Sunoco (SUN) Downgraded by Zacks Investment Research
Sunoco (NYSE:SUN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.
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. “
SUN has been the topic of several other research reports. BidaskClub lowered shares of Sunoco from a “hold” rating to a “sell” rating in a report on Friday, August 18th. Mizuho restated a “sell” rating and issued a $29.00 target price on shares of Sunoco in a report on Friday, October 20th. Mitsubishi UFJ Financial Group restated an “underweight” rating on shares of Sunoco in a report on Thursday, November 9th. Royal Bank Of Canada restated a “buy” rating and issued a $35.00 target price on shares of Sunoco in a report on Tuesday, October 10th. Finally, Jefferies Group reiterated a “hold” rating and set a $30.00 price objective (up previously from $29.00) on shares of Sunoco in a report on Monday, September 11th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $31.50.
In other news, Director Stephen Pearce sold 70,000 shares of the business’s stock in a transaction dated Friday, October 6th. The shares were sold at an average price of $0.43, for a total transaction of $30,100.00.
A number of hedge funds have recently modified their holdings of SUN. Alliancebernstein L.P. grew its position in shares of Sunoco by 40.6% during the 1st quarter. Alliancebernstein L.P. now owns 11,969 shares of the oil and gas company’s stock valued at $289,000 after acquiring an additional 3,456 shares during the period. Credit Suisse AG grew its position in shares of Sunoco by 3.1% during the 1st quarter. Credit Suisse AG now owns 50,663 shares of the oil and gas company’s stock valued at $1,224,000 after acquiring an additional 1,522 shares during the period. Beach Investment Management LLC. bought a new position in shares of Sunoco during the 2nd quarter valued at approximately $361,000. BB&T Securities LLC grew its position in shares of Sunoco by 17.4% during the 2nd quarter. BB&T Securities LLC now owns 39,085 shares of the oil and gas company’s stock valued at $1,196,000 after acquiring an additional 5,785 shares during the period. Finally, Kayne Anderson Capital Advisors LP bought a new position in shares of Sunoco during the 2nd quarter valued at approximately $535,000. 26.33% of the stock is owned by institutional investors and hedge funds.
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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