Sunoco (SUN) Downgraded to Neutral at JPMorgan Chase & Co.

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JPMorgan Chase & Co. cut shares of Sunoco (NYSE:SUN) from an overweight rating to a neutral rating in a research report sent to investors on Friday, Marketbeat reports. They currently have $32.00 price target on the oil and gas company’s stock, down from their prior price target of $33.00.

Other equities research analysts also recently issued reports about the stock. Raymond James reissued a buy rating on shares of Sunoco in a research note on Monday, August 13th. Jefferies Financial Group raised shares of Sunoco from an underperform rating to a hold rating and set a $30.00 price target on the stock in a research note on Wednesday, July 18th. Zacks Investment Research downgraded shares of Sunoco from a buy rating to a hold rating in a research note on Wednesday. ValuEngine raised shares of Sunoco from a sell rating to a hold rating in a research note on Thursday. Finally, Credit Suisse Group assumed coverage on shares of Sunoco in a research note on Thursday. They issued a neutral rating and a $31.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and three have assigned a buy rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $31.00.

SUN stock traded down $0.47 during trading on Friday, reaching $29.11. 502,598 shares of the stock were exchanged, compared to its average volume of 392,903. The company has a market capitalization of $2.92 billion, a PE ratio of 12.71 and a beta of 0.80. Sunoco has a 1 year low of $24.46 and a 1 year high of $33.11. The company has a debt-to-equity ratio of 2.84, a current ratio of 1.07 and a quick ratio of 0.67.

Sunoco (NYSE:SUN) last released its quarterly earnings results on Wednesday, August 8th. The oil and gas company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.01. The business had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $3.99 billion. Sunoco had a net margin of 0.86% and a return on equity of 33.25%. The business’s revenue was up 59.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.59) EPS. Sell-side analysts forecast that Sunoco will post 2.3 EPS for the current year.

Several hedge funds have recently made changes to their positions in the stock. California Public Employees Retirement System acquired a new position in shares of Sunoco in the second quarter valued at approximately $576,000. Putnam Investments LLC acquired a new position in Sunoco during the 2nd quarter worth approximately $1,515,000. Centaurus Financial Inc. acquired a new position in Sunoco during the 2nd quarter worth approximately $369,000. First Republic Investment Management Inc. acquired a new position in Sunoco during the 2nd quarter worth approximately $271,000. Finally, OppenheimerFunds Inc. grew its holdings in Sunoco by 1.4% during the 2nd quarter. OppenheimerFunds Inc. now owns 13,585,922 shares of the oil and gas company’s stock worth $339,105,000 after acquiring an additional 186,248 shares in the last quarter. Hedge funds and other institutional investors own 28.60% of the company’s stock.

About Sunoco

Sunoco LP, together with its subsidiaries, engages in the wholesale distribution and retail sale of motor fuels primarily in the United States. The company operates through two segments, Wholesale and Retail. It serves convenience stores and commission agent locations, contracted independent convenience store operators, and other commercial customers.

See Also: Beta

Analyst Recommendations for Sunoco (NYSE:SUN)

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