Sunoco LP (NYSE: SUN) Stock Coverage Initiated at FBR & Co

Analysts at FBR & Co initiated coverage on Sunoco LP (NYSE: SUN) stock, rating the company at Market Perform. As a means of comparison, a number of other analysts have commented on the shares recently, and the company has secured a consensus one-year price target of $36.06, $30.55. Sunoco LPstock has a 52-week high of $40.06.After beginning or initiating coverage, analysts and brokerage firms will subsequently issue periodic updates. Changes in price targets are not unusual.

Meanwhile, U.S. markets saw their biggest selloff since June 24, (Brexit) on Friday after comments from a voting member of the Federal Reserve’s policy-setting committee suggested a September rate hike was still a possibility.

The Dow Jones Industrial Average dropped 394 points, or 2.13% to 18085.

The S&P 500 shed 53 points, or 2.45% to 2127, while the Nasdaq Composite erased 133 points, or 2.54% to 5125.

Stocks were not alone in declines on Friday.

Global oil prices, after rallying Thursday, dropped more than 3% Friday to trade just above $45 a barrel.

Gold prices also traded lower, shedding more than 0.6% to trade around $1,332.

Typically, after analysts publish an “initiating coverage” report on a stock, they will subsequently issue periodic updates.

Shares of Sunoco LP (NYSE: SUN) opened at $30.55 and traded in a range between, $29.77 and $30.76 on Friday, and last traded at $29.77, which represents a change of $ -0.95 over the previous closing price.

Sunoco LP (NYSE: SUN) currently has a market cap of 3.33B

The stocks average daily volume is 582,227 shares out of a total float 47,148,000 of and some 316,011 shares traded hands yesterday, 24 percent lower than normal. Look for trading volume to pick up in the coming days as swing traders often use upticks in trading volume to identify heavy volume accumulation or distribution by institutional investors.

However, a single day of heavy buy side trading is not enough to assert a trend. As such, market traders will continue to watch for institutional sponsorship as a signal that financial institutions are moving forward.

Institutional sponsorship simply refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.

Professional investors such as these retain substantial teams of analysts that research thousands of stocks. Thus, watching their interests is a good way to ensure you are buying the right stocks.

By identifying trends, moving averages allow investors to make those trends work in their favor and increase the number of successful trades.

With that in mind Sunoco LP (NYSE: SUN) now has a 50-day MA is $30.44 and 200-day MA is $31.76, and it has traded in a 52-week range between $22.86 – 40.06 and today’s last price is -25.69 percent off the 52 week high.

Earnings growth is an important factor to look at when investing in stocks and investors look for companies that have grown their earnings at least 25% or more for the past 3 years.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of BNB Daily News. Readers should not consider statements made by the author as formal recommendations and should consult their financial adviser before making any investment decisions. To read our full disclosure, please see our terms and conditions page.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.