Sunoco Logistics Partners L.P. Given “Neutral” Rating at Zacks (SXL)
Sunoco Logistics Partners L.P. (NYSE:SXL)‘s stock had its “neutral” rating reaffirmed by Zacks in a report released on Wednesday. They currently have a $49.00 price objective on the stock. Zacks‘s price objective suggests a potential upside of 6.06% from the company’s current price.
Zacks’ analyst wrote, “We are maintaining our Neutral recommendation on units of Sunoco Logistics Partners purely on valuation grounds, as we see limited near term price upside. Notwithstanding the recent decline in its crude margin business, Sunoco Logistics continues to implement its growth plan. Importantly, the partnership has augmented its cash distribution for 36 consecutive quarters. With its stable fee-based revenue, geographically-diverse assets and strong business fundamentals, Sunoco Logistics offers investors an opportunity to capture income growth through steadily rising cash distributions and capital appreciation. However, tepid demand for refined products and the difficult operating environment remain key areas of concern, in our view. As such, we see the unit performing in line with the broader market. “
SXL has been the subject of a number of other recent research reports. Analysts at Citigroup Inc. reiterated a “hold” rating on shares of Sunoco Logistics Partners L.P. in a research note on Friday, May 9th. They now have a $25.00 price target on the stock, up previously from $22.50. Separately, analysts at RBC Capital raised their price target on shares of Sunoco Logistics Partners L.P. from $20.00 to $23.25 in a research note on Thursday, May 8th. They now have a “sector perform” rating on the stock. Eight research analysts have rated the stock with a hold rating, The stock has a consensus rating of “Hold” and an average target price of $24.86.
Sunoco Logistics Partners L.P. (NYSE:SXL) traded up 0.19% during mid-day trading on Wednesday, hitting $46.29. 92,802 shares of the company’s stock traded hands. Sunoco Logistics Partners L.P. has a 52 week low of $29.295 and a 52 week high of $47.815. The stock’s 50-day moving average is $45.92 and its 200-day moving average is $41.8. The company has a market cap of $9.626 billion and a P/E ratio of 32.77. Sunoco Logistics Partners L.P. also saw a large growth in short interest in June. As of June 13th, there was short interest totalling 2,151,644 shares, a growth of 72.2% from the May 30th total of 1,249,258 shares. Based on an average daily trading volume, of 404,545 shares, the days-to-cover ratio is presently 5.3 days. Currently, 1.5% of the shares of the company are sold short.
Sunoco Logistics Partners L.P. (NYSE:SXL) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $0.66 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.62 by $0.04. The company had revenue of $4.48 billion for the quarter, compared to the consensus estimate of $4.58 billion. During the same quarter in the prior year, the company posted $1.09 earnings per share. The company’s quarterly revenue was up 27.5% on a year-over-year basis. Analysts expect that Sunoco Logistics Partners L.P. will post $1.44 EPS for the current fiscal year.
Sunoco Logistics Partners L.P. owns and operates a logistics business, consisting of a portfolio of complementary pipeline, terminalling, and acquisition and marketing assets which are used to facilitate the purchase and sale of crude oil and refined products.
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