Zacks Investment Research Lowers Sunoco (SUN) to Hold

Zacks Investment Research lowered shares of Sunoco (NYSE:SUN) from a buy rating to a hold rating in a report released on Wednesday.

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. “

A number of other brokerages also recently weighed in on SUN. TheStreet raised Sunoco from a c+ rating to a b- rating in a research report on Monday, September 24th. Wells Fargo & Co dropped their price objective on Sunoco from $30.00 to $29.00 and set a market perform rating on the stock in a research report on Thursday, September 13th. Raymond James reissued a buy rating on shares of Sunoco in a report on Monday, August 13th. Finally, Jefferies Financial Group raised Sunoco from an underperform rating to a hold rating and set a $30.00 price target for the company in a report on Wednesday, July 18th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the company. Sunoco has an average rating of Hold and a consensus price target of $31.00.

Shares of SUN stock opened at $29.11 on Wednesday. Sunoco has a 1-year low of $24.46 and a 1-year high of $33.11. The stock has a market cap of $2.92 billion, a P/E ratio of 12.71 and a beta of 0.80. The company has a debt-to-equity ratio of 2.84, a quick ratio of 0.67 and a current ratio of 1.07.

Sunoco (NYSE:SUN) last issued its quarterly earnings data on Wednesday, August 8th. The oil and gas company reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.01. Sunoco had a return on equity of 33.25% and a net margin of 0.86%. The company had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $3.99 billion. During the same quarter last year, the company earned ($0.59) earnings per share. The firm’s revenue for the quarter was up 59.3% compared to the same quarter last year. On average, equities analysts anticipate that Sunoco will post 2.3 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the business. OppenheimerFunds Inc. boosted its holdings in Sunoco by 1.4% in the second 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. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in Sunoco in the second quarter worth about $877,000. Royal Bank of Canada lifted its holdings in shares of Sunoco by 120.6% during the first quarter. Royal Bank of Canada now owns 80,889 shares of the oil and gas company’s stock worth $2,063,000 after purchasing an additional 44,221 shares during the period. Centaurus Financial Inc. acquired a new stake in shares of Sunoco during the second quarter worth about $369,000. Finally, Western Standard LLC acquired a new stake in shares of Sunoco during the second quarter worth about $749,000. 28.60% of the stock is owned by institutional investors and hedge funds.

Sunoco Company Profile

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.

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