JPMorgan Chase & Co. Upgrades Sunoco (SUN) to Overweight

Sunoco (NYSE:SUN) was upgraded by analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research note issued on Tuesday. The brokerage currently has a $29.20 target price on the oil and gas company’s stock. JPMorgan Chase & Co.’s price objective would indicate a potential downside of 5.19% from the stock’s current price.

A number of other research analysts have also recently issued reports on the company. Credit Suisse Group assumed coverage on Sunoco in a report on Thursday, January 4th. They issued a “neutral” rating and a $28.00 price target for the company. Jefferies Group reaffirmed a “neutral” rating on shares of Sunoco in a report on Wednesday, December 20th. B. Riley set a $32.00 price target on Sunoco and gave the company a “neutral” rating in a report on Monday, December 18th. Goldman Sachs Group raised Sunoco from a “sell” rating to a “neutral” rating and set a $33.00 price objective for the company in a report on Monday, December 18th. Finally, Zacks Investment Research cut Sunoco from a “buy” rating to a “hold” rating in a report on Thursday, December 7th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $31.61.

Sunoco (SUN) traded up $0.40 during trading on Tuesday, hitting $30.80. The company had a trading volume of 440,874 shares, compared to its average volume of 550,097. The company has a debt-to-equity ratio of 2.28, a current ratio of 4.02 and a quick ratio of 3.75. Sunoco has a fifty-two week low of $23.09 and a fifty-two week high of $32.67. The company has a market capitalization of $3,060.00, a PE ratio of -6.00 and a beta of 0.56.

In other Sunoco news, insider Arnold Dodderer sold 2,512 shares of the business’s stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $28.98, for a total transaction of $72,797.76. Following the completion of the sale, the insider now directly owns 23,923 shares of the company’s stock, valued at approximately $693,288.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Large investors have recently made changes to their positions in the business. Adams Asset Advisors LLC grew its position in shares of Sunoco by 7.8% during the 4th quarter. Adams Asset Advisors LLC now owns 247,143 shares of the oil and gas company’s stock worth $7,018,000 after buying an additional 17,926 shares during the period. First Heartland Consultants Inc. grew its position in shares of Sunoco by 20.7% during the 3rd quarter. First Heartland Consultants Inc. now owns 19,583 shares of the oil and gas company’s stock worth $609,000 after buying an additional 3,359 shares during the period. Neuberger Berman Group LLC acquired a new position in shares of Sunoco during the 3rd quarter worth about $438,000. California Public Employees Retirement System acquired a new position in shares of Sunoco during the 3rd quarter worth about $329,000. Finally, Allianz Asset Management GmbH acquired a new position in shares of Sunoco during the 3rd quarter worth about $1,444,000. 26.32% of the stock is owned by hedge funds and other 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.

Analyst Recommendations for Sunoco (NYSE:SUN)

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