Crescent Grove Advisors LLC Acquires Shares of 26,869 Sunoco LP $SUN

Key Points

• Crescent Grove Advisors opened a new position in Sunoco LP, buying 26,869 shares valued at about $1.75 million in the first quarter.
• Sunoco reported strong quarterly results, with EPS of $2.85 versus the $1.71 estimate and revenue of $10.69 billion, while revenue jumped 106.4% year over year.
• The company also raised its dividend to $0.9899 per quarter, implying an annualized yield of about 5.3%, and analysts currently rate the stock a consensus Buy with a target price of $74.75.

Crescent Grove Advisors LLC acquired a new position in shares of Sunoco LP (NYSE:SUN - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 26,869 shares of the oil and gas company's stock, valued at approximately $1,746,000.

Several other hedge funds also recently made changes to their positions in SUN. Alps Advisors Inc. boosted its holdings in shares of Sunoco by 3.2% in the fourth quarter. Alps Advisors Inc. now owns 24,856,265 shares of the oil and gas company's stock valued at $1,302,717,000 after acquiring an additional 766,781 shares in the last quarter. Energy Income Partners LLC lifted its position in Sunoco by 1.7% in the third quarter. Energy Income Partners LLC now owns 1,916,858 shares of the oil and gas company's stock valued at $95,862,000 after purchasing an additional 32,866 shares during the period. Morgan Stanley lifted its position in Sunoco by 60.5% in the fourth quarter. Morgan Stanley now owns 1,639,420 shares of the oil and gas company's stock valued at $85,922,000 after purchasing an additional 617,700 shares during the period. JPMorgan Chase & Co. boosted its holdings in Sunoco by 266.6% in the 4th quarter. JPMorgan Chase & Co. now owns 1,626,278 shares of the oil and gas company's stock valued at $85,233,000 after purchasing an additional 1,182,662 shares in the last quarter. Finally, Miller Howard Investments Inc. NY boosted its holdings in Sunoco by 18.4% in the 1st quarter. Miller Howard Investments Inc. NY now owns 816,233 shares of the oil and gas company's stock valued at $53,031,000 after purchasing an additional 126,964 shares in the last quarter. Institutional investors and hedge funds own 24.29% of the company's stock.

Sunoco Trading Up 2.7%

Shares of Sunoco stock opened at $74.05 on Friday. The company has a 50-day moving average of $67.60 and a two-hundred day moving average of $63.78. Sunoco LP has a 12-month low of $47.98 and a 12-month high of $74.29. The company has a current ratio of 1.40, a quick ratio of 0.92 and a debt-to-equity ratio of 2.03. The stock has a market cap of $15.17 billion, a PE ratio of 18.94 and a beta of 0.42.

Sunoco (NYSE:SUN - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The oil and gas company reported $2.85 EPS for the quarter, topping the consensus estimate of $1.71 by $1.14. The business had revenue of $10.69 billion for the quarter, compared to analyst estimates of $10.19 billion. Sunoco had a return on equity of 17.52% and a net margin of 3.07%.The company's quarterly revenue was up 106.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.21 EPS. On average, research analysts anticipate that Sunoco LP will post 7.92 EPS for the current fiscal year.

Sunoco Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 20th. Shareholders of record on Friday, May 8th were issued a $0.9899 dividend. This represents a $3.96 annualized dividend and a yield of 5.3%. This is a positive change from Sunoco's previous quarterly dividend of $0.93. The ex-dividend date of this dividend was Friday, May 8th. Sunoco's dividend payout ratio is currently 101.28%.

Wall Street Analyst Weigh In

Several research firms have issued reports on SUN. Mizuho boosted their target price on Sunoco from $66.00 to $75.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 28th. Zacks Research upgraded Sunoco from a "strong sell" rating to a "hold" rating in a research note on Wednesday, April 1st. Barclays upped their price objective on Sunoco from $75.00 to $78.00 and gave the stock an "overweight" rating in a report on Tuesday. Wall Street Zen upgraded Sunoco from a "hold" rating to a "buy" rating in a research report on Sunday, July 12th. Finally, Wells Fargo & Company raised their target price on Sunoco from $71.00 to $77.00 and gave the company an "overweight" rating in a report on Thursday, May 7th. One investment 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.com, the company has an average rating of "Buy" and a consensus target price of $74.75.

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.

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