Credit Suisse Group Initiates Coverage on Sunoco (SUN)
Research analysts at Credit Suisse Group assumed coverage on shares of Sunoco (NYSE:SUN) in a research report issued to clients and investors on Thursday, The Fly reports. The brokerage set a “neutral” rating on the oil and gas company’s stock.
SUN has been the topic of a number of other research reports. B. Riley set a $32.00 target price on shares of Sunoco and gave the company a “neutral” rating in a research note on Monday, December 18th. Jefferies Group restated a “hold” rating and set a $30.00 target price on shares of Sunoco in a research note on Friday, October 13th. Robert W. Baird restated a “buy” rating and set a $36.00 target price on shares of Sunoco in a research note on Friday, November 10th. Royal Bank of Canada restated an “outperform” rating and set a $35.00 target price (up previously from $32.00) on shares of Sunoco in a research note on Wednesday, September 6th. Finally, Zacks Investment Research cut shares of Sunoco from a “buy” rating to a “hold” rating in a research note on Thursday, December 7th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $32.29.
Shares of Sunoco (NYSE SUN) traded down $0.37 during mid-day trading on Thursday, hitting $28.97. 409,138 shares of the stock were exchanged, compared to its average volume of 447,952. Sunoco has a 12-month low of $23.09 and a 12-month high of $32.67. The company has a debt-to-equity ratio of 2.28, a quick ratio of 3.75 and a current ratio of 4.02. The company has a market cap of $2,880.00, a P/E ratio of -5.65 and a beta of 0.56.
In related news, insider Arnold Dodderer sold 2,512 shares of the company’s stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $28.98, for a total transaction of $72,797.76. Following the transaction, the insider now directly owns 23,923 shares in the company, valued at approximately $693,288.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Stephen Pearce sold 70,000 shares of the company’s stock in a transaction dated Friday, October 6th. The shares were sold at an average price of $0.43, for a total transaction of $30,100.00.
A number of large investors have recently modified their holdings of SUN. JPMorgan Chase & Co. grew its stake in Sunoco by 176.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,276,801 shares of the oil and gas company’s stock worth $39,084,000 after acquiring an additional 815,130 shares in the last quarter. Harvest Fund Advisors LLC grew its stake in Sunoco by 26.6% in 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 acquiring an additional 281,414 shares in the last quarter. Rafferty Asset Management LLC bought a new position in Sunoco in the 2nd quarter worth about $3,232,000. Allianz Asset Management GmbH bought a new position in Sunoco in the 3rd quarter worth about $1,444,000. Finally, Arrow Investment Advisors LLC bought a new position in Sunoco in the 2nd quarter worth about $853,000. Institutional investors own 26.32% of the company’s stock.
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Sunoco Company Profile
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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