PNC Financial Services Group Inc. Sells 6,444 Shares of Sunoco LP (NYSE:SUN)

PNC Financial Services Group Inc. lowered its holdings in shares of Sunoco LP (NYSE:SUN - Free Report) by 26.8% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 17,624 shares of the oil and gas company's stock after selling 6,444 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Sunoco were worth $1,023,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. International Assets Investment Management LLC increased its position in shares of Sunoco by 1.9% during the 1st quarter. International Assets Investment Management LLC now owns 11,252 shares of the oil and gas company's stock valued at $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 1st quarter. Wealth Enhancement Advisory Services LLC now owns 5,262 shares of the oil and gas company's stock valued at $306,000 after purchasing an additional 279 shares during the last quarter. Sigma Planning Corp increased its position in shares of Sunoco by 1.7% during 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. United Advisor Group LLC increased its position in shares of Sunoco by 4.9% during 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. Finally, IFP Advisors Inc increased its position in shares of Sunoco by 17.1% during the 1st quarter. IFP Advisors Inc now owns 2,865 shares of the oil and gas company's stock valued at $166,000 after purchasing an additional 419 shares during the last quarter. Hedge funds and other institutional investors own 24.29% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on SUN shares. JPMorgan Chase & Co. upped their price target on shares of Sunoco from $66.00 to $67.00 and gave the company an "overweight" rating in a research report on Tuesday, July 22nd. Mizuho reduced their price target 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.

Sunoco Stock Performance

Shares of NYSE:SUN traded up $0.42 during mid-day trading on Friday, reaching $52.69. 63,596 shares of the company traded hands, compared to its average volume of 430,217. The company's 50 day moving average price is $53.19 and its 200-day moving average price is $55.46. The firm has a market cap of $8.05 billion, a PE ratio of 25.95 and a beta of 0.60. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.52 and a quick ratio of 0.80. Sunoco LP has a 52 week low of $48.00 and a 52 week high of $59.88.

Sunoco (NYSE:SUN - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The oil and gas company reported $0.33 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.68 by ($1.35). The company had revenue of $5.39 billion for the quarter, compared to the consensus estimate of $5.42 billion. Sunoco had a net margin of 2.02% and a return on equity of 10.57%. The company's revenue was down 12.7% compared to the same quarter last year. During the same quarter last year, the firm posted $3.85 earnings per share. On average, equities analysts expect that Sunoco LP will post 10.65 EPS for the current fiscal year.

Sunoco Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 19th. Investors of record on Friday, August 8th will be paid a dividend of $0.9088 per share. This is a boost from Sunoco's previous quarterly dividend of $0.90. The ex-dividend date is Friday, August 8th. This represents a $3.64 dividend on an annualized basis and a dividend yield of 6.9%. Sunoco's dividend payout ratio is presently 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.