Barclays Maintains an 'Overweight' on Sunoco (SUN); Sale of Eagle Point Tank Farm
Tweet
Share
E-mailGet Alerts SUN Hot Sheet
Price: $75.83 +0.56%
Rating Summary:
11 Buy, 13 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
11 Buy, 13 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Join SI Premium – FREE
Barclays maintains an 'Overweight' on Sunoco (NYSE: SUN), PT $54.
Barclays analyst says, "Sunoco announced the sale of its Eagle Point 5 mmbls tank farm for $100 mm future distribution from Sunoco Logistics (the deferred units will be converted to Sunoco Logistics (NYSE: SXL) common LP units on the 1-year anniversary of their issuance). The conversion will be priced at the time the deal closes and includes a ~3.5% discount rate, which equates to a nominal value of ~103.5 mm at the time of conversion. We think the announcement will have positive implications for the stock, as it provides a "worst case" benchmark for the value of the company's remaining refining assets."
For more ratings news on Sunoco click here and for the rating history of Sunoco click here.
Shares of Sunoco closed at $41.21 yesterday.
Barclays analyst says, "Sunoco announced the sale of its Eagle Point 5 mmbls tank farm for $100 mm future distribution from Sunoco Logistics (the deferred units will be converted to Sunoco Logistics (NYSE: SXL) common LP units on the 1-year anniversary of their issuance). The conversion will be priced at the time the deal closes and includes a ~3.5% discount rate, which equates to a nominal value of ~103.5 mm at the time of conversion. We think the announcement will have positive implications for the stock, as it provides a "worst case" benchmark for the value of the company's remaining refining assets."
For more ratings news on Sunoco click here and for the rating history of Sunoco click here.
Shares of Sunoco closed at $41.21 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Advance Auto Parts (AAP) PT Lowered to $48 at DA Davidson Following 25% Selloff Post Q2 Results
- Cummins (CMI) PT Lowered to $675 at Jefferies
- Benchmark Reiterates Buy Rating on NVIDIA (NVDA), Updates Estimates
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
BarclaysSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
