Zacks Investment Research Downgrades Sunoco LP (SUN) to Strong Sell
Sunoco LP (NYSE:SUN) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Thursday.
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. “
Several other analysts have also commented on the company. Robert W. Baird lowered Sunoco from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $43.00 to $30.00 in a report on Thursday, August 4th. Royal Bank Of Canada reissued an “outperform” rating and issued a $44.00 price objective on shares of Sunoco in a report on Tuesday, August 9th. Vetr upgraded Sunoco from a “hold” rating to a “buy” rating and set a $31.33 target price on the stock in a research report on Monday, September 12th. Oppenheimer Holdings Inc. began coverage on Sunoco in a research report on Tuesday, June 21st. They issued an “outperform” rating on the stock. Finally, Barclays PLC restated an “overweight” rating and issued a $32.00 target price (down previously from $37.00) on shares of Sunoco in a research report on Thursday, June 16th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $34.76.
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Sunoco (NYSE:SUN) opened at 28.55 on Thursday. Sunoco has a 12 month low of $22.86 and a 12 month high of $40.06. The firm has a 50-day moving average price of $29.60 and a 200 day moving average price of $31.27. The company has a market cap of $3.19 billion, a P/E ratio of 23.97 and a beta of 0.67.
A number of large investors have recently bought and sold shares of the stock. Atria Investments LLC acquired a new stake in Sunoco during the second quarter worth approximately $348,000. Royal Bank of Canada boosted its stake in shares of Sunoco by 263.8% in the first quarter. Royal Bank of Canada now owns 1,043,339 shares of the company’s stock worth $34,566,000 after buying an additional 756,518 shares during the last quarter. Babson Capital Management LLC purchased a new stake in shares of Sunoco during the first quarter worth $1,388,000. Invictus RG purchased a new stake in shares of Sunoco during the first quarter worth $254,000. Finally, TPH Asset Management LLC boosted its stake in shares of Sunoco by 22.7% in the first quarter. TPH Asset Management LLC now owns 858,618 shares of the company’s stock worth $27,751,000 after buying an additional 158,563 shares during the last quarter. Institutional investors own 41.97% of the company’s stock.
Sunoco LP, formerly Susser Petroleum Partners LP, is engaged in the retail sale of motor fuels and merchandise through the 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.
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