Bank of America Initiates Coverage on Susser Petroleum Partners (SUSP)
Equities researchers at Bank of America started coverage on shares of Susser Petroleum Partners (NASDAQ:SUSP) in a research report issued on Friday. The firm set a “neutral” rating and a $59.00 price target on the stock. Bank of America’s price objective indicates a potential upside of 10.24% from the company’s current price.
The analysts wrote, “On 28 April 2014, Energy Transfer Partners, LP (ETP) announced the acquisition of SUSP’s general partner (GP), Susser Holdings Corp. (SUSS) (see: The Laredo Taco meets the Philly soft pretzel). SUSP will become the primary vehicle to house SUSS and legacy-SUN’s retail gasoline operations via expected drop-downs from ETP over time. We estimate legacy-SUN’s retail marketing operations will generate $425mn of annual EBITDA and SUSS is estimated to generate $120mn, implying total drop-down value potential of $5.5-6.5bn, in our view.”
Susser Petroleum Partners (NASDAQ:SUSP) opened at 53.52 on Friday. Susser Petroleum Partners has a 52-week low of $29.27 and a 52-week high of $59.99. The stock’s 50-day moving average is $54.00 and its 200-day moving average is $44.45. The company has a market cap of $1.175 billion and a price-to-earnings ratio of 30.27.
Susser Petroleum Partners (NASDAQ:SUSP) last announced its earnings results on Friday, August 8th. The company reported $0.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by $0.11. The company had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter in the previous year, the company posted $0.44 earnings per share. The company’s revenue for the quarter was up 22.8% on a year-over-year basis. Analysts expect that Susser Petroleum Partners will post $1.97 EPS for the current fiscal year.
SUSP has been the subject of a number of other recent research reports. Analysts at Credit Suisse initiated coverage on shares of Susser Petroleum Partners in a research note on Friday. They set a “neutral” rating and a $59.00 price target on the stock. Separately, analysts at Ladenburg Thalmann downgraded shares of Susser Petroleum Partners from a “buy” rating to a “neutral” rating in a research note on Wednesday, August 27th. Finally, analysts at Wells Fargo & Co. downgraded shares of Susser Petroleum Partners from an “outperform” rating to a “market perform” rating in a research note on Wednesday, August 27th. Six analysts have rated the stock with a hold rating and three have given a buy rating to the company. Susser Petroleum Partners currently has an average rating of “Hold” and an average price target of $47.50.
Susser Petroleum Partners LP is primarily engaged in fee-based wholesale distribution of motor fuels to Susser Holdings Corporation (NASDAQ:SUSP) and third parties.
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