MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Grows Position in Sunoco LP $SUN

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Sunoco LP by 14.2%, acquiring a total of about 2.98 million shares worth approximately $172.9 million.
• Analysts currently have a consensus rating of "Buy" on Sunoco shares, with an average price target of $64.50.
• Sunoco recently declared a quarterly dividend of $0.9088 per share, representing an annualized yield of 7.1% and reflecting a slight increase from the previous dividend.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Sunoco LP (NYSE:SUN - Free Report) by 14.2% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,978,209 shares of the oil and gas company's stock after buying an additional 369,508 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned about 1.95% of Sunoco worth $172,915,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in SUN. Ameriprise Financial Inc. grew its stake in Sunoco by 35.2% during the 4th quarter. Ameriprise Financial Inc. now owns 34,013 shares of the oil and gas company's stock worth $1,754,000 after buying an additional 8,854 shares during the last quarter. Cetera Investment Advisers grew its stake in Sunoco by 2.8% during the 4th quarter. Cetera Investment Advisers now owns 33,599 shares of the oil and gas company's stock worth $1,728,000 after buying an additional 916 shares during the last quarter. Cresset Asset Management LLC grew its stake in Sunoco by 58.8% during the 4th quarter. Cresset Asset Management LLC now owns 11,097 shares of the oil and gas company's stock worth $571,000 after buying an additional 4,109 shares during the last quarter. Recurrent Investment Advisors LLC grew its stake in Sunoco by 2.9% during the 4th quarter. Recurrent Investment Advisors LLC now owns 888,862 shares of the oil and gas company's stock worth $45,723,000 after buying an additional 24,686 shares during the last quarter. Finally, State of Wyoming purchased a new position in shares of Sunoco in the 4th quarter valued at approximately $102,000. Hedge funds and other institutional investors own 24.29% of the company's stock.

Sunoco Price Performance

SUN stock traded down $0.45 during midday trading on Wednesday, hitting $50.65. 213,266 shares of the stock were exchanged, compared to its average volume of 422,662. The stock's 50-day moving average price is $52.71 and its 200-day moving average price is $54.75. The stock has a market cap of $7.75 billion, a price-to-earnings ratio of 24.97 and a beta of 0.58. Sunoco LP has a fifty-two week low of $48.00 and a fifty-two week high of $59.88. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.80 and a current ratio of 1.52.

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 firm had revenue of $5.39 billion for the quarter, compared to analyst estimates of $5.42 billion. Sunoco had a return on equity of 10.57% and a net margin of 2.02%.The business's revenue for the quarter was down 12.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.85 earnings per share. Research analysts predict that Sunoco LP will post 10.65 earnings per share for the current year.

Sunoco Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 19th. Shareholders of record on Friday, August 8th were given a dividend of $0.9088 per share. The ex-dividend date of this dividend was 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 7.2%. Sunoco's dividend payout ratio (DPR) is 179.31%.

Analyst Ratings Changes

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

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.