Van ECK Associates Corp Sells 27,515 Shares of Sunoco LP $SUN

Key Points

• Van ECK Associates reduced its Sunoco position by 51.7% in the second quarter, selling 27,515 shares and retaining 25,709 shares worth approximately $1.74 million.
• Sunoco reported quarterly EPS of $0.94, below the $2.50 analyst consensus, while revenue surged 164.5% year over year to $14.26 billion. The company’s stock was trading near its 52-week high at $75.87.
• Sunoco raised its quarterly dividend to $1.0023 per share, equating to an annualized $4.01 payout and a 5.3% yield. Analysts maintain a broadly positive view, with the stock carrying a consensus “Buy” rating and an average price target of $79.

Van ECK Associates Corp trimmed its position in shares of Sunoco LP (NYSE:SUN - Free Report) by 51.7% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 25,709 shares of the oil and gas company's stock after selling 27,515 shares during the quarter. Van ECK Associates Corp's holdings in Sunoco were worth $1,735,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. Ancora Advisors LLC purchased a new stake in Sunoco during the third quarter valued at approximately $40,000. Glen Eagle Advisors LLC grew its holdings in Sunoco by 496.5% in the fourth quarter. Glen Eagle Advisors LLC now owns 853 shares of the oil and gas company's stock worth $45,000 after purchasing an additional 710 shares during the last quarter. Compass Financial Management LLC acquired a new position in shares of Sunoco during the second quarter worth $60,000. Cassaday & Co Wealth Management LLC acquired a new position in shares of Sunoco during the first quarter worth $78,000. Finally, Russell Investments Group Ltd. lifted its holdings in shares of Sunoco by 110.3% during the 4th quarter. Russell Investments Group Ltd. now owns 1,569 shares of the oil and gas company's stock valued at $82,000 after purchasing an additional 823 shares during the last quarter. 24.29% of the stock is currently owned by institutional investors.

Sunoco Price Performance

NYSE SUN opened at $75.87 on Friday. The company has a market cap of $15.54 billion, a price-to-earnings ratio of 16.79 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 stock's fifty day moving average price is $73.52 and its 200 day moving average price is $68.31. Sunoco LP has a 1 year low of $47.98 and a 1 year high of $78.11.

Sunoco (NYSE:SUN - Get Free Report) last issued its quarterly earnings results 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). The firm had revenue of $14.26 billion for the quarter, compared to analyst estimates of $11.05 billion. Sunoco had a return on equity of 18.78% and a net margin of 2.88%.The business's revenue was up 164.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.33 EPS. As a group, equities research analysts forecast that Sunoco LP will post 9.88 earnings per share for the current year.

Sunoco Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 19th. Investors of record on Friday, August 7th were issued a dividend of $1.0023 per share. This represents a $4.01 dividend on an annualized basis and a dividend yield of 5.3%. 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%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Wells Fargo & Company raised their price objective on Sunoco from $77.00 to $82.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 5th. Barclays increased their price target on Sunoco from $78.00 to $80.00 and gave the company an "overweight" rating in a research note on Wednesday, August 5th. Citigroup raised their price target on Sunoco from $73.00 to $81.00 and gave the stock a "buy" rating in a report on Friday, August 7th. JPMorgan Chase & Co. boosted their price target on Sunoco from $73.00 to $84.00 and gave the stock an "overweight" rating in a research note on Friday, July 24th. Finally, Mizuho set a $83.00 price objective on shares of Sunoco in a report on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Sunoco currently has an average rating of "Buy" and an average target price of $79.00.

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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