JPMorgan Chase & Co. Increases Sunoco (NYSE:SUN) Price Target to $84.00

Sunoco (NYSE:SUN) had its target price hoisted by JPMorgan Chase & Co. from $73.00 to $84.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the oil and gas company’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 11.06% from the company’s previous close.

A number of other equities analysts have also commented on SUN. Wall Street Zen upgraded Sunoco from a “hold” rating to a “buy” rating in a research note on Sunday, July 12th. Citigroup increased their target price on Sunoco from $65.00 to $73.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Weiss Ratings raised Sunoco from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, May 21st. Wells Fargo & Company lifted their price target on Sunoco from $71.00 to $77.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Finally, Royal Bank Of Canada upped their price target on Sunoco to $78.00 and gave the stock an “outperform” rating in a report on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Sunoco has an average rating of “Buy” and a consensus price target of $77.12.

Sunoco Stock Performance

NYSE:SUN traded up $1.04 during midday trading on Friday, reaching $75.63. The stock had a trading volume of 206,580 shares, compared to its average volume of 480,151. The stock has a market capitalization of $15.49 billion, a P/E ratio of 19.34 and a beta of 0.42. Sunoco has a 1-year low of $47.98 and a 1-year high of $77.03. The company has a debt-to-equity ratio of 2.03, a current ratio of 1.40 and a quick ratio of 0.92. The firm’s fifty day simple moving average is $68.08 and its 200-day simple moving average is $64.49.

Sunoco (NYSE:SUN) last released its earnings results on Tuesday, May 5th. The oil and gas company reported $2.85 earnings per share for the quarter, topping analysts’ consensus estimates of $1.71 by $1.14. Sunoco had a net margin of 3.07% and a return on equity of 17.52%. The firm had revenue of $10.69 billion during the quarter, compared to analyst estimates of $10.19 billion. During the same quarter in the previous year, the business earned $1.21 EPS. The business’s revenue was up 106.4% on a year-over-year basis. On average, equities research analysts forecast that Sunoco will post 7.92 EPS for the current fiscal year.

Hedge Funds Weigh In On Sunoco

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ancora Advisors LLC bought a new position in Sunoco during the third quarter valued at about $40,000. Glen Eagle Advisors LLC lifted its position in shares of Sunoco by 496.5% in the 4th quarter. Glen Eagle Advisors LLC now owns 853 shares of the oil and gas company’s stock worth $45,000 after acquiring an additional 710 shares during the period. Cassaday & Co Wealth Management LLC acquired a new stake in shares of Sunoco during the 1st quarter worth approximately $78,000. Cresta Advisors Ltd. acquired a new stake in shares of Sunoco during the 4th quarter worth approximately $64,000. Finally, Russell Investments Group Ltd. increased its position in shares of Sunoco by 110.3% during the fourth quarter. Russell Investments Group Ltd. now owns 1,569 shares of the oil and gas company’s stock valued at $82,000 after purchasing an additional 823 shares during the period. 24.29% of the stock is currently owned by institutional investors.

About Sunoco

Sunoco LP (NYSE: SUN) is an independent master limited partnership that specializes in the distribution and marketing of transportation fuels and related products. The company operates through two primary segments: wholesale fuel distribution and retail marketing. In wholesale distribution, Sunoco supplies branded fuels to distributors, commercial customers and resellers across the United States. Its retail marketing arm operates a network of company‐owned and franchised Sunoco branded service stations and convenience stores, providing gasoline, diesel, ethanol blends and lubricants to consumers.

Sunoco’s product portfolio extends beyond traditional fuels to include biofuels, specialty chemicals and on‐road diesel treated to meet ultra‐low sulfur requirements.