Sunoco (NYSE:SUN) Given New $35.00 Price Target at Raymond James

Sunoco (NYSE:SUN) had its price target increased by research analysts at Raymond James from $30.00 to $35.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm presently has an “outperform” rating on the oil and gas company’s stock. Raymond James’ price objective points to a potential upside of 16.67% from the company’s current price.

A number of other equities analysts have also recently weighed in on SUN. Wells Fargo & Company cut Sunoco from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $27.00 to $26.00 in a report on Monday, November 30th. UBS Group lifted their price target on Sunoco from $31.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 5th. Zacks Investment Research raised Sunoco from a “hold” rating to a “strong-buy” rating and set a $32.00 price target on the stock in a research note on Tuesday, January 5th. Royal Bank of Canada lifted their price target on Sunoco from $32.00 to $35.00 and gave the stock an “outperform” rating in a research note on Thursday, November 12th. Finally, BidaskClub cut Sunoco from a “buy” rating to a “hold” rating in a research note on Saturday, January 9th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Sunoco presently has a consensus rating of “Buy” and a consensus target price of $30.11.

Shares of NYSE SUN opened at $30.00 on Thursday. The stock has a market cap of $2.99 billion, a price-to-earnings ratio of 25.33 and a beta of 1.84. The company has a current ratio of 1.07, a quick ratio of 0.60 and a debt-to-equity ratio of 4.94. Sunoco has a 1-year low of $10.46 and a 1-year high of $32.89. The stock’s 50-day moving average is $29.00 and its 200 day moving average is $26.28.

Sunoco (NYSE:SUN) last announced its quarterly earnings data on Wednesday, November 4th. The oil and gas company reported $0.96 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.78 by $0.18. The company had revenue of $2.81 billion for the quarter, compared to analysts’ expectations of $3.19 billion. Sunoco had a return on equity of 15.93% and a net margin of 1.29%. Sunoco’s revenue for the quarter was down 35.2% compared to the same quarter last year. During the same period last year, the firm posted $0.57 EPS. On average, analysts forecast that Sunoco will post 2.18 EPS for the current fiscal year.

In other news, Director Imad K. Anbouba sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 11th. The stock was sold at an average price of $26.94, for a total transaction of $80,820.00. Following the transaction, the director now directly owns 12,432 shares of the company’s stock, valued at $334,918.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bowen Hanes & Co. Inc. boosted its position in shares of Sunoco by 11.5% during the third quarter. Bowen Hanes & Co. Inc. now owns 580,000 shares of the oil and gas company’s stock valued at $14,146,000 after purchasing an additional 60,000 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in shares of Sunoco by 5.1% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 216,159 shares of the oil and gas company’s stock valued at $5,272,000 after purchasing an additional 10,544 shares in the last quarter. California Public Employees Retirement System boosted its position in shares of Sunoco by 1.8% during the third quarter. California Public Employees Retirement System now owns 124,749 shares of the oil and gas company’s stock valued at $3,043,000 after purchasing an additional 2,147 shares in the last quarter. Federated Hermes Inc. boosted its position in shares of Sunoco by 2.3% during the third quarter. Federated Hermes Inc. now owns 117,805 shares of the oil and gas company’s stock valued at $2,874,000 after purchasing an additional 2,685 shares in the last quarter. Finally, Spirit of America Management Corp NY boosted its position in shares of Sunoco by 3.3% during the third quarter. Spirit of America Management Corp NY now owns 117,674 shares of the oil and gas company’s stock valued at $2,870,000 after purchasing an additional 3,800 shares in the last quarter. Institutional investors own 25.12% of the company’s stock.

About Sunoco

Sunoco LP, together with its subsidiaries, engages in the distribution and retailing of motor fuels in the United States. It operates through two segments, Fuel Distribution and Marketing, and All Other. The Fuel Distribution and Marketing segment purchases motor fuel from independent refiners and major oil companies and supplies it to independently operated dealer stations, distributors and other consumer of motor fuel, and partnership operated stations, as well as to commission agent locations.

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