Zacks Investment Research upgraded shares of Sunoco Logistics Partners LP (NYSE:ETP) from a hold rating to a buy rating in a report issued on Tuesday. Zacks Investment Research currently has $19.00 target price on the pipeline company’s stock.
According to Zacks, “Energy Transfer Partners is well poised to grow on the back of its geographically dispersed asset mix. The partnership delivered better than expected Q3 earnings on higher volumes and revenues. ETP is reaping rewards from its major projects including Rover Pipeline, Bakken Pipeline and Permian Express 3 which are expected to strengthen the growth momentum of the partnership in the future. Further, Sunoco’s merger with Energy Transfer has boosted the growth and value of the partnership and is likely to lead to $200 million of cost savings by 2019. Acquisition of PennTex is also expected to provide additional long term opportunities to ETP. We also like ETP's growing cash distribution which witnessed a year-over-year increase of over 40% in the recent quarter. All these factors form the basis of our bullish stance on the prospects of the stock.”
Several other analysts also recently issued reports on the stock. Stifel Nicolaus reaffirmed a buy rating and issued a $21.00 price objective (down previously from $24.00) on shares of Sunoco Logistics Partners in a research report on Thursday, November 9th. BMO Capital Markets reaffirmed a hold rating and issued a $23.00 price objective on shares of Sunoco Logistics Partners in a research report on Wednesday, October 18th. The Goldman Sachs Group, Inc. downgraded shares of Sunoco Logistics Partners from a buy rating to a neutral rating and set a $20.00 price objective for the company. in a research report on Tuesday, October 17th. Mizuho set a $26.00 price target on shares of Sunoco Logistics Partners and gave the stock a buy rating in a research report on Sunday, October 15th. Finally, Citigroup Inc. decreased their price target on shares of Sunoco Logistics Partners from $29.00 to $26.00 and set a buy rating for the company in a research report on Tuesday, October 10th. Two analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Sunoco Logistics Partners presently has a consensus rating of Buy and an average target price of $26.52.
Sunoco Logistics Partners (NYSE:ETP) last posted its quarterly earnings results on Tuesday, November 7th. The pipeline company reported $0.33 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $0.11. Sunoco Logistics Partners had a net margin of 4.97% and a return on equity of 5.88%. The firm had revenue of $6.97 billion for the quarter, compared to analyst estimates of $7.31 billion. During the same quarter last year, the firm posted ($0.49) earnings per share. Sunoco Logistics Partners’s revenue for the quarter was up 26.1% compared to the same quarter last year. sell-side analysts anticipate that Sunoco Logistics Partners will post 0.64 earnings per share for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 14th. Investors of record on Tuesday, November 7th were paid a dividend of $0.565 per share. This is a boost from Sunoco Logistics Partners’s previous quarterly dividend of $0.55. This represents a $2.26 dividend on an annualized basis and a dividend yield of 13.49%. The ex-dividend date was Monday, November 6th. Sunoco Logistics Partners’s payout ratio is currently 376.67%.
Several hedge funds and other institutional investors have recently modified their holdings of ETP. Tortoise Capital Advisors L.L.C. raised its stake in shares of Sunoco Logistics Partners by 154.3% during the second quarter. Tortoise Capital Advisors L.L.C. now owns 43,337,625 shares of the pipeline company’s stock valued at $883,654,000 after purchasing an additional 26,293,140 shares in the last quarter. Kayne Anderson Capital Advisors LP grew its holdings in Sunoco Logistics Partners by 97.6% during the second quarter. Kayne Anderson Capital Advisors LP now owns 41,329,104 shares of the pipeline company’s stock worth $842,685,000 after acquiring an additional 20,414,761 shares during the period. Alps Advisors Inc. grew its holdings in Sunoco Logistics Partners by 57.9% during the second quarter. Alps Advisors Inc. now owns 47,476,301 shares of the pipeline company’s stock worth $968,042,000 after acquiring an additional 17,412,412 shares during the period. JPMorgan Chase & Co. grew its holdings in Sunoco Logistics Partners by 95.5% during the second quarter. JPMorgan Chase & Co. now owns 23,504,853 shares of the pipeline company’s stock worth $479,265,000 after acquiring an additional 11,483,706 shares during the period. Finally, Center Coast Capital Advisors LP grew its holdings in Sunoco Logistics Partners by 251.1% during the second quarter. Center Coast Capital Advisors LP now owns 14,375,138 shares of the pipeline company’s stock worth $293,109,000 after acquiring an additional 10,280,243 shares during the period. Institutional investors and hedge funds own 59.30% of the company’s stock.
About Sunoco Logistics Partners
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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