AE Wealth Management LLC Buys New Stake in Sunoco LP (NYSE:SUN)

AE Wealth Management LLC bought a new position in shares of Sunoco LP (NYSE:SUN) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 14,780 shares of the oil and gas company’s stock, valued at approximately $836,000.

A number of other hedge funds also recently bought and sold shares of the company. Principal Securities Inc. bought a new stake in shares of Sunoco in the fourth quarter valued at approximately $27,000. ICA Group Wealth Management LLC acquired a new position in Sunoco during the 4th quarter valued at $30,000. CNB Bank bought a new stake in Sunoco in the 1st quarter valued at $30,000. Longfellow Investment Management Co. LLC acquired a new stake in Sunoco in the 2nd quarter worth $32,000. Finally, First Horizon Advisors Inc. acquired a new stake in Sunoco in the 2nd quarter worth $38,000. 24.29% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SUN. StockNews.com cut shares of Sunoco from a “buy” rating to a “hold” rating in a research note on Thursday, August 8th. Citigroup upgraded Sunoco from a “neutral” rating to a “buy” rating and set a $65.00 price objective for the company in a research report on Tuesday, June 18th. JPMorgan Chase & Co. lifted their price objective on Sunoco from $61.00 to $63.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Barclays cut their target price on Sunoco from $61.00 to $60.00 and set an “overweight” rating for the company in a research note on Wednesday, July 10th. Finally, Mizuho upgraded shares of Sunoco from a “neutral” rating to a “buy” rating and decreased their price target for the stock from $60.00 to $59.00 in a research note on Tuesday, June 4th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $62.14.

Sunoco Stock Performance

Shares of NYSE:SUN opened at $53.26 on Thursday. The company has a debt-to-equity ratio of 1.69, a current ratio of 1.26 and a quick ratio of 0.72. The business’s fifty day moving average price is $53.67 and its two-hundred day moving average price is $55.12. Sunoco LP has a fifty-two week low of $46.36 and a fifty-two week high of $64.89. The stock has a market capitalization of $8.12 billion, a price-to-earnings ratio of 11.86 and a beta of 1.30.

Sunoco (NYSE:SUN) last posted its earnings results on Wednesday, August 7th. The oil and gas company reported $3.85 earnings per share for the quarter, topping the consensus estimate of $1.23 by $2.62. Sunoco had a net margin of 3.80% and a return on equity of 41.76%. The business had revenue of $6.17 billion for the quarter, compared to analyst estimates of $5.63 billion. During the same quarter in the prior year, the firm earned $0.78 EPS. The firm’s quarterly revenue was up 7.5% compared to the same quarter last year. As a group, analysts predict that Sunoco LP will post 8.09 EPS for the current fiscal year.

Sunoco Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 19th. Stockholders of record on Friday, August 9th were paid a $0.8756 dividend. This represents a $3.50 dividend on an annualized basis and a dividend yield of 6.58%. The ex-dividend date of this dividend was Friday, August 9th. Sunoco’s dividend payout ratio (DPR) is currently 77.95%.

About Sunoco

Sunoco LP, together with its subsidiaries, distributes and retails motor fuels in the United States. It operates through two segments: Fuel Distribution and Marketing, and All Other. The Fuel Distribution and Marketing segment purchases motor fuel, as well as other petroleum products, such as propane and lubricating oil from independent refiners and oil companies and supplies it to company-operated retail stores, independently operated commission agents, and retail stores, as well as other commercial customers, including unbranded retail stores, other fuel distributors, school districts, municipalities, and other industrial customers.