Sunoco (NYSE:SUN) Rating Increased to Overweight at Wells Fargo & Company

Sunoco (NYSE:SUN) was upgraded by research analysts at Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a research note issued on Wednesday, Marketbeat reports. The firm currently has a $65.00 target price on the oil and gas company’s stock, up from their prior target price of $61.00. Wells Fargo & Company‘s price objective would indicate a potential upside of 22.39% from the company’s current price.

A number of other analysts have also weighed in on the stock. JPMorgan Chase & Co. upped their price objective on shares of Sunoco from $66.00 to $67.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 22nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Sunoco in a research note on Wednesday, October 8th. Zacks Research raised shares of Sunoco from a “strong sell” rating to a “hold” rating in a research note on Monday, October 6th. Finally, Mizuho lowered their price objective on shares of Sunoco from $67.00 to $66.00 and set an “outperform” rating for the company in a research note on Friday, August 29th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $64.60.

Sunoco Stock Down 0.5%

Shares of SUN opened at $53.11 on Wednesday. The company has a current ratio of 1.52, a quick ratio of 0.80 and a debt-to-equity ratio of 1.90. The firm has a fifty day moving average price of $51.29 and a 200-day moving average price of $53.32. The firm has a market capitalization of $8.13 billion, a P/E ratio of 26.16 and a beta of 0.53. Sunoco has a 12-month low of $47.98 and a 12-month high of $59.88.

Sunoco (NYSE:SUN) last released its quarterly earnings data on Wednesday, August 6th. The oil and gas company reported $0.33 earnings per share for the quarter, missing analysts’ consensus estimates of $1.68 by ($1.35). Sunoco had a return on equity of 10.57% and a net margin of 2.02%.The business had revenue of $5.39 billion during the quarter, compared to analysts’ expectations of $5.42 billion. During the same period last year, the company earned $3.85 earnings per share. The firm’s revenue was down 12.7% compared to the same quarter last year. Equities research analysts expect that Sunoco will post 10.65 earnings per share for the current year.

Institutional Investors Weigh In On Sunoco

A number of large investors have recently bought and sold shares of the company. Quadrant Private Wealth Management LLC boosted its position in Sunoco by 5.2% in the third quarter. Quadrant Private Wealth Management LLC now owns 4,249 shares of the oil and gas company’s stock valued at $212,000 after buying an additional 209 shares during the last quarter. Pinnacle Financial Partners Inc purchased a new stake in Sunoco in the third quarter valued at approximately $200,000. Concurrent Investment Advisors LLC purchased a new stake in Sunoco in the third quarter valued at approximately $213,000. MGO One Seven LLC boosted its position in Sunoco by 133.0% in the third quarter. MGO One Seven LLC now owns 15,297 shares of the oil and gas company’s stock valued at $765,000 after buying an additional 8,731 shares during the last quarter. Finally, Miller Howard Investments Inc. NY boosted its position in Sunoco by 0.5% in the third quarter. Miller Howard Investments Inc. NY now owns 694,880 shares of the oil and gas company’s stock valued at $34,751,000 after buying an additional 3,784 shares during the last quarter. Hedge funds and other institutional investors own 24.29% of the company’s stock.

About Sunoco

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.