Zacks Investment Research upgraded shares of Sunoco LP (NYSE:SUN) from a hold rating to a buy rating in a research note released on Thursday. They currently have $34.00 price target on the oil and gas company’s stock.
According to Zacks, “Sunoco LP operates as a wholesale fuel distributor. It engages in distributing motor fuel to convenience stores, independent dealers, commercial customers and distributors. The Company also operates convenience stores and retail fuel sites. Sunoco LP, formerly known as Susser Petroleum Partners LP, is based in Houston, Texas. “
Other equities research analysts also recently issued reports about the stock. Robert W. Baird reaffirmed a buy rating and set a $36.00 price objective on shares of Sunoco in a report on Friday, November 10th. Royal Bank Of Canada reaffirmed a buy rating and set a $35.00 price objective on shares of Sunoco in a report on Tuesday, October 10th. BidaskClub raised shares of Sunoco from a sell rating to a hold rating in a report on Saturday, August 26th. Jefferies Group LLC reaffirmed a hold rating and set a $30.00 price objective (up from $29.00) on shares of Sunoco in a report on Monday, September 11th. Finally, UBS AG reaffirmed a neutral rating and set a $30.00 price objective (up from $28.00) on shares of Sunoco in a report on Monday, August 14th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $31.50.
Sunoco (NYSE SUN) traded up $0.09 during midday trading on Thursday, reaching $30.47. 217,524 shares of the company’s stock traded hands, compared to its average volume of 396,224. The stock has a market capitalization of $3,531.23, a P/E ratio of 18.03 and a beta of 0.58. Sunoco has a 1-year low of $21.01 and a 1-year high of $32.67. The company has a debt-to-equity ratio of 2.28, a quick ratio of 3.75 and a current ratio of 4.02.
The business also recently declared a quarterly dividend, which was paid on Tuesday, November 14th. Stockholders of record on Tuesday, November 7th were given a dividend of $0.8255 per share. This represents a $3.30 annualized dividend and a dividend yield of 10.84%. The ex-dividend date of this dividend was Monday, November 6th. Sunoco’s dividend payout ratio is presently -41.30%.
In other news, Director Stephen Pearce sold 70,000 shares of the company’s stock in a transaction dated Friday, October 6th. The stock was sold at an average price of $0.43, for a total transaction of $30,100.00.
Institutional investors and hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. increased its position in shares of Sunoco by 13.6% in the third quarter. JPMorgan Chase & Co. now owns 1,450,389 shares of the oil and gas company’s stock worth $44,440,000 after purchasing an additional 173,588 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Sunoco by 1.4% in the second quarter. Goldman Sachs Group Inc. now owns 1,340,350 shares of the oil and gas company’s stock worth $41,028,000 after purchasing an additional 17,894 shares during the last quarter. Harvest Fund Advisors LLC increased its position in shares of Sunoco by 26.6% in the third quarter. Harvest Fund Advisors LLC now owns 1,339,519 shares of the oil and gas company’s stock worth $41,659,000 after purchasing an additional 281,414 shares during the last quarter. Bank of Montreal Can bought a new position in shares of Sunoco in the second quarter worth approximately $10,986,000. Finally, Northwestern Mutual Investment Management Company LLC bought a new position in shares of Sunoco in the second quarter worth approximately $5,843,000. Hedge funds and other institutional investors own 26.50% of the company’s stock.
Sunoco LP is engaged in the retail sale of motor fuels and merchandise through its Company-operated convenience stores and retail fuel sites, as well as the wholesale distribution of motor fuels to convenience stores, independent dealers, commercial customers and distributors. The Company operates through two segments: wholesale and retail.
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