Thu, Jun. 23, 4:51 PM
- Emerge Energy Services (NYSE:EMES) +9.9% AH after agreeing to sell its fuels distribution business to Sunoco (NYSE:SUN) for $178.5M.
- EMES says the sale will drive substantial debt reduction and simplification of its operating platform, allowing it to become a pure-play business with all of its assets and operations focused on its frac sand segment.
Wed, Jun. 8, 2:58 PM
- Sunoco (SUN -8.6%) is downgraded to Underperform from Hold with a $23 price target, cut from $35, at Jefferies, which says escalating leverage will lead to a distribution cut by year-end to remain in compliance with credit covenants and restore its financial health.
- Jefferies says that in the absence of $40M in margins from opportunistic supply and trading - which the company does not expect to persist - SUN's normalized Q1 distributable cash flow would have totaled $70M, which implies coverage of only 0.7x rather than the 1.18x reported for the quarter.
- SUN condensed an initial 27-month dropdown schedule into just 18 by relying heavily on debt to fund its ~$5.7B of purchases, which left its leverage stretched and liquidity tight, the firm says.
Wed, Jun. 8, 2:00 PM
Nov. 19, 2015, 10:44 AM
- Sunoco LP (SUN +2.2%) upgraded to Outperform from Neutral with a $57 price target, raised from $49, at Credit Suisse after a final $2.3B dropdown of Energy Transfer Partners’ combined 68% ownership of SUN's wholesale motor fuel business, along with 100% of the retail motor fuels and convenience stores business.
- The final dropdown came in larger than expected and well head of management's year-end 2016 time frame, Credit Suisse says, adding that the transaction takes SUN’s pro-forma recurring EBITDA to $750M from $500M, while management expects EBITDA growth of 6%-7% going forward.
- The firm says the deal structure removes the equity overhang which had plagued SUN units, and no further equity needs are expected in 2016.
Aug. 5, 2015, 5:10 PM
- Sunoco (NYSE:SUN): Q2 EPS of $0.87 beats by $0.32.
- Revenue of $4.2B (+204.3% Y/Y) beats by $2.8B.
- Shares +1.7% AH.
Jul. 15, 2015, 10:49 AM
- Sunoco (SUN -6.3%) announces a public offering of 5.5M common units, with an underwriters option to purchase up to an additional 825K units, and a private offering of $500M of senior notes due 2020.
- SUN says it plans to use the proceeds from the offerings to fund the cash portion of its acquisition of all issued and outstanding shares of Susser Holdings from Energy Transfer Partners.
Jan. 22, 2015, 2:49 PM
- Sunoco (SUN +1.5%) is resumed with an Equal Weight rating and $54 price target at Barclays, which says SUN benefits from relatively stable cash flows bolstered by long-term fee-based contracts for a significant portion of its business, consistent fuel margins and the support of its Energy Transfer Partners parent.
- The firm believes SUN is well-positioned to post 12.5% growth from a $4B-$4.5B dropdown inventory, organic capex and third-party acquisitions amid a fragmented end market, but that favorable growth prospects are somewhat reflected in SUN's price.
Aug. 18, 2014, 2:37 PM
- Susser Petroleum Partners' (SUSP +3.3%) price target is raised to $57 from $48 at RBC Capital, which believes SUSP is poised for double-digit distribution growth over the next several years as Energy Transfer Partners' acquisition of SUSP's parent increases the inventory of dropdowns available to SUSP.
- Greater scale and geographic diversity could better position SUSP to complete accretive third-party acquisitions, the firm says.
- RBC rates the shares at Outperform.
Apr. 28, 2014, 12:48 PM
Jan. 15, 2014, 3:51 PM
- Susser Petroleum Partners (SUSP +2.3%) is upgraded to Outperform from Neutral with a $38 price target, up from $36, at Robert W. Baird, which calls SUSP the "top way to invest in the U.S. energy renaissance."
- As billions pour into Texas' petrochemical processing industry in the coming years and gasoline pricing succumbs to a robust supply outlook, Baird recommends accumulating units to harness these sound secular domestic energy tailwinds.
- SUSP again beat quarterly volumetric projections, posting 15% Q4 2013 growth, the firm notes.
Jul. 31, 2013, 3:58 PM
- Susser Petroleum Partners (SUSP +1.9%) is initiated with a Buy rating and a $35 price target at Benchmark, seeing upside potential given SUSP's growth and operating margin opportunities.
- Given steady profitability and management's consistent execution, the firm believes shares are not trading at their full value.
Jan. 3, 2013, 5:42 PM
Oct. 12, 2012, 10:17 AMSusser Petroleum Partners (SUSP +1.3%) is lauded by Jim Cramer as an ideal dividend stock to hold for the long term. SUSP yields 7.2% and generates revenues through long-term fee-based contracts, and boasts significant market share in Texas and plenty of room to grow, CEO Sam Susser says on Mad Money. | Oct. 12, 2012, 10:17 AM
Oct. 1, 2012, 5:43 PMPetSmart (PETM) +2.5% AH on news the stock will be added to the S&P 500 after the close on Oct. 4, replacing Sunoco (SUN) following the latter's buyout by ETP. Cabela's (CAB) will replace PETM in the S&P MidCap 400; Acorda Therapeutics (ACOR) will replace CAB in the S&P SmallCap 600. | Oct. 1, 2012, 5:43 PM
Sep. 20, 2012, 1:02 PM
Susser Petroleum Partners (SUSP) equity units are up 22% in their trading debut, earlier rising to the day's high of $23.78 before settling back. The limited partnership, formed by Susser Holdings to distribute motor fuels, priced its 9.5M common unit IPO at $20.50 last night, raising $195M.| Sep. 20, 2012, 1:02 PM
Jun. 5, 2012, 12:23 PM
Marathon Petroleum (MPC +1.7%) will buy 10 retail gasoline stations from Road Ranger for an undisclosed price, but after this nibble, there’s still the possibility of a main course: Sunoco’s (SUN) 4,900 gas stations. Energy Transfer (ETP), expected to close its $5.3B deal for SUN within a few months, is widely expected to sell the stations and is taking calls from interested buyers.| Jun. 5, 2012, 12:23 PM | 1 Comment