Sunoco LP $SUN Shares Sold by Exchange Traded Concepts LLC

Key Points

• Exchange Traded Concepts LLC cut its Sunoco stake by 11.9% in the second quarter, selling 14,317 shares and retaining 106,281 shares worth approximately $7.17 million. Institutional investors and hedge funds collectively own 24.29% of the company.
• Analysts remain broadly bullish, with a consensus “Buy” rating and an average price target of $79.00; Citigroup raised its target to $81.00, while Mizuho set the highest cited target at $83.00.
• Sunoco reported quarterly EPS of $0.94, missing the $2.50 consensus estimate, despite revenue rising 164.5% year over year to $14.26 billion. The company increased its quarterly dividend to $1.0023 per share, equivalent to a 5.4% annualized yield.

Exchange Traded Concepts LLC reduced its position in Sunoco LP (NYSE:SUN - Free Report) by 11.9% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 106,281 shares of the oil and gas company's stock after selling 14,317 shares during the period. Exchange Traded Concepts LLC owned about 0.05% of Sunoco worth $7,174,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Royal Bank of Canada lifted its stake in shares of Sunoco by 6.4% during the 1st quarter. Royal Bank of Canada now owns 159,128 shares of the oil and gas company's stock worth $9,239,000 after purchasing an additional 9,592 shares during the period. Brown Advisory Inc. grew its position in shares of Sunoco by 10.9% in the second quarter. Brown Advisory Inc. now owns 12,174 shares of the oil and gas company's stock valued at $652,000 after purchasing an additional 1,201 shares during the period. NewEdge Advisors LLC increased its stake in Sunoco by 226.2% in the second quarter. NewEdge Advisors LLC now owns 7,088 shares of the oil and gas company's stock valued at $380,000 after purchasing an additional 4,915 shares during the last quarter. Raymond James Financial Inc. increased its stake in Sunoco by 5.5% in the second quarter. Raymond James Financial Inc. now owns 365,953 shares of the oil and gas company's stock valued at $19,611,000 after purchasing an additional 18,990 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its position in Sunoco by 8.1% during the second quarter. Ameriprise Financial Inc. now owns 37,488 shares of the oil and gas company's stock worth $1,996,000 after buying an additional 2,810 shares during the period. 24.29% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Citigroup raised their price target on Sunoco from $73.00 to $81.00 and gave the stock a "buy" rating in a research note on Friday, August 7th. Weiss Ratings upgraded shares of Sunoco from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, May 21st. Raymond James Financial reissued a "strong-buy" rating and issued a $80.00 target price on shares of Sunoco in a research report on Wednesday, May 6th. Mizuho set a $83.00 target price on shares of Sunoco in a report on Friday, July 24th. Finally, Barclays upped their price target on shares of Sunoco from $78.00 to $80.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Sunoco currently has a consensus rating of "Buy" and a consensus target price of $79.00.

Sunoco Stock Performance

Shares of NYSE:SUN opened at $74.90 on Friday. The firm has a market capitalization of $15.34 billion, a PE ratio of 16.57 and a beta of 0.41. The company has a debt-to-equity ratio of 1.95, a current ratio of 1.29 and a quick ratio of 0.83. The business has a 50-day moving average of $69.90 and a two-hundred day moving average of $66.42. Sunoco LP has a 12 month low of $47.98 and a 12 month high of $78.11.

Sunoco (NYSE:SUN - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The oil and gas company reported $0.94 earnings per share for the quarter, missing the consensus estimate of $2.50 by ($1.56). Sunoco had a net margin of 2.88% and a return on equity of 18.78%. The firm had revenue of $14.26 billion during the quarter, compared to analyst estimates of $11.05 billion. During the same period in the prior year, the firm earned $0.33 earnings per share. The business's revenue for the quarter was up 164.5% on a year-over-year basis. As a group, research analysts forecast that Sunoco LP will post 9.88 earnings per share for the current year.

Sunoco Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 19th. Shareholders of record on Friday, August 7th will be given a dividend of $1.0023 per share. This represents a $4.01 dividend on an annualized basis and a yield of 5.4%. This is a positive change from Sunoco's previous quarterly dividend of $0.99. The ex-dividend date of this dividend is Friday, August 7th. Sunoco's dividend payout ratio is presently 88.72%.

Sunoco Profile

Sunoco LP NYSE: SUN is an independent master limited partnership that specializes in the distribution and marketing of transportation fuels and related products. The company operates through two primary segments: wholesale fuel distribution and retail marketing. In wholesale distribution, Sunoco supplies branded fuels to distributors, commercial customers and resellers across the United States. Its retail marketing arm operates a network of company‐owned and franchised Sunoco branded service stations and convenience stores, providing gasoline, diesel, ethanol blends and lubricants to consumers.

Sunoco's product portfolio extends beyond traditional fuels to include biofuels, specialty chemicals and on‐road diesel treated to meet ultra‐low sulfur requirements.

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