Barnett & Company Inc. Has $2.46 Million Stock Holdings in Sunoco LP (NYSE:SUN)

Key Points

• Barnett & Company Inc. reduced its stake in Sunoco LP by 15.6% to approximately $2.46 million, making it the 13th largest holding in their portfolio.
• Sunoco reported $0.33 earnings per share for the last quarter, missing the consensus estimate significantly, while revenue also fell by 12.7% year-over-year.
• The company recently announced an increase in its quarterly dividend to $0.9088 per share, marking a dividend yield of 7.0%, although the payout ratio is notably high at 176.85%.

Barnett & Company Inc. cut its position in shares of Sunoco LP (NYSE:SUN - Free Report) by 15.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 42,333 shares of the oil and gas company's stock after selling 7,800 shares during the quarter. Sunoco accounts for about 2.1% of Barnett & Company Inc.'s investment portfolio, making the stock its 13th largest holding. Barnett & Company Inc.'s holdings in Sunoco were worth $2,458,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Marshall & Sterling Wealth Advisors Inc. bought a new position in Sunoco during the 4th quarter valued at $31,000. Transce3nd LLC acquired a new position in Sunoco during the fourth quarter worth about $90,000. State of Wyoming bought a new stake in Sunoco in the fourth quarter worth about $102,000. IFP Advisors Inc lifted its holdings in Sunoco by 17.1% in the 1st quarter. IFP Advisors Inc now owns 2,865 shares of the oil and gas company's stock valued at $166,000 after acquiring an additional 419 shares during the last quarter. Finally, Retirement Income Solutions Inc purchased a new position in shares of Sunoco during the first quarter valued at $203,000. Institutional investors and hedge funds own 24.29% of the company's stock.

Sunoco Trading Up 0.3%

Shares of SUN traded up $0.18 during trading hours on Wednesday, reaching $51.61. The stock had a trading volume of 41,458 shares, compared to its average volume of 430,805. Sunoco LP has a 52 week low of $48.00 and a 52 week high of $59.88. The firm has a 50-day moving average of $53.24 and a 200 day moving average of $55.50. The company has a market cap of $7.88 billion, a P/E ratio of 25.43 and a beta of 0.60. The company has a quick ratio of 0.80, a current ratio of 1.52 and a debt-to-equity ratio of 1.90.

Sunoco (NYSE:SUN - Get Free Report) last released its earnings results on Wednesday, August 6th. The oil and gas company reported $0.33 earnings per share for the quarter, missing analysts' consensus estimates of $1.68 by ($1.35). The business had revenue of $5.39 billion during the quarter, compared to the consensus estimate of $5.42 billion. Sunoco had a net margin of 2.02% and a return on equity of 10.57%. The firm's revenue for the quarter was down 12.7% on a year-over-year basis. During the same period last year, the business posted $3.85 EPS. On average, sell-side analysts expect that Sunoco LP will post 10.65 earnings per share for the current fiscal year.

Sunoco Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 19th. Stockholders of record on Friday, August 8th will be given a $0.9088 dividend. The ex-dividend date of this dividend is Friday, August 8th. This is a boost from Sunoco's previous quarterly dividend of $0.90. This represents a $3.64 dividend on an annualized basis and a dividend yield of 7.0%. Sunoco's dividend payout ratio (DPR) is presently 179.31%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on SUN shares. Mizuho reduced their price target on Sunoco from $68.00 to $67.00 and set an "outperform" rating for the company in a report on Monday, July 14th. JPMorgan Chase & Co. upped their target price on shares of Sunoco from $66.00 to $67.00 and gave the company an "overweight" rating in a research note on Tuesday, July 22nd.

Sunoco Company Profile

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.