Sunoco (NYSE:SUN) Upgraded to “Buy” by Citigroup

Citigroup upgraded shares of Sunoco (NYSE:SUN) from a neutral rating to a buy rating in a report issued on Tuesday, Marketbeat reports. They currently have $65.00 target price on the oil and gas company’s stock.

Several other equities analysts have also commented on SUN. Mizuho raised Sunoco from a neutral rating to a buy rating and reduced their price target for the stock from $60.00 to $59.00 in a research report on Tuesday, June 4th. JPMorgan Chase & Co. initiated coverage on Sunoco in a report on Wednesday, June 5th. They set an overweight rating and a $61.00 price objective on the stock. Barclays initiated coverage on Sunoco in a report on Monday, June 10th. They set an overweight rating and a $61.00 price objective on the stock. Wells Fargo & Company lifted their price objective on Sunoco from $60.00 to $61.00 and gave the stock an equal weight rating in a report on Tuesday, February 20th. Finally, StockNews.com upgraded Sunoco from a hold rating to a buy rating in a report on Thursday, May 9th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $62.00.

Sunoco Stock Performance

Sunoco stock opened at $54.51 on Tuesday. The stock’s 50 day moving average price is $53.58 and its 200 day moving average price is $57.45. The firm has a market capitalization of $5.50 billion, a PE ratio of 12.14 and a beta of 1.29. The company has a debt-to-equity ratio of 3.39, a quick ratio of 1.07 and a current ratio of 1.65. Sunoco has a one year low of $43.00 and a one year high of $64.89.

Sunoco (NYSE:SUN) last released its quarterly earnings results on Wednesday, May 8th. The oil and gas company reported $1.06 EPS for the quarter, hitting the consensus estimate of $1.06. The firm had revenue of $5.50 billion for the quarter, compared to analyst estimates of $5.13 billion. Sunoco had a return on equity of 35.56% and a net margin of 2.08%. As a group, sell-side analysts expect that Sunoco will post 6.09 EPS for the current fiscal year.

Sunoco Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, May 20th. Stockholders of record on Monday, May 13th were issued a $0.876 dividend. This represents a $3.50 dividend on an annualized basis and a dividend yield of 6.43%. This is an increase from Sunoco’s previous quarterly dividend of $0.84. The ex-dividend date was Friday, May 10th. Sunoco’s payout ratio is 77.95%.

Insider Activity

In other news, EVP Austin Harkness purchased 1,000 shares of the stock in a transaction dated Wednesday, May 29th. The stock was acquired at an average cost of $49.74 per share, for a total transaction of $49,740.00. Following the acquisition, the executive vice president now owns 83,686 shares of the company’s stock, valued at $4,162,541.64. The acquisition was disclosed in a filing with the SEC, which is available at this link. In related news, EVP Austin Harkness acquired 1,000 shares of Sunoco stock in a transaction that occurred on Wednesday, May 29th. The stock was acquired at an average price of $49.74 per share, for a total transaction of $49,740.00. Following the transaction, the executive vice president now directly owns 83,686 shares of the company’s stock, valued at approximately $4,162,541.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Joseph Kim acquired 5,000 shares of Sunoco stock in a transaction that occurred on Thursday, May 23rd. The shares were bought at an average price of $50.50 per share, with a total value of $252,500.00. Following the transaction, the chief executive officer now directly owns 10,000 shares in the company, valued at $505,000. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 9,500 shares of company stock worth $479,570.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SUN. Principal Securities Inc. acquired a new position in Sunoco during the 4th quarter worth $27,000. ICA Group Wealth Management LLC acquired a new position in Sunoco during the 4th quarter worth $30,000. CNB Bank acquired a new position in Sunoco during the 1st quarter worth $30,000. Allworth Financial LP boosted its position in Sunoco by 250.0% during the 4th quarter. Allworth Financial LP now owns 700 shares of the oil and gas company’s stock worth $42,000 after acquiring an additional 500 shares during the period. Finally, Register Financial Advisors LLC acquired a new position in Sunoco during the 1st quarter worth $55,000. Institutional investors and hedge funds 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.