Suncor Energy's (NYSE:SU) Execution Key to Share Price

The share price of Suncor Energy (NYSE:SU) is predicated on their ability to execute their strategy, according to Canaccord Genuity, who added the reason they didn't get a bump up in price after stronger guidance was they believed it was already priced into the shares.

Canaccord said, "Why didn’t SU’s share price rise on Friday post its guidance release? We believe it was due to the market having already expected Suncor to announce a joint venture that incorporates the Fort Hills Project and the Voyager upgrader; and because SU’s 2011 unit operating cost guidance was higher than expected. Outside of that, there wasn’t any other news that was particularly noteworthy, other than clarity on reiterated growth objectives. Nevertheless, we still like SU for oil price torque given its oil sands exposure, and its long-term production growth potential. Going forward, execution on its plans will be key for SU’s share price, in our view."

Canaccord Genuity maintains a "Buy" on Suncor Energy, which closed Monday at $36.10, up $0.09, or 0.25 percent. Canaccord has a price target of $41 on them.