Sunoco LP $SUN Shares Sold by Allianz Asset Management GmbH

Allianz Asset Management GmbH cut its stake in shares of Sunoco LP (NYSE:SUN) by 52.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 146,300 shares of the oil and gas company’s stock after selling 158,200 shares during the quarter. Allianz Asset Management GmbH’s holdings in Sunoco were worth $7,840,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in SUN. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Sunoco by 5.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 5,262 shares of the oil and gas company’s stock valued at $306,000 after buying an additional 279 shares during the last quarter. Janney Montgomery Scott LLC grew its holdings in shares of Sunoco by 7.8% during the first quarter. Janney Montgomery Scott LLC now owns 14,447 shares of the oil and gas company’s stock valued at $839,000 after buying an additional 1,046 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its holdings in shares of Sunoco by 4.7% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 25,232 shares of the oil and gas company’s stock valued at $1,465,000 after buying an additional 1,144 shares during the last quarter. Flagship Harbor Advisors LLC purchased a new stake in shares of Sunoco during the first quarter valued at $204,000. Finally, Oppenheimer Asset Management Inc. grew its holdings in shares of Sunoco by 51.9% during the first quarter. Oppenheimer Asset Management Inc. now owns 6,884 shares of the oil and gas company’s stock valued at $400,000 after buying an additional 2,353 shares during the last quarter. 24.29% of the stock is owned by hedge funds and other institutional investors.

Sunoco Price Performance

NYSE:SUN opened at $53.42 on Wednesday. The firm’s fifty day moving average is $51.09 and its two-hundred day moving average is $53.24. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.80 and a current ratio of 1.52. Sunoco LP has a one year low of $47.98 and a one year high of $59.88. The firm has a market cap of $8.17 billion, a price-to-earnings ratio of 26.31 and a beta of 0.53.

Sunoco (NYSE:SUN) last posted its earnings results on Wednesday, August 6th. The oil and gas company reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.68 by ($1.35). Sunoco had a return on equity of 10.57% and a net margin of 2.02%.The firm had revenue of $5.39 billion for the quarter, compared to analysts’ expectations of $5.42 billion. During the same period in the previous year, the company earned $3.85 earnings per share. The company’s revenue was down 12.7% compared to the same quarter last year. Research analysts expect that Sunoco LP will post 10.65 EPS for the current year.

Sunoco Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 19th. Stockholders of record on Thursday, October 30th will be paid a dividend of $0.9202 per share. This represents a $3.68 annualized dividend and a dividend yield of 6.9%. The ex-dividend date of this dividend is Thursday, October 30th. This is an increase from Sunoco’s previous quarterly dividend of $0.91. Sunoco’s dividend payout ratio is currently 179.31%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on SUN. JPMorgan Chase & Co. boosted their price objective on shares of Sunoco from $66.00 to $67.00 and gave the company an “overweight” rating in a report on Tuesday, July 22nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Sunoco in a report on Wednesday, October 8th. Zacks Research raised shares of Sunoco from a “strong sell” rating to a “hold” rating in a report on Monday, October 6th. Finally, Mizuho lowered their price target on shares of Sunoco from $67.00 to $66.00 and set an “outperform” rating on the stock in a report 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.com, the stock currently has an average rating of “Moderate Buy” and an average 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.