Russell Investments Group Ltd. lessened its position in shares of Sunoco LP (NYSE:SUN) by 59.8% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 17,268 shares of the oil and gas company’s stock after selling 25,686 shares during the quarter. Russell Investments Group Ltd.’s holdings in Sunoco were worth $540,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. OppenheimerFunds Inc. raised its stake in Sunoco by 3.1% in the 1st quarter. OppenheimerFunds Inc. now owns 15,627,067 shares of the oil and gas company’s stock valued at $486,940,000 after purchasing an additional 463,585 shares during the last quarter. Skandinaviska Enskilda Banken AB publ acquired a new position in shares of Sunoco during the 2nd quarter valued at about $2,274,000. California Public Employees Retirement System increased its stake in shares of Sunoco by 314.5% during the 1st quarter. California Public Employees Retirement System now owns 52,586 shares of the oil and gas company’s stock valued at $1,639,000 after acquiring an additional 39,900 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of Sunoco during the 2nd quarter valued at about $727,000. Finally, Raymond James & Associates increased its stake in shares of Sunoco by 30.6% during the 1st quarter. Raymond James & Associates now owns 73,393 shares of the oil and gas company’s stock valued at $2,287,000 after acquiring an additional 17,177 shares during the last quarter. 28.67% of the stock is owned by institutional investors and hedge funds.
A number of research firms have recently commented on SUN. ValuEngine downgraded shares of Sunoco from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Raymond James dropped their price objective on shares of Sunoco from $35.00 to $33.00 and set an “outperform” rating for the company in a research note on Friday, August 9th. Finally, Stifel Nicolaus set a $34.00 price objective on shares of Sunoco and gave the company a “hold” rating in a research note on Monday, August 12th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $31.00.
Sunoco (NYSE:SUN) last issued its earnings results on Wednesday, August 7th. The oil and gas company reported $0.43 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.74 by ($0.31). Sunoco had a return on equity of 35.57% and a net margin of 1.21%. The firm had revenue of $4.48 billion for the quarter, compared to analysts’ expectations of $4.17 billion. The firm’s revenue for the quarter was down 2.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.58 EPS. As a group, equities research analysts forecast that Sunoco LP will post 2.4 EPS for the current year.
Sunoco LP, together with its subsidiaries, engages in the distribution and retailing of motor fuels in the United States. The company operates through two segments, Fuel Distribution and Marketing, and All Other. The Fuel Distribution and Marketing segment purchases motor fuel from independent refiners and major oil companies and supplies it to independently operated dealer stations, distributors and other consumer of motor fuel, and partnership operated stations, as well as to commission agent locations.
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