Summit Financial LLC Acquires 16,732 Shares of Sunoco LP $SUN

Key Points

• Summit Financial LLC increased its holdings in Sunoco LP by 21.9%, purchasing an additional 16,732 shares to own a total of 93,180 shares, valued at approximately $5.4 million.
• Sunoco's recent earnings report showed an EPS of $0.33, significantly missing the consensus estimate of $1.68, with a revenue decline of 12.7% year-over-year.
• The company announced a quarterly dividend of $0.9088, reflecting a 7.0% yield and a slight increase from the previous dividend of $0.90.

Summit Financial LLC raised its holdings in shares of Sunoco LP (NYSE:SUN - Free Report) by 21.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 93,180 shares of the oil and gas company's stock after purchasing an additional 16,732 shares during the quarter. Summit Financial LLC owned 0.06% of Sunoco worth $5,410,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Sunoco by 5.6% in 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. Cambridge Investment Research Advisors Inc. raised its holdings in shares of Sunoco by 4.7% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 25,232 shares of the oil and gas company's stock valued at $1,465,000 after acquiring an additional 1,144 shares in the last quarter. Oppenheimer & Co. Inc. raised its holdings in shares of Sunoco by 7.3% in the first quarter. Oppenheimer & Co. Inc. now owns 7,365 shares of the oil and gas company's stock valued at $428,000 after acquiring an additional 500 shares in the last quarter. Concurrent Investment Advisors LLC bought a new stake in shares of Sunoco in the first quarter valued at about $239,000. Finally, Alps Advisors Inc. raised its holdings in shares of Sunoco by 12.3% in the first quarter. Alps Advisors Inc. now owns 23,132,625 shares of the oil and gas company's stock valued at $1,343,080,000 after acquiring an additional 2,529,170 shares in the last quarter. 24.29% of the stock is currently owned by institutional investors.

Sunoco Price Performance

SUN opened at $51.93 on Friday. The business's 50-day moving average is $53.09 and its two-hundred day moving average is $55.31. Sunoco LP has a 1 year low of $48.00 and a 1 year high of $59.88. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.52 and a quick ratio of 0.80. The firm has a market capitalization of $7.95 billion, a PE ratio of 25.58 and a beta of 0.60.

Sunoco (NYSE:SUN - Get Free Report) last posted its earnings results 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). Sunoco had a net margin of 2.02% and a return on equity of 10.57%. The company had revenue of $5.39 billion during the quarter, compared to analysts' expectations of $5.42 billion. During the same quarter last year, the firm earned $3.85 EPS. Sunoco's revenue for the quarter was down 12.7% on a year-over-year basis. Research analysts anticipate that Sunoco LP will post 10.65 earnings per share for the current fiscal year.

Sunoco Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 19th. Shareholders of record on Friday, August 8th were paid a $0.9088 dividend. This represents a $3.64 annualized dividend and a yield of 7.0%. This is a boost from Sunoco's previous quarterly dividend of $0.90. The ex-dividend date was Friday, August 8th. Sunoco's payout ratio is presently 179.31%.

Analyst Ratings Changes

Several research firms recently weighed in on SUN. Mizuho decreased their price objective 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. lifted their price objective on Sunoco from $66.00 to $67.00 and gave the company an "overweight" rating in a report on Tuesday, July 22nd. Four analysts have rated the stock with a Buy rating, According to data from MarketBeat, Sunoco presently has a consensus rating of "Buy" and an average price target of $64.75.

About Sunoco

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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