Cornerstone Wealth Management LLC lifted its holdings in shares of Sunoco LP (NYSE:SUN) by 43.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 35,101 shares of the oil and gas company’s stock after acquiring an additional 10,581 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Sunoco were worth $1,100,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of SUN. BlackRock Inc. boosted its stake in shares of Sunoco by 6,579.2% during the 1st quarter. BlackRock Inc. now owns 677,603 shares of the oil and gas company’s stock worth $17,285,000 after acquiring an additional 667,458 shares during the period. OppenheimerFunds Inc. boosted its stake in shares of Sunoco by 1.4% during the 2nd quarter. OppenheimerFunds Inc. now owns 13,585,922 shares of the oil and gas company’s stock worth $339,105,000 after acquiring an additional 186,248 shares during the period. SG Americas Securities LLC bought a new position in shares of Sunoco during the 2nd quarter worth approximately $2,608,000. Renaissance Technologies LLC boosted its stake in shares of Sunoco by 28.6% during the 2nd quarter. Renaissance Technologies LLC now owns 421,700 shares of the oil and gas company’s stock worth $10,526,000 after acquiring an additional 93,875 shares during the period. Finally, Cadence Capital Management LLC boosted its stake in shares of Sunoco by 46.9% during the 2nd quarter. Cadence Capital Management LLC now owns 198,390 shares of the oil and gas company’s stock worth $4,952,000 after acquiring an additional 63,300 shares during the period. Institutional investors own 28.53% of the company’s stock.
Several brokerages have recently commented on SUN. ValuEngine downgraded Sunoco from a “hold” rating to a “sell” rating in a research note on Wednesday. Zacks Investment Research downgraded Sunoco from a “hold” rating to a “sell” rating in a research note on Wednesday, October 17th. JPMorgan Chase & Co. downgraded Sunoco from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $33.00 to $32.00 in a research note on Friday, October 12th. Credit Suisse Group began coverage on Sunoco in a research note on Thursday, October 11th. They set a “neutral” rating and a $31.00 target price for the company. Finally, TheStreet upgraded Sunoco from a “c+” rating to a “b-” rating in a research note on Monday, September 24th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $31.17.
Sunoco (NYSE:SUN) last released its quarterly earnings results on Wednesday, August 8th. The oil and gas company reported $0.58 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.01. The business had revenue of $4.61 billion during the quarter, compared to analysts’ expectations of $3.99 billion. Sunoco had a return on equity of 33.25% and a net margin of 0.86%. The firm’s revenue for the quarter was up 59.3% compared to the same quarter last year. During the same period last year, the firm posted ($0.59) EPS. As a group, equities research analysts forecast that Sunoco LP will post 2.3 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 14th. Investors of record on Tuesday, November 6th will be issued a dividend of $0.8255 per share. The ex-dividend date is Monday, November 5th. This represents a $3.30 annualized dividend and a yield of 12.08%. Sunoco’s payout ratio is currently 144.10%.
Sunoco Company Profile
Sunoco LP, together with its subsidiaries, engages in the wholesale distribution and retail sale of motor fuels primarily in the United States. The company operates through two segments, Wholesale and Retail. It serves convenience stores and commission agent locations, contracted independent convenience store operators, and other commercial customers.
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