and innovation to enhance its production efficiency and reduce environmental impact. This commitment to sustainability makes it a compelling choice for environmentally conscious investors looking to invest in green stocks.

Additionally, the company has a strong balance sheet and a history of delivering stable returns to shareholders. Their dedication to financial discipline and maintaining a healthy balance between growth and shareholder returns makes it an attractive option for investors who prefer long-term investment strategies.

Suncor Energy stock price today

Some Suncor Energy investment considerations

When investing in a company, it’s essential to stay informed about safety issues and operational risks it may face. While Suncor has a market cap of $53 billion and a tempting 5% dividend yield, it has also dealt with some safety concerns in the past. In fact, it was the target of a larger cyberattack in the summer of 2023, which could cost the company millions.

Another factor to consider is the overall market risk associated with investing in the energy sector, especially oil and gas. This industry remains exposed to global economic fluctuations, political interventions, and changing regulations. Also, keep an eye on external factors that may impact Suncor’s stock performance, such as oil price volatility, geopolitical tension, and climate policies that could affect the demand for fossil fuels.

Finally, it’s crucial to diversify your investment portfolio to minimize risk. While Suncor might be an attractive option, you’ll benefit much more from exploring some other energy stocks, too, or investing in different sectors altogether. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

FAQs about how to buy Suncor Energy stock

How to buy Suncor Energy stock?

To buy Suncor Energy stock, make an account at an online exchange platform, such as Interactive Brokers.

What should I consider before investing in Suncor Energy stock?

Before investing in any stock, it is important to research the company, its financial health, and its prospects. Additionally, consider your own investment goals, risk tolerance, and investment horizon when determining if Suncor Energy stock is the right choice for you.

Can I invest in Suncor Energy through mutual funds or ETFs?

Yes, you can invest in Suncor Energy indirectly through mutual funds or exchange-traded funds (ETFs) that hold shares of the company. This can be a good option if you prefer a more diversified, passive investment approach.

What are Suncor stock dividends like?

As of December 2023, Suncor dividned yield is 5.13%.