Allianz Asset Management GmbH Buys 40,758 Shares of Sunoco LP $SUN

Key Points

• Allianz Asset Management increased its Sunoco stake by 12.4% in the second quarter, purchasing 40,758 additional shares and bringing its holdings to 369,073 shares valued at approximately $24.9 million. Institutional investors collectively own 24.29% of Sunoco.
• Analysts remain broadly bullish on Sunoco, with an average rating of “Buy” and an average price target of $79.00; recent targets range from $78 to $84.
• Sunoco raised its quarterly dividend to $1.0023 per share, representing an annualized payout of $4.01 and a 5.3% yield. However, the company’s latest quarterly EPS of $0.94 fell well short of the $2.50 consensus estimate, despite revenue increasing 164.5% year over year.

Allianz Asset Management GmbH increased its stake in Sunoco LP (NYSE:SUN - Free Report) by 12.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 369,073 shares of the oil and gas company's stock after purchasing an additional 40,758 shares during the period. Allianz Asset Management GmbH owned approximately 0.18% of Sunoco worth $24,912,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Royal Bank of Canada lifted its holdings in shares of Sunoco by 6.4% in the first quarter. Royal Bank of Canada now owns 159,128 shares of the oil and gas company's stock valued at $9,239,000 after purchasing an additional 9,592 shares in the last quarter. Brown Advisory Inc. grew its holdings in shares of Sunoco by 10.9% during the second quarter. Brown Advisory Inc. now owns 12,174 shares of the oil and gas company's stock worth $652,000 after buying an additional 1,201 shares in the last quarter. NewEdge Advisors LLC raised its position in Sunoco by 226.2% in the 2nd quarter. NewEdge Advisors LLC now owns 7,088 shares of the oil and gas company's stock valued at $380,000 after buying an additional 4,915 shares during the last quarter. Raymond James Financial Inc. raised its position in Sunoco by 5.5% in the 2nd quarter. Raymond James Financial Inc. now owns 365,953 shares of the oil and gas company's stock valued at $19,611,000 after buying an additional 18,990 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its stake in Sunoco by 8.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 37,488 shares of the oil and gas company's stock valued at $1,996,000 after acquiring an additional 2,810 shares in the last quarter. Institutional investors own 24.29% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on SUN shares. Mizuho set a $83.00 price target on Sunoco in a research report on Friday, July 24th. Royal Bank Of Canada lifted their price objective on shares of Sunoco to $78.00 and gave the company an "outperform" rating in a report on Wednesday, May 13th. Citigroup boosted their price objective on shares of Sunoco from $73.00 to $81.00 and gave the stock a "buy" rating in a research report on Friday, August 7th. JPMorgan Chase & Co. increased their target price on shares of Sunoco from $73.00 to $84.00 and gave the stock an "overweight" rating in a report on Friday, July 24th. Finally, Wells Fargo & Company raised their target price on shares of Sunoco from $77.00 to $82.00 and gave the company an "overweight" rating in a research report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Sunoco presently has an average rating of "Buy" and an average target price of $79.00.

Sunoco Price Performance

NYSE:SUN opened at $75.87 on Tuesday. Sunoco LP has a 1-year low of $47.98 and a 1-year high of $78.11. The company has a current ratio of 1.29, a quick ratio of 0.83 and a debt-to-equity ratio of 1.95. The firm has a fifty day simple moving average of $73.67 and a 200 day simple moving average of $68.48. The stock has a market capitalization of $15.54 billion, a PE ratio of 16.79 and a beta of 0.41.

Sunoco (NYSE:SUN - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The oil and gas company reported $0.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.50 by ($1.56). The firm had revenue of $14.26 billion for the quarter, compared to the consensus estimate of $11.05 billion. Sunoco had a return on equity of 18.78% and a net margin of 2.88%.The business's revenue was up 164.5% compared to the same quarter last year. During the same period last year, the company posted $0.33 earnings per share. On average, research analysts expect that Sunoco LP will post 9.88 EPS for the current fiscal year.

Sunoco Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 19th. Stockholders of record on Friday, August 7th were paid a dividend of $1.0023 per share. The ex-dividend date was Friday, August 7th. This represents a $4.01 annualized dividend and a dividend yield of 5.3%. This is a boost from Sunoco's previous quarterly dividend of $0.99. Sunoco's dividend payout ratio (DPR) is presently 88.72%.

Sunoco Profile

Sunoco LP NYSE: SUN is an independent master limited partnership that specializes in the distribution and marketing of transportation fuels and related products. The company operates through two primary segments: wholesale fuel distribution and retail marketing. In wholesale distribution, Sunoco supplies branded fuels to distributors, commercial customers and resellers across the United States. Its retail marketing arm operates a network of company‐owned and franchised Sunoco branded service stations and convenience stores, providing gasoline, diesel, ethanol blends and lubricants to consumers.

Sunoco's product portfolio extends beyond traditional fuels to include biofuels, specialty chemicals and on‐road diesel treated to meet ultra‐low sulfur requirements.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.