Zacks Investment Research downgraded shares of Sunoco (NYSE:SUN) 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. “
SUN has been the subject of a number of other reports. Goldman Sachs upgraded Sunoco from a sell rating to a neutral rating and set a $33.00 target price for the company in a report on Monday, December 18th. TheStreet upgraded Sunoco from a c- rating to a b- rating in a report on Thursday, February 22nd. Jefferies Group reiterated a neutral rating on shares of Sunoco in a report on Wednesday, December 20th. JPMorgan Chase upgraded Sunoco from a neutral rating to an overweight rating and set a $29.20 target price for the company in a report on Tuesday, January 9th. Finally, Credit Suisse Group assumed coverage on Sunoco in a report on Thursday, January 4th. They issued a neutral rating and a $28.00 target price for the company. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the company’s stock. The company has an average rating of Hold and a consensus target price of $31.10.
Hedge funds and other institutional investors have recently made changes to their positions in the business. The Manufacturers Life Insurance Company lifted its holdings in Sunoco by 24.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 6,262 shares of the oil and gas company’s stock worth $191,000 after buying an additional 1,213 shares during the last quarter. Tower Research Capital LLC TRC purchased a new stake in Sunoco during the 4th quarter worth about $271,000. Yorktown Management & Research Co Inc purchased a new stake in Sunoco during the 4th quarter worth about $273,000. California Public Employees Retirement System purchased a new stake in Sunoco during the 3rd quarter worth about $329,000. Finally, Virtu Financial LLC purchased a new stake in Sunoco during the 4th quarter worth about $353,000. 30.00% of the stock is owned by institutional investors.
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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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