Sunoco Logistics Partners LP (NYSE:ETP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.
According to Zacks, “Units of Energy Transfer Partners declined about 15% year to date, underperforming the broader sector. Much criticism and legal challenges faced by ETP's $3.8 billion mega project-Dakota Pipeline- has affected the partnership adversely. The pipeline which is facing strong opposition from environmentalists and Sioux Tribe may have to shut its operations if the court's verdict does not come in favor of ETP in the upcoming hearings in August and September. The partnership also displays a dismal earnings history, reporting a negative average earnings surprise of 45.56% in the trailing four quarters. Further, we also need to factor the high debt, declining units price and the lowering distribution coverage ratio of the partnership. All these factors form the basis of our bearish stance on the prospects of the stock.”
Other analysts also recently issued research reports about the stock. Vetr raised shares of Sunoco Logistics Partners from a “hold” rating to a “strong-buy” rating and set a $42.84 price objective for the company in a report on Monday, April 10th. US Capital Advisors reissued an “overweight” rating on shares of Sunoco Logistics Partners in a report on Friday, April 7th. Royal Bank Of Canada reissued a “buy” rating on shares of Sunoco Logistics Partners in a report on Friday, April 21st. Robert W. Baird raised shares of Sunoco Logistics Partners from a “neutral” rating to an “outperform” rating and set a $30.00 price objective for the company in a report on Tuesday, May 2nd. Finally, Sanford C. Bernstein raised shares of Sunoco Logistics Partners from a “market perform” rating to an “outperform” rating in a report on Wednesday, May 10th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $32.94.
Sunoco Logistics Partners (NYSE ETP) opened at 20.79 on Tuesday. The stock’s 50 day moving average is $20.30 and its 200-day moving average is $23.33. Sunoco Logistics Partners has a 12 month low of $18.31 and a 12 month high of $31.49. The firm’s market cap is $11.50 billion.
In related news, CEO Kelcy L. Warren acquired 1,000,000 shares of the stock in a transaction that occurred on Thursday, July 6th. The stock was acquired at an average cost of $20.33 per share, for a total transaction of $20,330,000.00. Following the transaction, the chief executive officer now directly owns 1,031,646 shares in the company, valued at $20,973,363.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David K. Skidmore acquired 10,000 shares of the stock in a transaction that occurred on Thursday, June 22nd. The shares were bought at an average price of $18.64 per share, with a total value of $186,400.00. Following the completion of the transaction, the director now owns 45,245 shares in the company, valued at $843,366.80. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 1,015,023 shares of company stock valued at $20,625,483. 0.17% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the company. Ledyard National Bank boosted its position in Sunoco Logistics Partners by 6.7% in the first quarter. Ledyard National Bank now owns 3,200 shares of the pipeline company’s stock worth $117,000 after buying an additional 200 shares in the last quarter. Adirondack Trust Co. boosted its position in Sunoco Logistics Partners by 0.6% in the first quarter. Adirondack Trust Co. now owns 3,392 shares of the pipeline company’s stock worth $124,000 after buying an additional 19 shares in the last quarter. Benjamin F. Edwards & Company Inc. boosted its position in Sunoco Logistics Partners by 7.0% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 4,599 shares of the pipeline company’s stock worth $168,000 after buying an additional 300 shares in the last quarter. V Wealth Management LLC bought a new position in Sunoco Logistics Partners during the second quarter worth about $106,000. Finally, Busey Trust CO bought a new position in Sunoco Logistics Partners during the first quarter worth about $201,000. Institutional investors and hedge funds own 66.78% of the company’s stock.
Sunoco Logistics Partners Company Profile
Energy Transfer Partners, L.P., formerly Sunoco Logistics Partners L.P., owns and operates a logistics business. The Company is engaged in the transport, terminaling and storage of crude oil, refined products and natural gas liquids (NGLs). The Company’s segments include Crude Oil, Natural Gas Liquids and Refined Products.
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