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

Key Points

• JPMorgan Chase & Co. raised Sunoco’s price target from $73 to $84 and kept an overweight rating, implying about 11.06% upside from the prior close.
• Sunoco’s stock was up 1.4% to $75.63, near its 52-week high of $77.03, while analysts now largely remain bullish with a Buy consensus and average price target of $77.12.
• The company recently beat earnings expectations, reporting $2.85 EPS versus $1.71 expected and revenue of $10.69 billion, with quarterly revenue jumping 106.4% year over year.

Sunoco (NYSE:SUN - Get Free Report) had its target price upped by equities research analysts at JPMorgan Chase & Co. from $73.00 to $84.00 in a research report issued on Friday,Benzinga reports. The firm currently has an "overweight" rating on the oil and gas company's stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 11.06% from the company's previous close.

SUN has been the subject of a number of other research reports. Wells Fargo & Company lifted their target price on shares of Sunoco from $71.00 to $77.00 and gave the company an "overweight" rating in a research note on Thursday, May 7th. Wall Street Zen raised shares of Sunoco from a "hold" rating to a "buy" rating in a research note on Sunday, July 12th. Citigroup increased their price objective on Sunoco from $65.00 to $73.00 and gave the stock a "buy" rating in a report on Friday, May 8th. Zacks Research raised Sunoco from a "strong sell" rating to a "hold" rating in a research report on Wednesday, April 1st. Finally, Mizuho set a $83.00 target price on Sunoco in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $77.12.

Sunoco Stock Up 1.4%

Shares of SUN traded up $1.04 during trading hours on Friday, reaching $75.63. The company's stock had a trading volume of 206,580 shares, compared to its average volume of 480,151. The firm has a market cap of $15.49 billion, a price-to-earnings 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 quick ratio of 0.92, a current ratio of 1.40 and a debt-to-equity ratio of 2.03. The company has a 50 day moving average of $68.08 and a two-hundred day moving average of $64.49.

Sunoco (NYSE:SUN - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The oil and gas company reported $2.85 EPS for the quarter, topping the consensus estimate of $1.71 by $1.14. Sunoco had a net margin of 3.07% and a return on equity of 17.52%. The business had revenue of $10.69 billion during the quarter, compared to analysts' expectations of $10.19 billion. During the same period last year, the company posted $1.21 earnings per share. The firm's quarterly revenue was up 106.4% compared to the same quarter last year. As a group, research analysts predict that Sunoco will post 7.92 EPS for the current fiscal year.

Institutional Investors Weigh In On Sunoco

Large investors have recently bought and sold shares of the business. Ancora Advisors LLC acquired a new stake in shares of Sunoco in the third quarter worth about $40,000. Glen Eagle Advisors LLC increased its holdings in shares of Sunoco by 496.5% during the 4th quarter. Glen Eagle Advisors LLC now owns 853 shares of the oil and gas company's stock valued at $45,000 after acquiring an additional 710 shares during the last quarter. Cassaday & Co Wealth Management LLC bought a new position in shares of Sunoco in the 1st quarter valued at approximately $78,000. Cresta Advisors Ltd. bought a new position in shares of Sunoco in the 4th quarter valued at approximately $64,000. Finally, Russell Investments Group Ltd. lifted its holdings in Sunoco by 110.3% in the 4th quarter. Russell Investments Group Ltd. now owns 1,569 shares of the oil and gas company's stock worth $82,000 after purchasing an additional 823 shares during the last quarter. 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.

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