Cooperman Leon G Acquires Shares of 285,000 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 acquired a new position in shares of Sunoco LP (NYSE:SUN - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 285,000 shares of the oil and gas company's stock, valued at approximately $16,547,000. Sunoco makes up approximately 0.7% of Cooperman Leon G's holdings, making the stock its 28th biggest position. Cooperman Leon G owned 0.19% of Sunoco as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. State of Wyoming bought a new position in shares of Sunoco during the fourth quarter worth about $102,000. Northwestern Mutual Wealth Management Co. increased its position in shares of Sunoco by 110.1% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 2,040 shares of the oil and gas company's stock worth $118,000 after purchasing an additional 1,069 shares during the last quarter. IFP Advisors Inc increased its position in shares of Sunoco by 17.1% during the 1st quarter. IFP Advisors Inc now owns 2,865 shares of the oil and gas company's stock worth $166,000 after purchasing an additional 419 shares during the last quarter. Retirement Income Solutions Inc acquired a new position in shares of Sunoco during the 1st quarter worth approximately $203,000. Finally, Flagship Harbor Advisors LLC acquired a new position in shares of Sunoco during the 1st quarter worth approximately $204,000. 24.29% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SUN has been the topic of several recent analyst reports. Mizuho lowered their price target on Sunoco from $67.00 to $66.00 and set an "outperform" rating on the stock in a research report on Friday, August 29th. JPMorgan Chase & Co. boosted their price target on Sunoco from $66.00 to $67.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 22nd. Four analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $64.50.

Sunoco Stock Performance

Shares of NYSE SUN traded down $0.35 during midday trading on Friday, hitting $50.85. 390,098 shares of the company's stock were exchanged, compared to its average volume of 368,938. 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 LP has a 12 month low of $48.00 and a 12 month high of $59.88. The company's 50 day moving average price is $52.81 and its 200 day moving average price is $54.84. The firm has a market capitalization of $7.78 billion, a PE ratio of 25.05 and a beta of 0.58.

Sunoco (NYSE:SUN - Get Free Report) last released its quarterly earnings results 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 firm 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 business's revenue for the quarter was down 12.7% compared to the same quarter last year. During the same quarter last year, the firm earned $3.85 earnings per share. As a group, analysts predict that Sunoco LP will post 10.65 earnings per share for the current fiscal year.

Sunoco Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 19th. Investors of record on Friday, August 8th were paid a $0.9088 dividend. This is a boost from Sunoco's previous quarterly dividend of $0.90. The ex-dividend date was Friday, August 8th. This represents a $3.64 annualized dividend and a yield of 7.1%. Sunoco's dividend payout ratio is presently 179.31%.

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.