Zacks Investment Research Lowers Sunoco (NYSE:SUN) to Hold

Sunoco (NYSE:SUN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday, December 7th.

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 equities analysts have also recently issued reports about the company. Robert W. Baird reiterated a “buy” rating and issued a $36.00 price target on shares of Sunoco in a research note on Friday, November 10th. Royal Bank of Canada reaffirmed a “buy” rating and issued a $35.00 price target on shares of Sunoco in a report on Tuesday, October 10th. BidaskClub raised shares of Sunoco from a “sell” rating to a “hold” rating in a research note on Saturday, August 26th. Jefferies Group reissued a “hold” rating and issued a $30.00 price objective (up previously from $29.00) on shares of Sunoco in a research note on Monday, September 11th. Finally, UBS reissued a “neutral” rating and issued a $30.00 price objective (up previously from $28.00) on shares of Sunoco in a research note on Monday, August 14th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $31.50.

Shares of Sunoco (NYSE SUN) opened at $28.75 on Thursday. The company has a market capitalization of $3,374.77, a P/E ratio of 17.23 and a beta of 0.56. Sunoco has a 12-month low of $21.90 and a 12-month high of $32.67. The company has a debt-to-equity ratio of 2.28, a current ratio of 4.02 and a quick ratio of 3.75.

In other news, Director Stephen Pearce sold 70,000 shares of Sunoco stock in a transaction on Friday, October 6th. The shares were sold at an average price of $0.43, for a total transaction of $30,100.00.

Hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its stake in Sunoco by 13.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,450,389 shares of the oil and gas company’s stock valued at $44,440,000 after acquiring an additional 173,588 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in Sunoco by 1.4% in the 2nd quarter. Goldman Sachs Group Inc. now owns 1,340,350 shares of the oil and gas company’s stock valued at $41,028,000 after purchasing an additional 17,894 shares during the last quarter. Harvest Fund Advisors LLC boosted its holdings 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 valued at $41,659,000 after purchasing an additional 281,414 shares during the last quarter. Northwestern Mutual Investment Management Company LLC acquired a new position in Sunoco in the 2nd quarter valued at about $5,843,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in shares of Sunoco by 25.7% in the 3rd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 131,559 shares of the oil and gas company’s stock worth $4,091,000 after acquiring an additional 26,922 shares during the last quarter. 26.33% of the stock is owned by institutional investors and hedge funds.

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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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