Neuberger Berman Group LLC Acquires 146,621 Shares of Sunoco LP (NYSE:SUN)

Key Points

• Neuberger Berman Group LLC increased its stake in Sunoco LP by 29.4%, acquiring an additional 146,621 shares, bringing its total holdings to 644,512 shares valued at approximately $37.4 million.
• Sunoco recently declared a quarterly dividend of $0.9088, an increase from the previous dividend of $0.90, representing an annualized dividend yield of 6.9%.
• Despite reporting a quarterly earnings miss with earnings per share of $0.33, Sunoco's revenue was $5.39 billion, which fell short of analysts' expectations of $5.42 billion.

Neuberger Berman Group LLC increased its holdings in shares of Sunoco LP (NYSE:SUN - Free Report) by 29.4% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 644,512 shares of the oil and gas company's stock after purchasing an additional 146,621 shares during the period. Neuberger Berman Group LLC owned 0.42% of Sunoco worth $37,420,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Finer Wealth Management Inc. lifted its position in Sunoco by 3.4% during the first quarter. Finer Wealth Management Inc. now owns 32,083 shares of the oil and gas company's stock worth $1,863,000 after acquiring an additional 1,056 shares during the last quarter. Independent Advisor Alliance lifted its position in Sunoco by 8.6% during the first quarter. Independent Advisor Alliance now owns 8,148 shares of the oil and gas company's stock worth $473,000 after acquiring an additional 646 shares during the last quarter. Invesco Ltd. lifted its position in Sunoco by 3.3% during the first quarter. Invesco Ltd. now owns 9,165,717 shares of the oil and gas company's stock worth $532,162,000 after acquiring an additional 296,791 shares during the last quarter. Townsquare Capital LLC lifted its position in Sunoco by 15.8% during the first quarter. Townsquare Capital LLC now owns 4,512 shares of the oil and gas company's stock worth $262,000 after acquiring an additional 616 shares during the last quarter. Finally, NBW Capital LLC acquired a new stake in Sunoco during the first quarter worth approximately $4,330,000. Institutional investors own 24.29% of the company's stock.

Wall Street Analyst Weigh In

SUN has been the subject of several research reports. Mizuho cut their price objective on shares of Sunoco from $68.00 to $67.00 and set an "outperform" rating for the company in a research report on Monday, July 14th. JPMorgan Chase & Co. raised their price objective on shares of Sunoco from $66.00 to $67.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 22nd.

Sunoco Stock Up 1.9%

NYSE SUN opened at $52.41 on Thursday. 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 1-year low of $48.00 and a 1-year high of $59.88. The company has a 50 day moving average of $53.22 and a 200-day moving average of $55.48. The company has a market cap of $8.00 billion, a price-to-earnings ratio of 25.82 and a beta of 0.60.

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 for the quarter, missing analysts' consensus estimates of $1.68 by ($1.35). Sunoco had a net margin of 2.02% and a return on equity of 10.57%. The business had revenue of $5.39 billion during the quarter, compared to analyst estimates of $5.42 billion. During the same quarter in the previous year, the firm posted $3.85 earnings per share. The firm's quarterly revenue was down 12.7% on a year-over-year basis. On average, equities research analysts expect that Sunoco LP will post 10.65 earnings per share for the current fiscal year.

Sunoco Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 19th. Stockholders of record on Friday, August 8th will be given a $0.9088 dividend. The ex-dividend date is Friday, August 8th. This is a positive change from Sunoco's previous quarterly dividend of $0.90. This represents a $3.64 dividend on an annualized basis and a dividend yield of 6.9%. Sunoco's dividend payout ratio (DPR) is presently 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.

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