Sunoco (NYSE:SUN) Given New $63.00 Price Target at Royal Bank of Canada

by · The Cerbat Gem

Sunoco (NYSE:SUN – Get Free Report) had its price target increased by research analysts at Royal Bank of Canada from $60.00 to $63.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the oil and gas company’s stock. Royal Bank of Canada’s price objective indicates a potential upside of 18.44% from the company’s current price.

A number of other equities research analysts also recently weighed in on the company. Barclays cut their target price on Sunoco from $61.00 to $60.00 and set an “overweight” rating for the company in a research report on Wednesday, July 10th. Citigroup upgraded Sunoco from a “neutral” rating to a “buy” rating and set a $65.00 price objective for the company in a report on Tuesday, June 18th. StockNews.com cut shares of Sunoco from a “buy” rating to a “hold” rating in a research report on Thursday, August 8th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Sunoco from $61.00 to $63.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $62.25.

Get Our Latest Report on Sunoco

Sunoco Stock Performance

NYSE SUN traded up $0.74 on Wednesday, hitting $53.19. The stock had a trading volume of 147,178 shares, compared to its average volume of 528,787. The company’s 50-day moving average is $53.10 and its two-hundred day moving average is $54.27. The stock has a market cap of $5.36 billion, a price-to-earnings ratio of 11.85 and a beta of 1.30. The company has a quick ratio of 0.72, a current ratio of 1.26 and a debt-to-equity ratio of 1.69. Sunoco has a one year low of $49.00 and a one year high of $64.89.

Sunoco (NYSE:SUN – Get Free Report) last announced its earnings results on Wednesday, August 7th. The oil and gas company reported $3.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.23 by $2.62. The firm had revenue of $6.17 billion during the quarter, compared to analyst estimates of $5.63 billion. Sunoco had a net margin of 3.80% and a return on equity of 41.76%. Sunoco’s revenue was up 7.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.78 EPS. On average, analysts expect that Sunoco will post 8.09 earnings per share for the current year.

Hedge Funds Weigh In On Sunoco

Institutional investors and hedge funds have recently modified their holdings of the stock. Tortoise Capital Advisors L.L.C. boosted its position in Sunoco by 26,345.6% during the second quarter. Tortoise Capital Advisors L.L.C. now owns 1,351,368 shares of the oil and gas company’s stock valued at $76,406,000 after purchasing an additional 1,346,258 shares during the last quarter. Clearbridge Investments LLC lifted its holdings in shares of Sunoco by 176.6% during the 2nd quarter. Clearbridge Investments LLC now owns 700,229 shares of the oil and gas company’s stock valued at $39,591,000 after buying an additional 447,072 shares during the last quarter. Adams Asset Advisors LLC grew its stake in shares of Sunoco by 82.3% in the 2nd quarter. Adams Asset Advisors LLC now owns 571,538 shares of the oil and gas company’s stock valued at $32,315,000 after buying an additional 258,103 shares in the last quarter. Energy Income Partners LLC bought a new stake in shares of Sunoco in the 1st quarter valued at approximately $10,494,000. Finally, Miller Howard Investments Inc. NY increased its holdings in Sunoco by 33.4% in the second quarter. Miller Howard Investments Inc. NY now owns 583,323 shares of the oil and gas company’s stock worth $32,981,000 after buying an additional 146,152 shares during the last quarter. 24.29% of the stock is currently owned by hedge funds and other institutional investors.

About Sunoco

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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.

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