Carnegie Investment Counsel Acquires 425 Shares of Sunoco LP (NYSE:SUN)

Carnegie Investment Counsel increased its holdings in Sunoco LP (NYSE:SUN) by 7.9% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 5,779 shares of the oil and gas company’s stock after purchasing an additional 425 shares during the period. Carnegie Investment Counsel’s holdings in Sunoco were worth $310,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. CNB Bank bought a new position in shares of Sunoco in the first quarter valued at approximately $30,000. Longfellow Investment Management Co. LLC purchased a new stake in shares of Sunoco in the second quarter worth $32,000. First Horizon Advisors Inc. bought a new stake in Sunoco during the second quarter valued at $38,000. Redwood Wealth Management Group LLC purchased a new position in Sunoco during the second quarter worth about $46,000. Finally, Register Financial Advisors LLC bought a new position in Sunoco in the 1st quarter worth about $55,000. 24.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on SUN shares. Barclays decreased their price objective on shares of Sunoco from $61.00 to $60.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 10th. Citigroup raised shares of Sunoco from a “neutral” rating to a “buy” rating and set a $65.00 price objective for the company in a report on Tuesday, June 18th. StockNews.com downgraded Sunoco from a “buy” rating to a “hold” rating in a research report on Thursday, August 8th. Finally, JPMorgan Chase & Co. increased their price objective on Sunoco from $61.00 to $63.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, Sunoco presently has an average rating of “Moderate Buy” and an average target price of $62.14.

Sunoco Trading Down 2.3 %

Shares of SUN opened at $52.45 on Wednesday. The stock has a market capitalization of $5.29 billion, a P/E ratio of 11.68 and a beta of 1.30. Sunoco LP has a twelve month low of $49.00 and a twelve month high of $64.89. The company has a quick ratio of 0.72, a current ratio of 1.26 and a debt-to-equity ratio of 1.69. The firm has a fifty day simple moving average of $53.10 and a two-hundred day simple moving average of $54.27.

Sunoco (NYSE:SUN) last posted its earnings results on Wednesday, August 7th. The oil and gas company reported $3.85 earnings per share for the quarter, topping analysts’ consensus estimates of $1.23 by $2.62. Sunoco had a net margin of 3.80% and a return on equity of 41.76%. The company had revenue of $6.17 billion during the quarter, compared to analyst estimates of $5.63 billion. During the same period in the prior year, the business posted $0.78 earnings per share. Sunoco’s revenue for the quarter was up 7.5% on a year-over-year basis. On average, research analysts anticipate that Sunoco LP will post 8.09 EPS for the current year.

Sunoco Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 19th. Stockholders of record on Friday, August 9th were paid a dividend of $0.8756 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $3.50 annualized dividend and a dividend yield of 6.68%. Sunoco’s dividend payout ratio (DPR) is presently 77.95%.

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.