Bank of America Begins Coverage on Sunoco (SUN)

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Bank of America initiated coverage on shares of Sunoco (NYSE:SUN) in a report published on Friday, Marketbeat Ratings reports. The firm issued an underperform rating and a $26.00 price target on the oil and gas company’s stock.

A number of other research firms have also commented on SUN. Zacks Investment Research lowered shares of Sunoco from a buy rating to a hold rating in a research note on Wednesday, October 10th. Credit Suisse Group assumed coverage on shares of Sunoco in a research note on Thursday, October 11th. They set a neutral rating and a $31.00 price objective on the stock. ValuEngine upgraded shares of Sunoco from a sell rating to a hold rating in a research note on Thursday, October 11th. JPMorgan Chase & Co. lowered shares of Sunoco from an overweight rating to a neutral rating and decreased their price target for the stock from $33.00 to $32.00 in a research report on Friday, October 12th. Finally, TheStreet upgraded shares of Sunoco from a c+ rating to a b- rating in a research report on Monday, September 24th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $30.08.

Shares of NYSE:SUN opened at $28.24 on Friday. Sunoco has a 52 week low of $23.80 and a 52 week high of $33.11. The company has a market capitalization of $2.83 billion, a price-to-earnings ratio of 12.33 and a beta of 0.75. The company has a current ratio of 1.23, a quick ratio of 0.79 and a debt-to-equity ratio of 2.94.

Sunoco (NYSE:SUN) last posted its quarterly earnings data on Wednesday, November 7th. The oil and gas company reported $1.15 EPS for the quarter, beating the Zacks’ consensus estimate of $0.65 by $0.50. Sunoco had a net margin of 0.60% and a return on equity of 38.90%. The business had revenue of $4.76 billion for the quarter, compared to analyst estimates of $4.59 billion. During the same quarter last year, the business earned $1.08 earnings per share. The business’s revenue for the quarter was up 55.4% on a year-over-year basis. Sell-side analysts predict that Sunoco will post 2.67 EPS for the current year.

In related news, insider Arnold Dodderer sold 1,724 shares of the firm’s stock in a transaction that occurred on Wednesday, December 12th. The shares were sold at an average price of $27.65, for a total value of $47,668.60. Following the completion of the transaction, the insider now owns 33,183 shares of the company’s stock, valued at approximately $917,509.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Several large investors have recently modified their holdings of SUN. OppenheimerFunds Inc. boosted its stake in shares of Sunoco by 5.2% during the 3rd quarter. OppenheimerFunds Inc. now owns 14,295,800 shares of the oil and gas company’s stock valued at $422,441,000 after buying an additional 709,878 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Sunoco by 28.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,713,603 shares of the oil and gas company’s stock valued at $50,637,000 after purchasing an additional 375,235 shares during the last quarter. Virtus Alternative Investment Advisers Inc. acquired a new stake in shares of Sunoco in the 3rd quarter valued at $8,806,000. Wexford Capital LP acquired a new stake in shares of Sunoco in the 3rd quarter valued at $3,254,000. Finally, Renaissance Technologies LLC lifted its stake in shares of Sunoco by 28.6% in the 2nd quarter. Renaissance Technologies LLC now owns 421,700 shares of the oil and gas company’s stock valued at $10,526,000 after purchasing an additional 93,875 shares during the last quarter. 29.13% of the stock is owned by institutional investors.

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.

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