Sunoco LP (NYSE:SUN) Forecasted to Post Q1 2024 Earnings of $1.04 Per Share

Sunoco LP (NYSE:SUN) – Equities researchers at Zacks Research increased their Q1 2024 earnings estimates for shares of Sunoco in a report issued on Wednesday, April 24th. Zacks Research analyst R. Department now anticipates that the oil and gas company will post earnings of $1.04 per share for the quarter, up from their previous forecast of $1.03. The consensus estimate for Sunoco’s current full-year earnings is $5.03 per share. Zacks Research also issued estimates for Sunoco’s Q2 2024 earnings at $1.32 EPS, Q3 2024 earnings at $1.37 EPS, Q4 2024 earnings at $1.24 EPS, FY2024 earnings at $4.98 EPS, Q3 2025 earnings at $1.15 EPS, Q4 2025 earnings at $1.10 EPS, FY2025 earnings at $4.39 EPS and FY2026 earnings at $4.48 EPS.

A number of other analysts also recently weighed in on the stock. JPMorgan Chase & Co. boosted their target price on shares of Sunoco from $53.00 to $62.00 and gave the stock a “neutral” rating in a report on Tuesday, March 19th. Citigroup downgraded shares of Sunoco from a “buy” rating to a “neutral” rating and set a $65.00 price target on the stock. in a report on Tuesday, February 27th. Wells Fargo & Company boosted their target price on Sunoco from $60.00 to $61.00 and gave the company an “equal weight” rating in a research report on Tuesday, February 20th. Barclays increased their price target on Sunoco from $57.00 to $64.00 and gave the stock an “overweight” rating in a report on Wednesday, January 17th. Finally, StockNews.com cut Sunoco from a “buy” rating to a “hold” rating in a report on Wednesday, February 14th. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Sunoco currently has a consensus rating of “Hold” and a consensus target price of $62.71.

Sunoco Stock Down 0.1 %

Shares of SUN opened at $56.32 on Thursday. The company has a debt-to-equity ratio of 3.66, a current ratio of 1.40 and a quick ratio of 0.76. The stock has a market capitalization of $5.68 billion, a price-to-earnings ratio of 15.31 and a beta of 1.27. Sunoco has a 1 year low of $41.95 and a 1 year high of $64.89. The business’s 50 day simple moving average is $59.74 and its 200-day simple moving average is $57.11.

Sunoco (NYSE:SUN) last posted its earnings results on Wednesday, February 14th. The oil and gas company reported ($1.50) EPS for the quarter, missing analysts’ consensus estimates of $0.96 by ($2.46). The firm had revenue of $5.64 billion during the quarter, compared to analysts’ expectations of $5.42 billion. Sunoco had a return on equity of 37.91% and a net margin of 1.71%. Sunoco’s quarterly revenue was down 4.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.42 earnings per share.

Hedge Funds Weigh In On Sunoco

Institutional investors have recently modified their holdings of the stock. Cambridge Investment Research Advisors Inc. increased its holdings in Sunoco by 31.7% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 24,666 shares of the oil and gas company’s stock valued at $1,487,000 after buying an additional 5,934 shares during the period. Newbridge Financial Services Group Inc. purchased a new position in Sunoco during the first quarter valued at approximately $214,000. Raymond James Financial Services Advisors Inc. increased its holdings in Sunoco by 0.4% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 193,821 shares of the oil and gas company’s stock valued at $11,685,000 after buying an additional 690 shares during the period. PFG Investments LLC increased its holdings in Sunoco by 13.8% during the first quarter. PFG Investments LLC now owns 6,561 shares of the oil and gas company’s stock valued at $396,000 after buying an additional 794 shares during the period. Finally, Raymond James & Associates increased its holdings in Sunoco by 10.5% during the first quarter. Raymond James & Associates now owns 85,112 shares of the oil and gas company’s stock valued at $5,131,000 after buying an additional 8,087 shares during the period. 24.29% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Sunoco

In related news, Director David K. Skidmore bought 1,500 shares of Sunoco stock in a transaction dated Wednesday, April 17th. The shares were acquired at an average cost of $52.10 per share, with a total value of $78,150.00. Following the completion of the transaction, the director now owns 14,608 shares in the company, valued at approximately $761,076.80. The purchase was disclosed in a filing with the SEC, which can be accessed through this link.

Sunoco Company Profile

Sunoco LP, together with its subsidiaries, distributes and retails 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, as well as other petroleum products, such as propane and lubricating oil from independent refiners and oil companies and supplies it to company-operated retail stores, independently operated commission agents, and retail stores, as well as other commercial customers, including unbranded retail stores, other fuel distributors, school districts, municipalities, and other industrial customers.