Latest news with #Sunoco
Yahoo
12-07-2025
- Business
- Yahoo
Jim Cramer on Sunoco: 'Wish They Could Somehow Issue More Stock'
Sunoco LP (NYSE:SUN) is one of the stocks that Jim Cramer shed light on. A caller asked why the stock is so volatile, and Cramer said: 'This thing's been up and down like crazy since it came public. It is ridiculous. And then they spun it off… It doesn't have a good float, that's the problem. There's just not enough stock out there, and I wish they could somehow issue more stock. But remember, it's 6.8% yield, and from what I can tell, that's money, good.' A truck parked at a gas station, its fuel tank being filled from a pump. Sunoco (NYSE:SUN) distributes motor fuels and petroleum products to commercial and retail customers and offers convenience store services and leasing properties. The company operates pipeline and terminal networks for transporting, processing, and handling refined products and other fuels. In May, the company entered into a definitive agreement to acquire all outstanding shares of Parkland Corporation in a cash and equity deal valued at approximately $9.1 billion, including assumed debt. On June 25, Reuters reported that 93.46% of Parkland Corp shareholders voted in favor of the deal. While we acknowledge the potential of SUN as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
12-07-2025
- Business
- Yahoo
Jim Cramer on Sunoco: 'Wish They Could Somehow Issue More Stock'
Sunoco LP (NYSE:SUN) is one of the stocks that Jim Cramer shed light on. A caller asked why the stock is so volatile, and Cramer said: 'This thing's been up and down like crazy since it came public. It is ridiculous. And then they spun it off… It doesn't have a good float, that's the problem. There's just not enough stock out there, and I wish they could somehow issue more stock. But remember, it's 6.8% yield, and from what I can tell, that's money, good.' A truck parked at a gas station, its fuel tank being filled from a pump. Sunoco (NYSE:SUN) distributes motor fuels and petroleum products to commercial and retail customers and offers convenience store services and leasing properties. The company operates pipeline and terminal networks for transporting, processing, and handling refined products and other fuels. In May, the company entered into a definitive agreement to acquire all outstanding shares of Parkland Corporation in a cash and equity deal valued at approximately $9.1 billion, including assumed debt. On June 25, Reuters reported that 93.46% of Parkland Corp shareholders voted in favor of the deal. While we acknowledge the potential of SUN as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CTV News
25-06-2025
- Business
- CTV News
Parkland shareholders approve Sunoco takeover, management board slate
A boat travels past the Parkland Burnaby Refinery on Burrard Inlet at sunset in Burnaby, B.C., on Saturday, April 17, 2021. (THE CANADIAN PRESS/Darryl Dyck) Fuel refiner and retailer Parkland Corp. says shareholders have voted in favour of its planned takeover by U.S. company Sunoco LP. At a special meeting, shareholders also voted in support of the director nominees that Parkland's management put forward, drawing an end to a bitter proxy fight with an activist investor seeking a board overhaul. Parkland owns the Ultramar, Chevron and Pioneer gas station chains as well as several other brands in 26 countries and a refinery in Burnaby, B.C. More than 93 per cent of shareholders cast their ballots in support of the US$9.1-billion cash-and-stock friendly offer from Sunoco announced last month. Members of Parkland management's director slate got varying levels of support, most garnering around two-thirds in favour. Caribbean-based Simpson Oil, which owns 20 per cent of Parkland's shares, had been pushing for sweeping changes at the Calgary-based company, but ultimately decided to back the Sunoco deal in the hopes it would address its 'lamentable performance.' Engine Capital, another activist shareholder with a 2.5 per cent stake, said it wouldn't support the Sunoco deal as it stands because the deal was rushed, the price was too low and there were likely other options available. The deal is still awaiting approval under the Investment Canada Act, which considers foreign investments in Canadian businesses, and approval to list shares of the combined company on the New York Stock Exchange. This report by The Canadian Press was first published June 24, 2025.\ Lauren Krugel, The Canadian Press
Yahoo
25-06-2025
- Business
- Yahoo
TSX futures dip with investors assessing the Iran-Israel ceasefire
(Reuters) -Futures for Canada's main stock index nudged lower on Wednesday, a day after climbing to record highs as investors assessed the ceasefire between Iran and Israel. Futures on the S&P/TSX index were down 0.1% at 06:20 ET (1020 GMT), mirroring the moves of its Wall Street peers. Toronto's commodity-heavy S&P/TSX composite index climbed to a record high on Tuesday, as investors cheered cooling of tensions in the Middle East and were reassured by Canada's inflation data. Washington's Middle East envoy, Steve Witkoff, said that talks with Iran were "promising" as Washington aims for a long-term peace deal. Oil prices rose more than 1% with markets watching the stability of the ceasefire. Safe-haven gold steadied after dropping on Tuesday. In company news, Parkland Corp shareholders agreed to a $9.1 billion acquisition by U.S.-based Sunoco, which will create America's largest independent fuel distributor. Convenience stores-operator Alimentation Couche-Tard will report results after markets close on Wednesday. FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report [.TO] Canadian dollar and bonds report [CAD/] [CA/] Reuters global stocks poll for Canada Canadian markets directory Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
25-06-2025
- Business
- Yahoo
Parkland shareholders approve Sunoco's $9.1B acquisition
This story was originally published on C-Store Dive. To receive daily news and insights, subscribe to our free daily C-Store Dive newsletter. Parkland Corp.'s shareholders 'resoundingly approved' the company's $9.1 billion sale to oil and energy firm Sunoco on Tuesday, a spokesperson from Sunoco said in a statement to C-Store Dive. Over 93% of Parkland's shareholders voted in favor of the sale, Sunoco's spokesperson said. Shareholders voted at Parkland's annual meeting, which was rescheduled from early May to June 24 when the deal was announced last month. This marks the end of a tumultuous past few years for Parkland, which has endured long-term underperformance on both the fuel and c-store fronts since early 2023, culminating in a board takeover bid from its largest shareholder and its CEO announcing his resignation earlier this year. The boards of directors from both companies unanimously approved the deal when it was announced the first week of May, with former Parkland CEO Bob Espey calling it a 'significant milestone' at the time. Now that the deal has been approved by shareholders, Sunoco will form a new publicly traded company named SUNCorp, LLC, and will retain headquarters in Parkland's home base of Calgary, Alberta. The combined company will have an enterprise value of about $25.5 billion and become the largest independent fuel distributor in the Americas. The combined entity will also have nearly 300 company-operated convenience stores in the U.S., as well as thousands more across the rest of North America, mainly in Canada. It's still unclear what Sunoco intends to do with its newly acquired c-stores, especially since Sunoco has publicly touted Parkland's fuel supply assets as the driving force behind the bid. The deal was a long time coming for Sunoco, which tried to acquire Parkland two previous times in 2023. Parkland rejected those offers, but reopened negotiations after commencing its strategic review this past March. Sunoco's final $9.1 billion offer was for $44 per share, which represented a 25% premium from Parkland's shares at the time. Sunoco has shared few details on who will run SUNCorp., although it's expected to terminate each of Parkland's executive officers who remain with the company after closing. The removal of Parkland's leaders will also include its board of directors, as only one of its current members — whom Sunoco has not yet named — is expected to join SUNCorp's newly formed board for 12 months. Recommended Reading Parkland's big moment has arrived Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
