JPMorgan Chase & Co. Raises Holdings in Sunoco LP (NYSE:SUN)

JPMorgan Chase & Co. raised its holdings in Sunoco LP (NYSE:SUN) by 26.2% during the third quarter, Holdings Channel.com reports. The firm owned 2,191,570 shares of the oil and gas company’s stock after purchasing an additional 455,361 shares during the period. JPMorgan Chase & Co.’s holdings in Sunoco were worth $117,644,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SUN. Longfellow Investment Management Co. LLC acquired a new stake in shares of Sunoco during the 2nd quarter worth about $32,000. Redwood Wealth Management Group LLC acquired a new stake in shares of Sunoco during the second quarter valued at about $46,000. HHM Wealth Advisors LLC purchased a new stake in shares of Sunoco in the 2nd quarter valued at approximately $93,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Sunoco in the 3rd quarter worth approximately $165,000. Finally, World Investment Advisors LLC boosted its position in shares of Sunoco by 5.6% during the 3rd quarter. World Investment Advisors LLC now owns 3,800 shares of the oil and gas company’s stock worth $204,000 after purchasing an additional 200 shares during the period. Hedge funds and other institutional investors own 24.29% of the company’s stock.

Sunoco Price Performance

SUN stock opened at $51.44 on Thursday. The business’s 50-day moving average is $52.86 and its two-hundred day moving average is $53.71. The company has a debt-to-equity ratio of 1.74, a current ratio of 1.16 and a quick ratio of 0.66. The firm has a market capitalization of $7.84 billion, a P/E ratio of 11.83 and a beta of 1.33. Sunoco LP has a 1 year low of $49.45 and a 1 year high of $64.89.

Sunoco (NYSE:SUN) last issued its earnings results on Wednesday, November 6th. The oil and gas company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of $1.53 by ($1.79). Sunoco had a net margin of 2.72% and a return on equity of 19.77%. The firm had revenue of $5.75 billion during the quarter, compared to analyst estimates of $6.09 billion. During the same period last year, the business earned $2.95 EPS. The firm’s revenue was down 9.0% compared to the same quarter last year. Analysts anticipate that Sunoco LP will post 7.16 earnings per share for the current fiscal year.

Sunoco Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 19th. Investors of record on Friday, November 8th were paid a dividend of $0.8756 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $3.50 dividend on an annualized basis and a dividend yield of 6.81%. Sunoco’s payout ratio is currently 80.46%.

Analysts Set New Price Targets

A number of brokerages have issued reports on SUN. JPMorgan Chase & Co. boosted their target price on Sunoco from $61.00 to $63.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. Barclays boosted their price objective on Sunoco from $60.00 to $63.00 and gave the company an “overweight” rating in a report on Tuesday, December 10th. Finally, Royal Bank of Canada raised their target price on Sunoco from $63.00 to $64.00 and gave the company an “outperform” rating in a report on Monday, December 9th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, Sunoco currently has a consensus rating of “Moderate Buy” and a consensus target price of $62.75.

About Sunoco

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.