First Manhattan Co. Decreases Stake in Sunoco Logistics Partners LP (ETP)

First Manhattan Co. reduced its stake in Sunoco Logistics Partners LP (NYSE:ETP) by 50.7% during the second quarter, Holdings Channel reports. The fund owned 12,749 shares of the pipeline company’s stock after selling 13,107 shares during the period. First Manhattan Co.’s holdings in Sunoco Logistics Partners were worth $259,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of ETP. Ledyard National Bank raised its position in shares of Sunoco Logistics Partners by 6.7% in the first quarter. Ledyard National Bank now owns 3,200 shares of the pipeline company’s stock valued at $117,000 after buying an additional 200 shares during the last quarter. Benjamin F. Edwards & Company Inc. raised its position in shares of Sunoco Logistics Partners by 7.0% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 4,599 shares of the pipeline company’s stock valued at $168,000 after buying an additional 300 shares during the last quarter. Duncker Streett & Co. Inc. raised its position in shares of Sunoco Logistics Partners by 17.9% in the second quarter. Duncker Streett & Co. Inc. now owns 5,175 shares of the pipeline company’s stock valued at $106,000 after buying an additional 785 shares during the last quarter. V Wealth Management LLC purchased a new position in shares of Sunoco Logistics Partners during the second quarter valued at approximately $106,000. Finally, Busey Trust CO purchased a new position in shares of Sunoco Logistics Partners during the first quarter valued at approximately $201,000. Institutional investors own 66.78% of the company’s stock.

Sunoco Logistics Partners LP (NYSE:ETP) opened at 19.83 on Friday. The firm’s 50-day moving average price is $20.20 and its 200-day moving average price is $22.90. Sunoco Logistics Partners LP has a 12 month low of $18.31 and a 12 month high of $31.49. The firm’s market cap is $20.26 billion.

Sunoco Logistics Partners (NYSE:ETP) last released its quarterly earnings results on Tuesday, August 8th. The pipeline company reported ($0.04) EPS for the quarter, missing the Zacks’ consensus estimate of $0.17 by $0.21. The business had revenue of $6.58 billion for the quarter, compared to the consensus estimate of $7.24 billion. Sunoco Logistics Partners had a return on equity of 7.27% and a net margin of 3.57%. The firm’s revenue was up 24.3% on a year-over-year basis. During the same quarter last year, the company earned $0.10 earnings per share. Equities research analysts predict that Sunoco Logistics Partners LP will post $0.72 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 14th. Investors of record on Monday, August 7th will be given a dividend of $0.55 per share. The ex-dividend date is Thursday, August 3rd. This is a positive change from Sunoco Logistics Partners’s previous quarterly dividend of $0.54. This represents a $2.20 dividend on an annualized basis and a yield of 11.09%. Sunoco Logistics Partners’s dividend payout ratio is 440.00%.

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Several research analysts have recently commented on the company. Scotiabank set a $28.00 target price on Sunoco Logistics Partners and gave the stock a “buy” rating in a research report on Saturday, May 6th. Zacks Investment Research lowered Sunoco Logistics Partners from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. BidaskClub upgraded Sunoco Logistics Partners from a “sell” rating to a “hold” rating in a research report on Thursday, August 3rd. Jefferies Group LLC reiterated a “buy” rating and issued a $26.00 target price on shares of Sunoco Logistics Partners in a research report on Friday, July 14th. Finally, Wells Fargo & Company reiterated an “outperform” rating and issued a $32.00 target price (down previously from $32.50) on shares of Sunoco Logistics Partners in a research report on Monday, June 19th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. Sunoco Logistics Partners presently has a consensus rating of “Buy” and a consensus target price of $32.32.

In other Sunoco Logistics Partners news, Director Michael K. Grimm purchased 3,023 shares of the firm’s stock in a transaction that occurred on Wednesday, May 17th. The shares were acquired at an average cost of $23.19 per share, for a total transaction of $70,103.37. Following the transaction, the director now directly owns 67,633 shares in the company, valued at $1,568,409.27. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Kelcy L. Warren purchased 1,000,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 6th. The shares were acquired at an average price of $20.33 per share, for a total transaction of $20,330,000.00. Following the completion of the transaction, the chief executive officer now owns 1,031,646 shares in the company, valued at $20,973,363.18. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 1,015,023 shares of company stock worth $20,625,483. 0.17% of the stock is owned by corporate insiders.

Sunoco Logistics Partners Company Profile

Energy Transfer Partners, L.P., formerly Sunoco Logistics Partners L.P., owns and operates a logistics business. The Company is engaged in the transport, terminaling and storage of crude oil, refined products and natural gas liquids (NGLs). The Company’s segments include Crude Oil, Natural Gas Liquids and Refined Products.

Want to see what other hedge funds are holding ETP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sunoco Logistics Partners LP (NYSE:ETP).

Institutional Ownership by Quarter for Sunoco Logistics Partners (NYSE:ETP)

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