Exchange Traded Concepts LLC Has $6.88 Million Stake in Sunoco LP (NYSE:SUN)

Exchange Traded Concepts LLC lifted its holdings in shares of Sunoco LP (NYSE:SUN) by 7.1% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 128,171 shares of the oil and gas company’s stock after purchasing an additional 8,494 shares during the period. Exchange Traded Concepts LLC’s holdings in Sunoco were worth $6,880,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SUN. CNB Bank bought a new stake in Sunoco during the 1st quarter worth about $30,000. Longfellow Investment Management Co. LLC acquired a new position in shares of Sunoco during the second quarter worth approximately $32,000. First Horizon Advisors Inc. bought a new stake in shares of Sunoco during the second quarter valued at approximately $38,000. Redwood Wealth Management Group LLC acquired a new stake in shares of Sunoco in the second quarter valued at approximately $46,000. Finally, Register Financial Advisors LLC bought a new position in Sunoco in the 1st quarter worth approximately $55,000. 24.29% of the stock is currently owned by institutional investors and hedge funds.

Sunoco Stock Performance

Shares of NYSE:SUN opened at $53.76 on Monday. The firm’s 50 day simple moving average is $53.10 and its 200 day simple moving average is $54.38. Sunoco LP has a fifty-two week low of $49.00 and a fifty-two week high of $64.89. The company has a market capitalization of $8.19 billion, a price-to-earnings ratio of 7.11 and a beta of 1.30. The company has a debt-to-equity ratio of 1.69, a current ratio of 1.26 and a quick ratio of 0.72.

Sunoco (NYSE:SUN) last released its quarterly earnings data on Wednesday, August 7th. The oil and gas company reported $3.85 EPS for the quarter, beating analysts’ consensus estimates of $1.23 by $2.62. The business had revenue of $6.17 billion during the quarter, compared to analysts’ expectations of $5.63 billion. Sunoco had a net margin of 3.80% and a return on equity of 41.76%. The firm’s quarterly revenue was up 7.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.78 EPS. As a group, sell-side analysts forecast that Sunoco LP will post 8.09 earnings per share for the current year.

Sunoco Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 19th. Stockholders of record on Friday, August 9th were issued a dividend of $0.8756 per share. This represents a $3.50 annualized dividend and a dividend yield of 6.51%. The ex-dividend date of this dividend was Friday, August 9th. Sunoco’s dividend payout ratio (DPR) is presently 46.30%.

Analyst Upgrades and Downgrades

SUN has been the topic of a number of recent research reports. Barclays decreased their price objective on Sunoco from $61.00 to $60.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 10th. JPMorgan Chase & Co. boosted their price objective on Sunoco from $61.00 to $63.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. StockNews.com downgraded shares of Sunoco from a “buy” rating to a “hold” rating in a research report on Thursday, August 8th. Finally, Citigroup upgraded shares of Sunoco from a “neutral” rating to a “buy” rating and set a $65.00 price target for the company in a research report on Tuesday, June 18th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Sunoco has a consensus rating of “Moderate Buy” and an average target price of $62.14.

Sunoco Profile

Sunoco LP, together with its subsidiaries, distributes and retails motor fuels in the United States. It operates through two segments: Fuel Distribution and Marketing, and All Other. The Fuel Distribution and Marketing segment purchases motor fuel, as well as other petroleum products, such as propane and lubricating oil from independent refiners and oil companies and supplies it to company-operated retail stores, independently operated commission agents, and retail stores, as well as other commercial customers, including unbranded retail stores, other fuel distributors, school districts, municipalities, and other industrial customers.