Cooperman Leon G Buys New Shares in Sunoco LP $SUN

Key Points

• Cooperman Leon G purchased a new position in Sunoco LP, acquiring 285,000 shares valued at approximately $16.5 million, making it the 28th largest holding in their portfolio.
• Sunoco recently announced a quarterly dividend of $0.9088 per share, which represents an annualized yield of 7.0%; this marks an increase from the previous quarterly dividend of $0.90.
• Despite reporting lower-than-expected earnings of $0.33 EPS and revenues of $5.39 billion, analysts maintain a positive outlook with an average target price of $64.50.

Cooperman Leon G bought a new position in Sunoco LP (NYSE:SUN - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 285,000 shares of the oil and gas company's stock, valued at approximately $16,547,000. Sunoco accounts for about 0.7% of Cooperman Leon G's portfolio, making the stock its 28th biggest position. Cooperman Leon G owned about 0.19% of Sunoco at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. EP Wealth Advisors LLC grew its position in Sunoco by 2.2% in the 1st quarter. EP Wealth Advisors LLC now owns 8,590 shares of the oil and gas company's stock worth $499,000 after purchasing an additional 186 shares during the last quarter. International Assets Investment Management LLC grew its position in Sunoco by 1.9% in the 1st quarter. International Assets Investment Management LLC now owns 11,252 shares of the oil and gas company's stock worth $653,000 after purchasing an additional 208 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in Sunoco by 5.6% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 5,262 shares of the oil and gas company's stock worth $306,000 after purchasing an additional 279 shares during the last quarter. Sigma Planning Corp grew its position in Sunoco by 1.7% in the 1st quarter. Sigma Planning Corp now owns 18,301 shares of the oil and gas company's stock worth $1,063,000 after purchasing an additional 309 shares during the last quarter. Finally, United Advisor Group LLC grew its position in Sunoco by 4.9% in the 1st quarter. United Advisor Group LLC now owns 7,479 shares of the oil and gas company's stock worth $434,000 after purchasing an additional 351 shares during the last quarter. 24.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. JPMorgan Chase & Co. lifted their target price on shares of Sunoco from $66.00 to $67.00 and gave the company an "overweight" rating in a research report on Tuesday, July 22nd. Mizuho dropped their target price on shares of Sunoco from $67.00 to $66.00 and set an "outperform" rating for the company in a research note on Friday, August 29th. Four research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Sunoco has an average rating of "Buy" and an average target price of $64.50.

Sunoco Stock Down 0.7%

Shares of SUN stock traded down $0.36 during trading hours on Thursday, hitting $51.25. 220,310 shares of the company were exchanged, compared to its average volume of 376,117. The business has a 50 day moving average of $52.87 and a two-hundred day moving average of $54.92. The company has a current ratio of 1.52, a quick ratio of 0.80 and a debt-to-equity ratio of 1.90. Sunoco LP has a 52 week low of $48.00 and a 52 week high of $59.88. The company has a market capitalization of $7.84 billion, a PE ratio of 25.24 and a beta of 0.58.

Sunoco (NYSE:SUN - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The oil and gas company reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.68 by ($1.35). The company had revenue of $5.39 billion for the quarter, compared to the consensus estimate of $5.42 billion. Sunoco had a return on equity of 10.57% and a net margin of 2.02%.The firm's revenue was down 12.7% on a year-over-year basis. During the same period in the prior year, the company earned $3.85 EPS. Analysts anticipate 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 was paid on Tuesday, August 19th. Investors of record on Friday, August 8th were given a $0.9088 dividend. This represents a $3.64 dividend on an annualized basis and a yield of 7.1%. This is an increase from Sunoco's previous quarterly dividend of $0.90. The ex-dividend date of this dividend was Friday, August 8th. Sunoco's payout ratio is 179.31%.

Sunoco 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.