Perigon Wealth Management LLC lessened its stake in shares of Sunoco LP (NYSE:SUN) by 50.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,500 shares of the oil and gas company’s stock after selling 16,000 shares during the quarter. Perigon Wealth Management LLC’s holdings in Sunoco were worth $354,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in the company. Raymond James & Associates lifted its position in Sunoco by 118.0% in the 2nd quarter. Raymond James & Associates now owns 151,751 shares of the oil and gas company’s stock valued at $3,464,000 after acquiring an additional 82,125 shares in the last quarter. Vident Investment Advisory LLC lifted its position in Sunoco by 23.0% in the 2nd quarter. Vident Investment Advisory LLC now owns 35,769 shares of the oil and gas company’s stock valued at $817,000 after acquiring an additional 6,699 shares in the last quarter. Cambridge Investment Research Advisors Inc. bought a new position in Sunoco in the 2nd quarter valued at about $211,000. Sumitomo Mitsui Trust Holdings Inc. lifted its position in Sunoco by 607.7% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 92,000 shares of the oil and gas company’s stock valued at $2,100,000 after acquiring an additional 79,000 shares in the last quarter. Finally, Janney Montgomery Scott LLC bought a new position in Sunoco in the 2nd quarter valued at about $215,000. 25.71% of the stock is currently owned by institutional investors.
SUN has been the topic of several recent research reports. Jefferies Financial Group raised shares of Sunoco from a “hold” rating to a “buy” rating and dropped their price target for the company from $33.00 to $25.00 in a research report on Tuesday, April 14th. ValuEngine raised shares of Sunoco from a “sell” rating to a “hold” rating in a research report on Tuesday, May 12th. Wells Fargo & Co lifted their target price on shares of Sunoco from $24.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 22nd. Mizuho lifted their target price on shares of Sunoco from $22.00 to $31.00 and gave the stock a “buy” rating in a research report on Wednesday, May 13th. Finally, Credit Suisse Group lifted their target price on shares of Sunoco from $20.00 to $24.00 and gave the stock a “neutral” rating in a research report on Friday, May 15th. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Sunoco currently has a consensus rating of “Buy” and an average price target of $27.78.
Sunoco (NYSE:SUN) last issued its quarterly earnings results on Monday, May 11th. The oil and gas company reported ($1.78) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.89 by ($2.67). Sunoco had a return on equity of 10.69% and a net margin of 0.47%. The company had revenue of $3.27 billion for the quarter, compared to analysts’ expectations of $3.77 billion. During the same quarter in the previous year, the business earned $1.07 EPS. The company’s revenue for the quarter was down 11.4% on a year-over-year basis. As a group, equities analysts expect that Sunoco LP will post 0.96 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 19th. Stockholders of record on Friday, August 7th will be paid a dividend of $0.8255 per share. The ex-dividend date is Thursday, August 6th. This represents a $3.30 annualized dividend and a dividend yield of 13.30%. Sunoco’s payout ratio is currently 145.37%.
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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