Wealth Enhancement Advisory Services LLC Raises Stake in Sunoco LP $SUN

Key Points

• Wealth Enhancement Advisory Services LLC significantly increased its stake in Sunoco LP by 681.1% during the 2nd quarter, owning a total of 41,101 shares valued at approximately $2.26 million.
• Sunoco recently declared a quarterly dividend of $0.9088, marking an increase from its previous dividend, which results in an annual yield of 7.2%.
• The company's earnings per share (EPS) for the last quarter fell short of analysts' expectations, reporting $0.33 compared to the anticipated $1.68.

Wealth Enhancement Advisory Services LLC grew its stake in shares of Sunoco LP (NYSE:SUN - Free Report) by 681.1% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 41,101 shares of the oil and gas company's stock after purchasing an additional 35,839 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Sunoco were worth $2,262,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. EP Wealth Advisors LLC boosted its position in shares of Sunoco by 2.2% during the 1st quarter. EP Wealth Advisors LLC now owns 8,590 shares of the oil and gas company's stock worth $499,000 after purchasing an additional 186 shares in the last quarter. International Assets Investment Management LLC boosted 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 worth $653,000 after purchasing an additional 208 shares in the last quarter. Sigma Planning Corp boosted 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 worth $1,063,000 after purchasing an additional 309 shares in the last quarter. United Advisor Group LLC boosted 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 worth $434,000 after purchasing an additional 351 shares in the last quarter. Finally, IFP Advisors Inc boosted 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 worth $166,000 after purchasing an additional 419 shares in the last quarter. 24.29% of the stock is currently owned by hedge funds and other institutional investors.

Sunoco Stock Up 1.5%

SUN opened at $50.50 on Monday. The business's fifty day simple moving average is $51.81 and its 200 day simple moving average is $54.00. The company has a quick ratio of 0.80, a current ratio of 1.52 and a debt-to-equity ratio of 1.90. Sunoco LP has a 52 week low of $47.98 and a 52 week high of $59.88. The firm has a market cap of $7.73 billion, a P/E ratio of 24.88 and a beta of 0.58.

Sunoco (NYSE:SUN - Get Free Report) last issued its quarterly earnings results 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). Sunoco had a return on equity of 10.57% and a net margin of 2.02%.The business had revenue of $5.39 billion during the quarter, compared to analyst estimates of $5.42 billion. During the same period in the previous year, the business posted $3.85 earnings per share. The firm's quarterly revenue was down 12.7% on a year-over-year basis. As a group, equities research analysts anticipate that Sunoco LP will post 10.65 EPS for the current fiscal year.

Sunoco Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 19th. Shareholders of record on Friday, August 8th were paid a $0.9088 dividend. This represents a $3.64 dividend on an annualized basis and a yield of 7.2%. The ex-dividend date of this dividend was Friday, August 8th. This is a positive change from Sunoco's previous quarterly dividend of $0.90. Sunoco's dividend payout ratio is 179.31%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on SUN shares. Mizuho dropped their price target on Sunoco from $67.00 to $66.00 and set an "outperform" rating for the company in a research report on Friday, August 29th. JPMorgan Chase & Co. raised their price target on Sunoco from $66.00 to $67.00 and gave the company an "overweight" rating in a research report on Tuesday, July 22nd. Four equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $64.50.

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.

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