Sunoco (SUN) Bonds Trading 1.1% Higher

An issue of Sunoco LP (NYSE:SUN) bonds rose 1.1% as a percentage of their face value during trading on Wednesday. The debt issue has a 5.5% coupon and will mature on February 15, 2026. The bonds in the issue are now trading at $101.63. Price moves in a company’s bonds in credit markets often anticipate parallel moves in its share price.

SUN has been the topic of a number of recent research reports. Zacks Investment Research upgraded Sunoco from a “hold” rating to a “buy” rating and set a $34.00 price objective on the stock in a research report on Thursday, November 16th. Robert W. Baird restated a “buy” rating and set a $36.00 price objective on shares of Sunoco in a research report on Friday, November 10th. Royal Bank of Canada restated a “buy” rating and set a $35.00 price objective on shares of Sunoco in a research report on Tuesday, October 10th. Jefferies Group restated a “hold” rating and set a $30.00 price objective on shares of Sunoco in a research report on Friday, October 13th. Finally, Credit Suisse Group initiated coverage on Sunoco in a research report on Thursday, January 4th. They set a “neutral” rating and a $28.00 price objective on the stock. Two analysts have rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $31.61.

Shares of Sunoco LP (NYSE SUN) traded up $0.79 during midday trading on Friday, hitting $31.59. The stock had a trading volume of 653,906 shares, compared to its average volume of 511,172. The company has a debt-to-equity ratio of 2.28, a quick ratio of 3.75 and a current ratio of 4.02. Sunoco LP has a 12-month low of $23.09 and a 12-month high of $32.67. The stock has a market capitalization of $3,140.00, a P/E ratio of -6.16 and a beta of 0.56.

In other news, insider Arnold Dodderer sold 2,512 shares of the stock in a transaction that occurred on Friday, December 15th. The stock was sold at an average price of $28.98, for a total value of $72,797.76. Following the sale, the insider now directly owns 23,923 shares in the company, valued at $693,288.54. The sale was disclosed in a document filed with the SEC, which is available at this link.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. increased its holdings in Sunoco by 13.6% during the 3rd 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 period. Goldman Sachs Group Inc. increased its holdings in Sunoco by 1.4% during the 2nd 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 period. Harvest Fund Advisors LLC increased its holdings in Sunoco by 26.6% during the 3rd 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 period. Adams Asset Advisors LLC increased its holdings in Sunoco by 7.8% during the 4th quarter. Adams Asset Advisors LLC now owns 247,143 shares of the oil and gas company’s stock worth $7,018,000 after purchasing an additional 17,926 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in Sunoco by 25.7% during the 3rd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 131,559 shares of the oil and gas company’s stock worth $4,091,000 after purchasing an additional 26,922 shares during the period. Institutional investors own 26.32% of the company’s stock.

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About Sunoco

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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