Bank of America Corp DE Raises Position in Sunoco LP $SUN

Bank of America Corp DE grew its position in shares of Sunoco LP (NYSE:SUN - Free Report) by 32.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 204,609 shares of the oil and gas company's stock after buying an additional 49,589 shares during the quarter. Bank of America Corp DE owned 0.10% of Sunoco worth $13,293,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the company. Ancora Advisors LLC bought a new stake in shares of Sunoco in the 3rd quarter worth $40,000. Glen Eagle Advisors LLC increased its holdings in Sunoco by 496.5% in the 4th quarter. Glen Eagle Advisors LLC now owns 853 shares of the oil and gas company's stock worth $45,000 after buying an additional 710 shares in the last quarter. Cassaday & Co Wealth Management LLC bought a new stake in Sunoco in the 1st quarter worth about $78,000. Cresta Advisors Ltd. purchased a new position in Sunoco in the 4th quarter worth about $64,000. Finally, Russell Investments Group Ltd. lifted its stake in Sunoco by 110.3% during the 4th quarter. Russell Investments Group Ltd. now owns 1,569 shares of the oil and gas company's stock valued at $82,000 after acquiring an additional 823 shares during the period. 24.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Raymond James Financial reiterated a "strong-buy" rating and issued a $80.00 price target on shares of Sunoco in a research note on Wednesday, May 6th. Weiss Ratings reissued a "buy (b)" rating on shares of Sunoco in a report on Tuesday. Barclays upped their price target on Sunoco from $78.00 to $80.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 5th. 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 note on Wednesday, August 5th. Finally, Wall Street Zen downgraded shares of Sunoco from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $79.00.

Sunoco Price Performance

Sunoco stock opened at $76.10 on Friday. The company has a debt-to-equity ratio of 1.95, a current ratio of 1.29 and a quick ratio of 0.83. The business has a 50 day simple moving average of $71.19 and a 200-day simple moving average of $67.11. Sunoco LP has a 12 month low of $47.98 and a 12 month high of $78.11. The stock has a market capitalization of $15.59 billion, a PE ratio of 16.84 and a beta of 0.41.

Sunoco (NYSE:SUN - Get Free Report) last announced its quarterly earnings data 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 during the quarter, compared to analyst estimates of $11.05 billion. Sunoco had a net margin of 2.88% and a return on equity of 18.78%. The business's quarterly revenue was up 164.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.33 earnings per share. Equities analysts predict that Sunoco LP will post 9.88 earnings per share for the current year.

Sunoco Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 19th. Stockholders of record on Friday, August 7th were given a $1.0023 dividend. The ex-dividend date of this dividend was Friday, August 7th. This is a positive change from Sunoco's previous quarterly dividend of $0.99. This represents a $4.01 annualized dividend and a dividend yield of 5.3%. Sunoco's dividend payout ratio (DPR) is currently 88.50%.

About Sunoco

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.

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