Sunoco Logistics Partners LP (ETP) Downgraded by Zacks Investment Research
Sunoco Logistics Partners LP (NYSE:ETP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday.
According to Zacks, “Units of Energy Transfer Partners declined about 15% year to date, underperforming the broader sector. Much criticism and legal challenges faced by ETP's $3.8 billion mega project-Dakota Pipeline- has affected the partnership adversely. The pipeline which is facing strong opposition from environmentalists and Sioux Tribe may have to shut its operations if the court's verdict does not come in favor of ETP in the upcoming hearings in August and September. The partnership also displays a dismal earnings history, reporting a negative average earnings surprise of 45.56% in the trailing four quarters. Further, we also need to factor the high debt, declining units price and the lowering distribution coverage ratio of the partnership. All these factors form the basis of our bearish stance on the prospects of the stock.”
Several other research firms have also recently commented on ETP. Scotiabank set a $28.00 target price on shares of Sunoco Logistics Partners and gave the company a “buy” rating in a research note on Saturday, May 6th. Stifel Nicolaus cut their target price on shares of Sunoco Logistics Partners from $25.00 to $24.00 and set a “buy” rating for the company in a research note on Thursday, July 13th. Jefferies Group LLC reiterated a “buy” rating and set a $26.00 target price on shares of Sunoco Logistics Partners in a research note on Friday. BidaskClub upgraded shares of Sunoco Logistics Partners from a “strong sell” rating to a “sell” rating in a research note on Tuesday, June 27th. Finally, Wells Fargo & Company reiterated an “outperform” rating and set a $32.00 target price (down from $32.50) on shares of Sunoco Logistics Partners in a research note on Monday, June 19th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. Sunoco Logistics Partners presently has an average rating of “Buy” and a consensus target price of $32.94.
Shares of Sunoco Logistics Partners (ETP) traded up 0.24% on Tuesday, reaching $20.60. 3,704,356 shares of the company’s stock traded hands. The firm’s market capitalization is $11.39 billion. The company’s 50-day moving average is $21.30 and its 200-day moving average is $23.65. Sunoco Logistics Partners has a 52 week low of $18.31 and a 52 week high of $31.49.
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In other news, Director David K. Skidmore bought 2,000 shares of the stock in a transaction dated Monday, June 26th. The shares were acquired at an average price of $19.49 per share, with a total value of $38,980.00. Following the acquisition, the director now owns 45,245 shares in the company, valued at $881,825.05. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Kelcy L. Warren bought 1,000,000 shares of the stock in a transaction dated Thursday, July 6th. The stock was purchased at an average cost of $20.33 per share, for a total transaction of $20,330,000.00. Following the acquisition, the chief executive officer now owns 1,031,646 shares in the company, valued at approximately $20,973,363.18. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 1,015,023 shares of company stock worth $20,625,483. 3.74% of the stock is owned by insiders.
Large investors have recently bought and sold shares of the company. Diversified Trust Co raised its stake in Sunoco Logistics Partners by 147.4% in the second quarter. Diversified Trust Co now owns 114,539 shares of the pipeline company’s stock valued at $2,335,000 after buying an additional 68,233 shares during the last quarter. Sippican Capital Advisors raised its stake in Sunoco Logistics Partners by 49.6% in the second quarter. Sippican Capital Advisors now owns 20,633 shares of the pipeline company’s stock valued at $421,000 after buying an additional 6,844 shares during the last quarter. Rockefeller Financial Services Inc. raised its stake in Sunoco Logistics Partners by 15,327.7% in the second quarter. Rockefeller Financial Services Inc. now owns 74,516 shares of the pipeline company’s stock valued at $1,519,000 after buying an additional 74,033 shares during the last quarter. North Star Investment Management Corp. raised its stake in Sunoco Logistics Partners by 58.9% in the second quarter. North Star Investment Management Corp. now owns 46,274 shares of the pipeline company’s stock valued at $944,000 after buying an additional 17,150 shares during the last quarter. Finally, Spirit of America Management Corp NY raised its stake in Sunoco Logistics Partners by 187.1% in the second quarter. Spirit of America Management Corp NY now owns 1,281,215 shares of the pipeline company’s stock valued at $26,124,000 after buying an additional 834,904 shares during the last quarter. 66.78% of the stock is currently owned by institutional investors and hedge funds.
Sunoco Logistics Partners Company Profile
Energy Transfer Partners, L.P., formerly Sunoco Logistics Partners L.P., owns and operates a logistics business. The Company is engaged in the transport, terminaling and storage of crude oil, refined products and natural gas liquids (NGLs). The Company’s segments include Crude Oil, Natural Gas Liquids and Refined Products.
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