Sunoco LP (NYSE:SUN) shares traded down 8.2% on Thursday . The stock traded as low as $28.04 and last traded at $28.37, with a volume of 1,515,133 shares. The stock had previously closed at $30.90.

Several research analysts have weighed in on the stock. JPMorgan Chase & Co. restated a “buy” rating on shares of Sunoco in a report on Sunday, April 17th. Vetr upgraded shares of Sunoco from a “hold” rating to a “buy” rating and set a $37.22 price objective on the stock in a report on Monday, May 2nd. Barclays PLC began coverage on shares of Sunoco in a research note on Wednesday, April 13th. They issued an “equal weight” rating and a $35.00 target price for the company. Zacks Investment Research upgraded shares of Sunoco from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 27th. Finally, Royal Bank Of Canada reduced their target price on shares of Sunoco from $51.00 to $45.00 and set an “outperform” rating for the company in a research note on Wednesday, May 11th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $35.79.

The firm has a 50-day moving average price of $30.07 and a 200 day moving average price of $31.62. The firm has a market capitalization of $3.38 billion and a PE ratio of 29.80.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 15th. Shareholders of record on Friday, August 5th will be given a dividend of $0.8255 per share. This represents a $3.30 annualized dividend and a yield of 10.92%. This is a boost from Sunoco’s previous quarterly dividend of $0.82. The ex-dividend date is Wednesday, August 3rd.

A number of institutional investors have recently made changes to their positions in the stock. Liberty Mutual Group Asset Management Inc. purchased a new position in shares of Sunoco during the fourth quarter valued at approximately $1,657,000. Kayne Anderson Capital Advisors LP purchased a new position in shares of Sunoco during the fourth quarter valued at approximately $110,489,000. Bank of Montreal Can raised its position in shares of Sunoco by 1,906.9% in the fourth quarter. Bank of Montreal Can now owns 404,000 shares of the company’s stock valued at $16,002,000 after buying an additional 383,869 shares in the last quarter. BNP Paribas Arbitrage SA raised its position in shares of Sunoco by 325.1% in the fourth quarter. BNP Paribas Arbitrage SA now owns 78,649 shares of the company’s stock valued at $3,115,000 after buying an additional 60,149 shares in the last quarter. Finally, Jennison Associates LLC raised its position in shares of Sunoco by 48.7% in the fourth quarter. Jennison Associates LLC now owns 93,830 shares of the company’s stock valued at $3,717,000 after buying an additional 30,717 shares in the last quarter.

Sunoco LP, formerly Susser Petroleum Partners LP, is engaged in the retail sale of motor fuels and merchandise through the Company-operated convenience stores and retail fuel sites, as well as the wholesale distribution of motor fuels to convenience stores, independent dealers, commercial customers and distributors.

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.