Allspring Global Investments Holdings LLC Invests $6.93 Million in SunocoCorp LLC $SUNC

Key Points

• Allspring Global Investments opened a new position in SunocoCorp during the first quarter, buying 112,435 shares worth about $6.93 million, giving it a 0.22% stake in the company.
• SunocoCorp’s stock was down about 1.0% and traded at $75.53, near its 12-month high of $77.00, with a market cap of $3.89 billion.
• The company beat quarterly expectations with $2.13 EPS on $10.69 billion in revenue, while analysts currently rate the stock a Buy with an average price target of $77.00.

Allspring Global Investments Holdings LLC bought a new stake in shares of SunocoCorp LLC (NYSE:SUNC - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 112,435 shares of the company's stock, valued at approximately $6,932,000. Allspring Global Investments Holdings LLC owned 0.22% of SunocoCorp as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Goldman Sachs Group Inc. purchased a new position in shares of SunocoCorp during the fourth quarter valued at about $126,936,000. Millennium Management LLC purchased a new stake in SunocoCorp in the fourth quarter worth about $76,886,000. Norges Bank purchased a new stake in SunocoCorp in the fourth quarter worth about $74,696,000. Morgan Stanley bought a new stake in SunocoCorp during the 4th quarter valued at approximately $73,776,000. Finally, Engine Capital Management LP bought a new stake in SunocoCorp during the 4th quarter valued at approximately $67,976,000.

SunocoCorp Trading Down 1.0%

Shares of SUNC stock opened at $75.53 on Friday. SunocoCorp LLC has a 12-month low of $47.00 and a 12-month high of $77.00. The company has a quick ratio of 0.92, a current ratio of 1.40 and a debt-to-equity ratio of 1.67. The stock has a 50 day moving average of $68.54. The stock has a market capitalization of $3.89 billion and a PE ratio of 35.46.

SunocoCorp (NYSE:SUNC - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $2.13 EPS for the quarter, topping the consensus estimate of $1.66 by $0.47. The firm had revenue of $10.69 billion during the quarter, compared to the consensus estimate of $9.56 billion. As a group, equities analysts predict that SunocoCorp LLC will post 6.88 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on SUNC. Citigroup boosted their target price on shares of SunocoCorp from $65.00 to $73.00 and gave the company a "buy" rating in a report on Friday, May 8th. Raymond James Financial restated a "strong-buy" rating and issued a $80.00 price objective on shares of SunocoCorp in a report on Wednesday, May 6th. Zacks Research raised SunocoCorp from a "strong sell" rating to a "hold" rating in a research report on Friday, June 19th. Finally, Barclays boosted their target price on SunocoCorp from $75.00 to $78.00 and gave the stock an "overweight" rating in a report on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $77.00.

SunocoCorp Company Profile

Sunoco LP is an energy infrastructure and fuel distribution master limited partnership. Sunoco LP is based in DALLAS.

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