Zacks Investment Research downgraded shares of Sunoco Logistics Partners LP (NYSE:ETP) from a hold rating to a sell rating in a research note published on Wednesday morning.
According to Zacks, “Much criticism and legal challenges faced by Energy Transfer Partner’s $3.8 billion mega project-Dakota Pipeline has affected the partnership adversely. The pipeline – which is facing strong opposition from environmentalists and Sioux Tribe-, may have to shut its operations if the court's verdict does not come in favor of the company in the upcoming hearings in August and September. In the past twelve months, the units of the partnership declined by 27% underperforming the broader sector. The 3 year commodity bear market has affected the partnership’s cash flow stability and earnings negatively as ETP reported negative earnings surprise in the three out of four quarters. Further, we also need to factor the high debts and lowering distribution coverage ratio of the firm. Considering these headwinds, we expect Energy Transfer Partners to continue performing below the industry, which gives investors little reason to hold the stock.”
ETP has been the topic of a number of other research reports. Vetr upgraded Sunoco Logistics Partners from a hold rating to a strong-buy rating and set a $42.84 target price on the stock in a research note on Monday, April 10th. US Capital Advisors restated an overweight rating on shares of Sunoco Logistics Partners in a research note on Friday, April 7th. Royal Bank of Canada restated a buy rating and issued a $32.00 target price on shares of Sunoco Logistics Partners in a research note on Friday, March 17th. Robert W. Baird upgraded Sunoco Logistics Partners from a neutral rating to an outperform rating and set a $30.00 target price on the stock in a research note on Tuesday, May 2nd. Finally, Sanford C. Bernstein upgraded Sunoco Logistics Partners from a market perform rating to an outperform rating in a research note on Wednesday, May 10th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of Buy and an average price target of $33.04.
Sunoco Logistics Partners (ETP) traded down 1.09% during trading on Wednesday, hitting $19.98. The stock had a trading volume of 1,630,441 shares. Sunoco Logistics Partners has a 12-month low of $18.31 and a 12-month high of $31.49. The company has a 50 day moving average of $21.30 and a 200-day moving average of $23.65. The company’s market cap is $11.05 billion.
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In related news, Director David K. Skidmore bought 10,000 shares of the company’s stock in a transaction dated Thursday, June 22nd. The stock was acquired at an average cost of $18.64 per share, with a total value of $186,400.00. Following the acquisition, the director now owns 45,245 shares in the company, valued at approximately $843,366.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Kelcy L. Warren bought 1,000,000 shares of the company’s stock in a transaction dated Thursday, July 6th. The stock was bought at an average cost of $20.33 per share, with a total value of $20,330,000.00. Following the completion of the acquisition, the chief executive officer now owns 1,031,646 shares in the company, valued at approximately $20,973,363.18. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 1,015,023 shares of company stock valued at $20,625,483. Insiders own 0.17% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Ledyard National Bank boosted its position in shares of Sunoco Logistics Partners by 6.7% in the first quarter. Ledyard National Bank now owns 3,200 shares of the pipeline company’s stock worth $117,000 after buying an additional 200 shares during the last quarter. Adirondack Trust Co. boosted its position in shares of Sunoco Logistics Partners by 0.6% in the first quarter. Adirondack Trust Co. now owns 3,392 shares of the pipeline company’s stock worth $124,000 after buying an additional 19 shares during the last quarter. Benjamin F. Edwards & Company Inc. boosted its position in shares of Sunoco Logistics Partners by 7.0% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 4,599 shares of the pipeline company’s stock worth $168,000 after buying an additional 300 shares during the last quarter. Busey Trust CO bought a new position in shares of Sunoco Logistics Partners during the first quarter worth about $201,000. Finally, Papp L Roy & Associates bought a new position in shares of Sunoco Logistics Partners during the first quarter worth about $210,000. 66.78% of the stock is owned by institutional investors and hedge funds.
Sunoco Logistics Partners Company Profile
Energy Transfer Partners, L.P., formerly Sunoco Logistics Partners L.P., owns and operates a logistics business. The Company is engaged in the transport, terminaling and storage of crude oil, refined products and natural gas liquids (NGLs). The Company’s segments include Crude Oil, Natural Gas Liquids and Refined Products.
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