Zurich Insurance Group Ltd FI Invests $1.58 Million in Sunoco LP $SUN

Zurich Insurance Group Ltd FI purchased a new position in Sunoco LP (NYSE:SUN) during the 1st quarter, HoldingsChannel reports. The fund purchased 27,200 shares of the oil and gas company’s stock, valued at approximately $1,579,000.

Several other institutional investors have also recently made changes to their positions in SUN. Ameriprise Financial Inc. increased its holdings in shares of Sunoco by 35.2% in the fourth quarter. Ameriprise Financial Inc. now owns 34,013 shares of the oil and gas company’s stock worth $1,754,000 after purchasing an additional 8,854 shares during the period. Cetera Investment Advisers increased its holdings in shares of Sunoco by 2.8% in the fourth quarter. Cetera Investment Advisers now owns 33,599 shares of the oil and gas company’s stock worth $1,728,000 after purchasing an additional 916 shares during the period. Cresset Asset Management LLC raised its stake in Sunoco by 58.8% in the fourth quarter. Cresset Asset Management LLC now owns 11,097 shares of the oil and gas company’s stock valued at $571,000 after purchasing an additional 4,109 shares in the last quarter. Recurrent Investment Advisors LLC raised its stake in Sunoco by 2.9% in the fourth quarter. Recurrent Investment Advisors LLC now owns 888,862 shares of the oil and gas company’s stock valued at $45,723,000 after purchasing an additional 24,686 shares in the last quarter. Finally, State of Wyoming purchased a new stake in Sunoco in the fourth quarter valued at approximately $102,000. Institutional investors own 24.29% of the company’s stock.

Sunoco Stock Performance

NYSE SUN opened at $51.10 on Wednesday. Sunoco LP has a 52-week low of $48.00 and a 52-week high of $59.88. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.80 and a current ratio of 1.52. The company has a market capitalization of $7.82 billion, a P/E ratio of 25.17 and a beta of 0.58. The company has a fifty day moving average of $52.71 and a 200-day moving average of $54.75.

Sunoco (NYSE:SUN) last posted its quarterly earnings data 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 company had revenue of $5.39 billion for the quarter, compared to the consensus estimate of $5.42 billion. During the same period in the prior year, the firm posted $3.85 earnings per share. The business’s revenue was down 12.7% on a year-over-year basis. As a group, equities research analysts predict that Sunoco LP will post 10.65 EPS for the current fiscal year.

Sunoco Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 19th. Investors of record on Friday, August 8th were issued a dividend of $0.9088 per share. The ex-dividend date of this dividend was Friday, August 8th. This represents a $3.64 annualized dividend and a dividend yield of 7.1%. This is an increase from Sunoco’s previous quarterly dividend of $0.90. Sunoco’s payout ratio is 179.31%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on SUN. Mizuho lowered their target price on shares of Sunoco from $67.00 to $66.00 and set an “outperform” rating on the stock in a research note on Friday, August 29th. JPMorgan Chase & Co. lifted their price objective on shares of Sunoco from $66.00 to $67.00 and gave the stock an “overweight” rating in a report on Tuesday, July 22nd. Four investment analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $64.50.

Sunoco 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.