Sunoco LP $SUN Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. reduced its stake in Sunoco LP (NYSE:SUN) by 42.5% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 443,616 shares of the oil and gas company’s stock after selling 328,360 shares during the period. JPMorgan Chase & Co.’s holdings in Sunoco were worth $22,185,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Compass Wealth Management LLC acquired a new position in shares of Sunoco in the 3rd quarter valued at $644,000. Lee Financial Co grew its position in shares of Sunoco by 573.1% in the 3rd quarter. Lee Financial Co now owns 25,705 shares of the oil and gas company’s stock valued at $1,286,000 after buying an additional 21,886 shares during the last quarter. Chickasaw Capital Management LLC raised its stake in Sunoco by 58.2% during the 3rd quarter. Chickasaw Capital Management LLC now owns 228,429 shares of the oil and gas company’s stock worth $11,424,000 after acquiring an additional 84,000 shares in the last quarter. Truist Financial Corp purchased a new stake in Sunoco in the third quarter valued at $1,161,000. Finally, Neuberger Berman Group LLC lifted its position in Sunoco by 4.0% in the second quarter. Neuberger Berman Group LLC now owns 670,269 shares of the oil and gas company’s stock valued at $35,920,000 after acquiring an additional 25,757 shares during the last quarter. Institutional investors and hedge funds own 24.29% of the company’s stock.

Analyst Upgrades and Downgrades

SUN has been the subject of several research analyst reports. Raymond James Financial upgraded shares of Sunoco from an “outperform” rating to a “strong-buy” rating and set a $70.00 price objective for the company in a research note on Monday, January 5th. Weiss Ratings downgraded Sunoco from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, February 23rd. Zacks Research cut Sunoco from a “hold” rating to a “strong sell” rating in a research report on Tuesday, March 3rd. JPMorgan Chase & Co. raised their price target on Sunoco from $66.00 to $73.00 and gave the stock an “overweight” rating in a research note on Tuesday. Finally, Wall Street Zen lowered Sunoco from a “buy” rating to a “hold” rating in a research report on Saturday, February 14th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Sunoco has an average rating of “Moderate Buy” and an average price target of $67.83.

Sunoco Trading Up 0.8%

Shares of Sunoco stock opened at $65.46 on Wednesday. The company has a debt-to-equity ratio of 2.06, a quick ratio of 0.78 and a current ratio of 1.38. The company has a market capitalization of $13.41 billion, a P/E ratio of 28.84 and a beta of 0.49. Sunoco LP has a 1 year low of $47.98 and a 1 year high of $67.82. The company’s fifty day moving average is $60.98 and its two-hundred day moving average is $55.49.

Sunoco (NYSE:SUN) last announced its earnings results on Tuesday, February 17th. The oil and gas company reported $0.09 EPS for the quarter, missing analysts’ consensus estimates of $1.64 by ($1.55). Sunoco had a net margin of 2.01% and a return on equity of 10.76%. The business had revenue of $8.60 billion during the quarter, compared to analysts’ expectations of $9.65 billion. During the same period in the previous year, the company posted $0.75 earnings per share. Sunoco’s quarterly revenue was up 63.2% on a year-over-year basis. Analysts forecast that Sunoco LP will post 10.65 earnings per share for the current year.

Sunoco Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 19th. Shareholders of record on Friday, February 6th were paid a dividend of $0.9317 per share. The ex-dividend date of this dividend was Friday, February 6th. This represents a $3.73 annualized dividend and a yield of 5.7%. This is a boost from Sunoco’s previous quarterly dividend of $0.92. Sunoco’s dividend payout ratio (DPR) is currently 164.32%.

About Sunoco

Sunoco LP (NYSE: SUN) is an independent master limited partnership that specializes in the distribution and marketing of transportation fuels and related products. The company operates through two primary segments: wholesale fuel distribution and retail marketing. In wholesale distribution, Sunoco supplies branded fuels to distributors, commercial customers and resellers across the United States. Its retail marketing arm operates a network of company?owned and franchised Sunoco branded service stations and convenience stores, providing gasoline, diesel, ethanol blends and lubricants to consumers.

Sunoco’s product portfolio extends beyond traditional fuels to include biofuels, specialty chemicals and on?road diesel treated to meet ultra?low sulfur requirements.