Sunoco LP $SUN Stock Bought by International Assets Investment Management LLC

Key Points

• International Assets Investment Management LLC increased its Sunoco stake by 2,633.2% in the third quarter, ending with 300,000 shares valued at approximately $21.9 million. Other institutional investors also initiated or expanded positions, with institutions collectively owning 24.29% of Sunoco.
• Sunoco reported quarterly revenue of $14.26 billion, up 164.5% year over year, but earnings of $0.94 per share fell well short of the $2.50 analyst consensus estimate.
• Sunoco raised its quarterly dividend to $1.0148, equivalent to an annualized $4.06 payout and a 5.7% yield. Analysts maintain a consensus “Buy” rating, with an average price target of $79.75 versus the stock’s cited $70.84 price.

International Assets Investment Management LLC grew its position in Sunoco LP (NYSE:SUN - Free Report) by 2,633.2% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 300,000 shares of the oil and gas company's stock after purchasing an additional 289,024 shares during the period. International Assets Investment Management LLC owned about 0.15% of Sunoco worth $21,861,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in SUN. Soltis Investment Advisors LLC bought a new stake in Sunoco during the third quarter worth about $287,000. Oakworth Capital Inc. acquired a new stake in shares of Sunoco during the third quarter worth approximately $171,000. Oppenheimer & Co. Inc. raised its stake in shares of Sunoco by 83.7% in the third quarter. Oppenheimer & Co. Inc. now owns 13,910 shares of the oil and gas company's stock valued at $1,014,000 after acquiring an additional 6,339 shares during the last quarter. Compass Wealth Management LLC bought a new position in shares of Sunoco in the third quarter valued at approximately $58,000. Finally, Kercheville Advisors LLC raised its stake in shares of Sunoco by 0.6% in the third quarter. Kercheville Advisors LLC now owns 160,087 shares of the oil and gas company's stock valued at $11,666,000 after acquiring an additional 1,001 shares during the last quarter. Institutional investors own 24.29% of the company's stock.

Sunoco Trading Down 0.1%

SUN opened at $70.84 on Friday. Sunoco LP has a 1-year low of $49.98 and a 1-year high of $80.22. The stock has a market capitalization of $14.51 billion, a PE ratio of 15.67 and a beta of 0.43. 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 firm has a 50-day moving average price of $74.81 and a two-hundred day moving average price of $68.43.

Sunoco (NYSE:SUN - Get Free Report) last announced its earnings results on Tuesday, August 4th. The oil and gas company reported $0.94 earnings per share (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 analyst estimates of $11.05 billion. During the same quarter in the previous year, the company posted $0.33 earnings per share. Sunoco's revenue for the quarter was up 164.5% on a year-over-year basis. As a group, equities analysts anticipate that Sunoco LP will post 10.60 earnings per share for the current fiscal year.

Sunoco Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 19th. Investors of record on Friday, November 6th will be given a $1.0148 dividend. This is a boost from Sunoco's previous quarterly dividend of $1.0023. The ex-dividend date is Friday, November 6th. This represents a $4.06 annualized dividend and a yield of 5.7%. Sunoco's dividend payout ratio is presently 89.60%.

Wall Street Analysts Forecast Growth

SUN has been the topic of several recent analyst reports. Barclays reissued an "overweight" rating and issued a $83.00 target price on shares of Sunoco in a report on Thursday, October 15th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Sunoco in a report on Tuesday, August 18th. JPMorgan Chase & Co. initiated coverage on Sunoco in a research report on Tuesday, October 20th. They issued an "overweight" rating and a $87.00 price objective for the company. Citigroup boosted their price objective on Sunoco from $73.00 to $81.00 and gave the stock a "buy" rating in a research note on Friday, August 7th. Finally, Mizuho set a $83.00 target price on Sunoco in a report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $79.75.

About Sunoco

Sunoco LP NYSE: SUN is a master limited partnership focused primarily on the distribution and wholesale marketing of motor fuels. The company supplies gasoline, diesel and other refined products to independent fuel retailers, commercial customers, distributors and other end users, including customers operating under the Sunoco brand.

Sunoco's operations include fuel terminals, pipelines, transportation assets and other logistics infrastructure used to receive, store, blend and deliver petroleum products.

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