Sunoco LP (NYSE:SUN) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report issued 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. “
Other research analysts have also issued research reports about the company. Vetr upgraded Sunoco from a “hold” rating to a “buy” rating and set a $31.00 price target on the stock in a report on Wednesday, August 31st. Barclays PLC reiterated an “equal weight” rating and issued a $32.00 price target on shares of Sunoco in a report on Thursday, July 7th. Morgan Stanley initiated coverage on Sunoco in a report on Monday, August 15th. They issued an “equal weight” rating and a $32.00 price target on the stock. Credit Suisse Group AG set a $33.00 price target on Sunoco and gave the stock a “hold” rating in a report on Saturday, August 6th. Finally, FBR & Co initiated coverage on Sunoco in a report on Friday, September 9th. They issued a “market perform” rating and a $32.00 price target on the stock. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and six have issued a buy rating to the company. Sunoco presently has an average rating of “Hold” and an average price target of $34.76.
Shares of Sunoco (NYSE:SUN) opened at 28.55 on Thursday. The company has a 50-day moving average price of $29.60 and a 200-day moving average price of $31.27. Sunoco has a 12 month low of $22.86 and a 12 month high of $40.06. The firm has a market cap of $3.19 billion, a price-to-earnings ratio of 23.97 and a beta of 0.67.
A number of hedge funds have recently added to or reduced their stakes in the company. Creative Planning increased its stake in Sunoco by 147.1% in the second quarter. Creative Planning now owns 4,300 shares of the company’s stock worth $129,000 after buying an additional 2,560 shares in the last quarter. BlackRock Inc. increased its stake in Sunoco by 8.6% in the second quarter. BlackRock Inc. now owns 5,230 shares of the company’s stock worth $157,000 after buying an additional 412 shares in the last quarter. Invictus RG purchased a new stake in Sunoco during the first quarter worth about $254,000. Lebenthal Asset Management LLC purchased a new stake in Sunoco during the second quarter worth about $240,000. Finally, GSA Capital Partners LLP increased its stake in Sunoco by 9.7% in the second quarter. GSA Capital Partners LLP now owns 10,190 shares of the company’s stock worth $305,000 after buying an additional 900 shares in the last quarter. 41.97% of the stock is owned by institutional investors and hedge funds.
Sunoco Company Profile
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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