Sunoco (SUN) Receives an Upgrade from Wells Fargo

Core Insights - Sunoco LP (NYSE:SUN) is recognized as one of the best high-yield energy stocks to invest in currently [1] - The company has received an upgrade from Wells Fargo, reflecting positive market sentiment and growth potential [2][3] Financial Performance and Valuation - Wells Fargo analyst Ned Baramov upgraded Sunoco's stock rating from Equal Weight to Overweight and raised the price target from $61 to $65, citing compelling pro-forma valuation and expected improvements in free cash flow post-merger [3] - Sunoco announced a 1.3% increase in its dividend to $0.9202 per share, resulting in an annual dividend yield of 7.05% [5] Strategic Developments - The Canadian government approved Sunoco's proposed acquisition of Parkland, valued at approximately $9.1 billion, which is expected to enhance the company's market presence in Canada and strengthen its position in North America's fuel distribution sector [4] - The transaction is anticipated to close on October 31, pending customary closing conditions [4]