Invesco Ltd. Increases Stake in Sunoco LP (NYSE:SUN)

Key Points

• Invesco Ltd. increased its stake in Sunoco LP by 3.3% during the first quarter, owning 9,165,717 shares valued at approximately $532 million.
• Sunoco announced a quarterly dividend of $0.9088, a slight increase from the previous $0.90, resulting in a 7.0% yield.
• Recent earnings showed Sunoco reported $0.33 earnings per share, significantly missing the consensus estimate of $1.68, with revenue declining 12.7% year-over-year.

Invesco Ltd. boosted its stake in Sunoco LP (NYSE:SUN - Free Report) by 3.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,165,717 shares of the oil and gas company's stock after purchasing an additional 296,791 shares during the period. Invesco Ltd. owned about 6.00% of Sunoco worth $532,162,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. International Assets Investment Management LLC raised its holdings in shares of Sunoco by 1.9% during the first quarter. International Assets Investment Management LLC now owns 11,252 shares of the oil and gas company's stock valued at $653,000 after acquiring an additional 208 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Sunoco by 5.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 5,262 shares of the oil and gas company's stock valued at $306,000 after acquiring an additional 279 shares in the last quarter. Sigma Planning Corp raised its holdings in shares of Sunoco by 1.7% during the first quarter. Sigma Planning Corp now owns 18,301 shares of the oil and gas company's stock valued at $1,063,000 after acquiring an additional 309 shares in the last quarter. United Advisor Group LLC raised its holdings in shares of Sunoco by 4.9% during the first quarter. United Advisor Group LLC now owns 7,479 shares of the oil and gas company's stock valued at $434,000 after acquiring an additional 351 shares in the last quarter. Finally, IFP Advisors Inc raised its holdings in shares of Sunoco by 17.1% during the first 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 in the last quarter. 24.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on SUN shares. Mizuho decreased their target price 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 Sunoco from $66.00 to $67.00 and gave the company an "overweight" rating in a report on Tuesday, July 22nd.

Sunoco Price Performance

Shares of SUN stock opened at $52.12 on Monday. The stock has a market cap of $7.96 billion, a price-to-earnings ratio of 25.68 and a beta of 0.60. The business's fifty day moving average is $53.36 and its 200 day moving average is $55.57. Sunoco LP has a twelve month low of $48.00 and a twelve month high of $59.88. 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 issued its quarterly earnings results on Wednesday, August 6th. The oil and gas company reported $0.33 earnings per share 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 analysts' expectations of $5.42 billion. Sunoco had a return on equity of 10.57% and a net margin of 2.02%. Sunoco's revenue for the quarter was down 12.7% on a year-over-year basis. During the same period in the previous year, the company earned $3.85 earnings per share. Research analysts expect that Sunoco LP will post 10.65 EPS for the current fiscal year.

Sunoco Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 19th. Investors of record on Friday, August 8th will be paid a $0.9088 dividend. The ex-dividend date of this dividend is Friday, August 8th. This is a positive change from Sunoco's previous quarterly dividend of $0.90. This represents a $3.64 annualized dividend and a yield of 7.0%. Sunoco's payout ratio is currently 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.

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