PNC Financial Services Group Inc. Sells 5,305 Shares of Sunoco LP (NYSE:SUN)

PNC Financial Services Group Inc. lowered its stake in Sunoco LP (NYSE:SUN) by 15.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 29,835 shares of the oil and gas company’s stock after selling 5,305 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Sunoco were worth $1,788,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Principal Securities Inc. bought a new position in shares of Sunoco in the fourth quarter worth about $27,000. ICA Group Wealth Management LLC bought a new position in shares of Sunoco in the fourth quarter worth about $30,000. Allworth Financial LP lifted its holdings in shares of Sunoco by 250.0% in the fourth quarter. Allworth Financial LP now owns 700 shares of the oil and gas company’s stock worth $42,000 after acquiring an additional 500 shares during the last quarter. Retirement Solution Inc. bought a new position in shares of Sunoco in the fourth quarter worth about $200,000. Finally, Alpha Cubed Investments LLC bought a new position in shares of Sunoco in the fourth quarter worth about $207,000. Institutional investors own 24.29% of the company’s stock.

Insider Transactions at Sunoco

In related news, EVP Austin Harkness acquired 1,000 shares of Sunoco stock in a transaction dated Wednesday, May 29th. The stock was bought at an average price of $49.74 per share, with a total value of $49,740.00. Following the transaction, the executive vice president now directly owns 83,686 shares in the company, valued at approximately $4,162,541.64. The purchase was disclosed in a filing with the SEC, which is accessible through this link. In other news, Director David K. Skidmore bought 1,500 shares of the business’s stock in a transaction that occurred on Wednesday, April 17th. The shares were bought at an average cost of $52.10 per share, for a total transaction of $78,150.00. Following the acquisition, the director now directly owns 14,608 shares in the company, valued at $761,076.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Austin Harkness bought 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 29th. The stock was purchased at an average price of $49.74 per share, for a total transaction of $49,740.00. Following the completion of the acquisition, the executive vice president now owns 83,686 shares in the company, valued at $4,162,541.64. The disclosure for this purchase can be found here. Insiders purchased a total of 9,500 shares of company stock valued at $479,570 in the last quarter.

Sunoco Stock Performance

NYSE:SUN opened at $56.24 on Friday. The company has a market capitalization of $5.67 billion, a PE ratio of 12.53 and a beta of 1.29. The company has a 50 day simple moving average of $53.67 and a two-hundred day simple moving average of $57.44. The company has a debt-to-equity ratio of 3.39, a quick ratio of 1.07 and a current ratio of 1.65. Sunoco LP has a fifty-two week low of $43.00 and a fifty-two week high of $64.89.

Sunoco (NYSE:SUN) last released its earnings results on Wednesday, May 8th. The oil and gas company reported $1.06 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.06. The business had revenue of $5.50 billion during the quarter, compared to the consensus estimate of $5.13 billion. Sunoco had a net margin of 2.08% and a return on equity of 35.56%. Research analysts anticipate that Sunoco LP will post 6.09 earnings per share for the current year.

Sunoco Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, May 20th. Stockholders of record on Monday, May 13th were given a dividend of $0.876 per share. This is an increase from Sunoco’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend was Friday, May 10th. This represents a $3.50 annualized dividend and a dividend yield of 6.23%. Sunoco’s dividend payout ratio (DPR) is 77.95%.

Analysts Set New Price Targets

SUN has been the subject of several recent research reports. StockNews.com raised Sunoco from a “hold” rating to a “buy” rating in a research note on Thursday, May 9th. Citigroup raised Sunoco from a “neutral” rating to a “buy” rating and set a $65.00 price objective for the company in a research note on Tuesday. Mizuho raised Sunoco from a “neutral” rating to a “buy” rating and lowered their price objective for the company from $60.00 to $59.00 in a research note on Tuesday, June 4th. Barclays initiated coverage on Sunoco in a research note on Monday, June 10th. They issued an “overweight” rating and a $61.00 price objective for the company. Finally, Stifel Nicolaus raised Sunoco from a “hold” rating to a “buy” rating and set a $62.00 price objective for the company in a research note on Friday, June 7th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, Sunoco has an average rating of “Moderate Buy” and an average target price of $62.00.

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.