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Friday, November 13, 2009
Sunoco Shares Dip On Goldman Note
By Matt Egan
FOXBusiness
Shares of Sunoco (SUN) slumped Friday morning after Goldman Sachs added the energy company to its Conviction Sell List.
According to Reuters, Goldman took Patterson-UTI Energy (PTEN) off the list and replaced it with Sunoco.
The firm also boosted its price target on PTEN from $14 to $17 but kept its “sell” rating on the stock, saying the price already reflects much of a recovery in the U.S. land market, the wire service reported.
Hurt by the Goldman note, Sunoco’s stock slid to $26.65 in the premarkets after closing at $27.22 on Thursday. Shares of PTEN rose 2.1% to $15.93 ahead of the open.
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