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Suncor (TSX:SU) (NYSE:SU) and Canadian Natural Resources (TSX:CNQ) (NYSE:CNQ) have pulled back from the 2022 highs. Investors who missed the big rally in energy stocks earlier this year and stayed on the sidelines during the plunge are now wondering if SU stock or CNQ stock are undervalued and good to buy at their current share prices. Suncor Suncor trades for $39 per share at the time of writing. That’s down from $53 in June and roughly 10% below the price it fetched in early 2020 before the start of the pandemic when West Texas Intermediate (WTI) oil traded at just US$60 per barrel. Suncor has significantly underperformed its peers, including CNQ, and this has resulted in a meaningful shakeup at the management level. Suncor’s CEO recently resigned, and a number of new faces joined the board after the company bowed to pressure from an activist investor. Suncor is now monetizing non-core assets and evaluating the potential sale of the retail business, which includes a portfolio of about 1,500 Petro-Canada gas stations and convenience stores. The activist investor says the sale of the retail business could unlock up to $9 billion in value. Some analysts think the division could command […]
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