Sovereign Investment Advisors LLC Makes New Investment in Sunoco LP $SUN

Key Points

• Sovereign Investment Advisors LLC has acquired 43,522 shares of Sunoco LP, valued at approximately $2.33 million, making it Sunoco's 27th largest holding.
• Despite a recent quarterly earnings miss, Sunoco announced an increase in its dividend to $0.9088, representing a 7.3% yield on an annualized basis.
• Wall Street analysts maintain a consensus "Buy" rating for Sunoco, with price targets clustered between $64 and $67.

Sovereign Investment Advisors LLC acquired a new position in shares of Sunoco LP (NYSE:SUN - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 43,522 shares of the oil and gas company's stock, valued at approximately $2,332,000. Sunoco comprises about 0.6% of Sovereign Investment Advisors LLC's holdings, making the stock its 27th biggest holding.

A number of other hedge funds have also recently modified their holdings of the stock. EP Wealth Advisors LLC raised its stake in Sunoco by 2.2% during the 1st quarter. EP Wealth Advisors LLC now owns 8,590 shares of the oil and gas company's stock worth $499,000 after acquiring an additional 186 shares in the last quarter. International Assets Investment Management LLC grew 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 worth $653,000 after purchasing an additional 208 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position 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 worth $306,000 after purchasing an additional 279 shares in the last quarter. Sigma Planning Corp lifted its holdings in shares of Sunoco by 1.7% in the 1st quarter. Sigma Planning Corp now owns 18,301 shares of the oil and gas company's stock valued at $1,063,000 after purchasing an additional 309 shares during the last quarter. Finally, United Advisor Group LLC lifted its holdings in shares of Sunoco by 4.9% in the 1st quarter. United Advisor Group LLC now owns 7,479 shares of the oil and gas company's stock valued at $434,000 after purchasing an additional 351 shares during the last quarter. 24.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on SUN shares. Mizuho dropped their price target on Sunoco from $67.00 to $66.00 and set an "outperform" rating on the stock in a research note on Friday, August 29th. JPMorgan Chase & Co. increased their price target on shares of Sunoco from $66.00 to $67.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 22nd. Four research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $64.50.

Sunoco Stock Performance

NYSE:SUN opened at $49.92 on Friday. The firm's fifty day simple moving average is $51.59 and its 200-day simple moving average is $53.83. The company has a quick ratio of 0.80, a current ratio of 1.52 and a debt-to-equity ratio of 1.90. The stock has a market cap of $7.64 billion, a PE ratio of 24.59 and a beta of 0.53. Sunoco LP has a fifty-two week low of $47.98 and a fifty-two week high of $59.88.

Sunoco (NYSE:SUN - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The oil and gas company reported $0.33 EPS for the quarter, missing analysts' consensus estimates of $1.68 by ($1.35). Sunoco had a return on equity of 10.57% and a net margin of 2.02%.The company had revenue of $5.39 billion for the quarter, compared to analysts' expectations of $5.42 billion. During the same period in the prior year, the firm posted $3.85 EPS. The firm's quarterly revenue was down 12.7% on a year-over-year basis. Analysts expect 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 issued a $0.9088 dividend. The ex-dividend date was Friday, August 8th. This represents a $3.64 dividend on an annualized basis and a dividend yield of 7.3%. This is an increase from Sunoco's previous quarterly dividend of $0.90. Sunoco's payout ratio is currently 178.82%.

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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