Sunoco LP (SUN) Stock Rating Reaffirmed by Credit Suisse Group AG
Sunoco LP (NYSE:SUN)‘s stock had its “neutral” rating restated by investment analysts at Credit Suisse Group AG in a research report issued to clients and investors on Tuesday. They presently have a $31.00 price target on the stock. Credit Suisse Group AG’s price target indicates a potential upside of 25.76% from the stock’s current price.
Several other brokerages have also recently issued reports on SUN. Robert W. Baird cut shares of Sunoco from an “outperform” rating to a “neutral” rating and lowered their price objective for the company from $43.00 to $30.00 in a research note on Thursday, August 4th. Zacks Investment Research raised shares of Sunoco from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 27th. FBR & Co started coverage on shares of Sunoco in a research report on Friday, September 9th. They set a “market perform” rating and a $32.00 price target for the company. Vetr cut shares of Sunoco from a “strong-buy” rating to a “hold” rating and set a $31.00 price target for the company. in a research report on Monday, August 15th. Finally, Morgan Stanley started coverage on shares of Sunoco in a research report on Monday, August 15th. They set an “equal weight” rating and a $32.00 price target for the company. One analyst has rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the stock. Sunoco currently has an average rating of “Hold” and a consensus target price of $34.41.
Shares of Sunoco (NYSE:SUN) opened at 24.65 on Tuesday. The firm has a 50-day moving average price of $27.84 and a 200-day moving average price of $30.14. The firm has a market capitalization of $2.76 billion, a PE ratio of 17.24 and a beta of 0.68. Sunoco has a 1-year low of $22.86 and a 1-year high of $40.06.
The business also recently announced a quarterly dividend, which was paid on Tuesday, November 15th. Stockholders of record on Monday, November 7th were paid a $0.8255 dividend. This represents a $3.30 dividend on an annualized basis and a dividend yield of 13.40%. The ex-dividend date of this dividend was Thursday, November 3rd. This is a positive change from Sunoco’s previous quarterly dividend of $0.65. Sunoco’s dividend payout ratio is 297.30%.
Several large investors have recently modified their holdings of the stock. LPL Financial LLC bought a new stake in shares of Sunoco during the third quarter worth about $320,000. Cetera Advisors LLC acquired a new stake in Sunoco during the third quarter valued at $382,000. Moors & Cabot Inc. acquired a new stake in Sunoco during the third quarter valued at $223,000. The Manufacturers Life Insurance Company acquired a new stake in Sunoco during the third quarter valued at $101,000. Finally, Incline Global Management LLC acquired a new stake in Sunoco during the third quarter valued at $2,656,000. Institutional investors and hedge funds own 40.50% of the company’s stock.
Sunoco LP, formerly Susser Petroleum Partners LP, is engaged in the retail sale of motor fuels and merchandise through the 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.
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