Wells Fargo Reiterates Underweight Rating on Sunoco (SUN) After Earnings
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Wells Fargo analyst Ned Baramov reiterated an Underweight rating on Sunoco (NYSE: SUN) after Adjusted EBITDA of $157MM fell below Consensus of $161MM due to lower fuel gallons sold (1,760MM gal vs. 1,824MMgal) and lower than expected margin per gallon ($0.103/gal vs $0.11/gal). Management maintained the quarterly distribution of $0.8255/unit. FCF after distributions was ($10MM).
The analyst stated "Q1 results were below our estimates but essentially in line with consensus. Thepartnership rearmed 2021 guidance. We expect a neutral stock reaction."
Shares of Sunoco closed at $35.93 yesterday.
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