Sunoco LP $SUN Shares Purchased by Carnegie Investment Counsel

Carnegie Investment Counsel increased its stake in shares of Sunoco LP (NYSE:SUN) by 12.3% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,847 shares of the oil and gas company’s stock after buying an additional 642 shares during the quarter. Carnegie Investment Counsel’s holdings in Sunoco were worth $313,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in SUN. Harbor Asset Planning Inc. purchased a new position in Sunoco during the second quarter worth approximately $41,000. Northwestern Mutual Wealth Management Co. lifted its position in Sunoco by 110.1% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 2,040 shares of the oil and gas company’s stock worth $118,000 after buying an additional 1,069 shares in the last quarter. IFP Advisors Inc lifted its position in Sunoco by 17.1% during the first quarter. IFP Advisors Inc now owns 2,865 shares of the oil and gas company’s stock worth $166,000 after buying an additional 419 shares in the last quarter. McIlrath & Eck LLC purchased a new position in Sunoco during the first quarter worth approximately $199,000. Finally, Retirement Income Solutions Inc purchased a new position in Sunoco during the first quarter worth approximately $203,000. Hedge funds and other institutional investors own 24.29% of the company’s stock.

Sunoco Price Performance

SUN stock opened at $53.69 on Monday. The business has a fifty day moving average of $51.19 and a two-hundred day moving average of $53.31. The company has a quick ratio of 0.80, a current ratio of 1.52 and a debt-to-equity ratio of 1.90. The stock has a market cap of $8.22 billion, a price-to-earnings ratio of 26.45 and a beta of 0.53. Sunoco LP has a 52-week low of $47.98 and a 52-week high of $59.88.

Sunoco (NYSE:SUN) last issued its quarterly earnings data on Wednesday, August 6th. The oil and gas company reported $0.33 earnings per share for the quarter, missing analysts’ consensus estimates of $1.68 by ($1.35). Sunoco had a net margin of 2.02% and a return on equity of 10.57%. The firm 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 firm posted $3.85 earnings per share. The company’s quarterly revenue was down 12.7% compared to the same quarter last year. As a group, research analysts anticipate that Sunoco LP will post 10.65 earnings per share for the current year.

Sunoco Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 19th. Stockholders of record on Thursday, October 30th will be paid a $0.9202 dividend. The ex-dividend date of this dividend is Thursday, October 30th. This is a boost from Sunoco’s previous quarterly dividend of $0.91. This represents a $3.68 dividend on an annualized basis and a dividend yield of 6.9%. Sunoco’s payout ratio is presently 181.28%.

Analyst Upgrades and Downgrades

SUN has been the topic of a number of analyst reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Sunoco in a research report on Friday. Zacks Research upgraded Sunoco from a “strong sell” rating to a “hold” rating in a research report on Monday, October 6th. JPMorgan Chase & Co. raised their target price on Sunoco from $66.00 to $67.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 22nd. Finally, Mizuho cut their target price on Sunoco from $67.00 to $66.00 and set an “outperform” rating for the company in a research note on Friday, August 29th. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price 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.