Sunoco LP $SUN Shares Bought by NewEdge Advisors LLC

Key Points

• NewEdge Advisors increased its Sunoco stake by 185% in the second quarter, bringing its holdings to 31,305 shares valued at approximately $2.1 million. Other institutional investors also added shares, with institutions collectively owning 24.29% of SUN.
• Sunoco reported quarterly revenue of $14.26 billion, up 164.5% year over year, but earnings per share of $0.94 fell short of the $2.50 analyst consensus. Shares opened at $78.44, near the company’s 12-month high.
• Sunoco raised its quarterly dividend to $1.0023 per share, representing an annualized payout of $4.01 and a 5.1% yield. Analysts maintain a generally bullish view, with an average “Buy” rating and a $79 price target.

NewEdge Advisors LLC raised its stake in Sunoco LP (NYSE:SUN - Free Report) by 185.0% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 31,305 shares of the oil and gas company's stock after purchasing an additional 20,319 shares during the period. NewEdge Advisors LLC's holdings in Sunoco were worth $2,113,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. Waverly Advisors LLC increased its holdings in Sunoco by 1.1% in the second quarter. Waverly Advisors LLC now owns 133,448 shares of the oil and gas company's stock valued at $9,008,000 after buying an additional 1,390 shares during the last quarter. Allianz Asset Management GmbH lifted its holdings in Sunoco by 12.4% during the 2nd quarter. Allianz Asset Management GmbH now owns 369,073 shares of the oil and gas company's stock worth $24,912,000 after buying an additional 40,758 shares during the last quarter. Corient Private Wealth LP acquired a new position in shares of Sunoco in the 2nd quarter worth approximately $486,000. HighTower Advisors LLC grew its position in shares of Sunoco by 28.0% in the 2nd quarter. HighTower Advisors LLC now owns 26,912 shares of the oil and gas company's stock worth $1,817,000 after acquiring an additional 5,888 shares in the last quarter. Finally, Ameritas Advisory Services LLC bought a new stake in shares of Sunoco in the 2nd quarter valued at approximately $488,000. Institutional investors and hedge funds own 24.29% of the company's stock.

Sunoco Trading Down 0.6%

Shares of NYSE SUN opened at $78.44 on Friday. Sunoco LP has a 12-month low of $47.98 and a 12-month high of $80.22. The company has a market cap of $16.07 billion, a price-to-earnings ratio of 17.36 and a beta of 0.41. The company has a current ratio of 1.29, a quick ratio of 0.83 and a debt-to-equity ratio of 1.95. The stock's 50 day simple moving average is $75.24 and its 200 day simple moving average is $69.37.

Sunoco (NYSE:SUN - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The oil and gas company reported $0.94 EPS for the quarter, missing analysts' consensus estimates of $2.50 by ($1.56). Sunoco had a return on equity of 18.78% and a net margin of 2.88%.The company had revenue of $14.26 billion for the quarter, compared to the consensus estimate of $11.05 billion. During the same quarter in the previous year, the company earned $0.33 earnings per share. Sunoco's quarterly revenue was up 164.5% compared to the same quarter last year. Equities research analysts expect that Sunoco LP will post 9.57 EPS for the current year.

Sunoco Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 19th. Stockholders of record on Friday, August 7th were issued a dividend of $1.0023 per share. This represents a $4.01 annualized dividend and a dividend yield of 5.1%. This is a positive change from Sunoco's previous quarterly dividend of $0.99. The ex-dividend date of this dividend was Friday, August 7th. Sunoco's dividend payout ratio is presently 88.72%.

Analyst Upgrades and Downgrades

SUN has been the topic of several research reports. Wall Street Zen lowered Sunoco from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. JPMorgan Chase & Co. boosted their target price on shares of Sunoco from $73.00 to $84.00 and gave the company an "overweight" rating in a research note on Friday, July 24th. Wells Fargo & Company increased their target price on shares of Sunoco from $77.00 to $82.00 and gave the stock an "overweight" rating in a report on Wednesday, August 5th. Citigroup increased their target price on shares of Sunoco from $73.00 to $81.00 and gave the stock a "buy" rating in a report on Friday, August 7th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Sunoco in a research report on Tuesday, August 18th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $79.00.

Sunoco Company Profile

Sunoco LP NYSE: SUN is a publicly traded master limited partnership focused on the distribution, transportation and storage of motor fuels and other petroleum products. The company supplies gasoline, diesel and other fuels to independent dealers, commercial customers, distributors and retail operators, supporting fuel sales under the Sunoco brand and other brands.

Sunoco operates a broad logistics network that includes fuel terminals, pipelines, storage facilities, marine assets and other transportation infrastructure.

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