Zacks Research Analysts Decrease Earnings Estimates for Sunoco LP (NYSE:SUN)

Sunoco LP (NYSE:SUN) – Research analysts at Zacks Research lowered their Q3 2023 earnings per share estimates for Sunoco in a note issued to investors on Tuesday, September 12th. Zacks Research analyst A. Kanoria now forecasts that the oil and gas company will post earnings of $0.99 per share for the quarter, down from their previous estimate of $1.04. The consensus estimate for Sunoco’s current full-year earnings is $4.23 per share. Zacks Research also issued estimates for Sunoco’s Q4 2023 earnings at $1.05 EPS, Q2 2024 earnings at $0.94 EPS, Q3 2024 earnings at $1.02 EPS, Q4 2024 earnings at $1.16 EPS, FY2024 earnings at $3.90 EPS and Q1 2025 earnings at $0.67 EPS.

Sunoco (NYSE:SUN) last announced its quarterly earnings results on Wednesday, August 2nd. The oil and gas company reported $0.78 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.24). The company had revenue of $5.75 billion during the quarter, compared to analysts’ expectations of $5.66 billion. Sunoco had a net margin of 1.55% and a return on equity of 37.36%. Sunoco’s revenue for the quarter was down 26.5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.20 earnings per share.

SUN has been the subject of several other reports. Barclays reduced their price target on Sunoco from $51.00 to $50.00 and set an “overweight” rating for the company in a research report on Monday, August 14th. Mizuho restated a “buy” rating and set a $53.00 target price on shares of Sunoco in a research report on Wednesday, August 23rd. Finally, StockNews.com upgraded Sunoco from a “hold” rating to a “buy” rating in a research note on Friday, September 8th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.14.

Sunoco Price Performance

Shares of NYSE SUN opened at $45.45 on Wednesday. The stock has a market cap of $4.57 billion, a PE ratio of 13.53 and a beta of 1.30. Sunoco has a fifty-two week low of $37.10 and a fifty-two week high of $48.59. The company has a debt-to-equity ratio of 3.67, a quick ratio of 0.77 and a current ratio of 1.53. The stock has a fifty day moving average of $45.02 and a 200-day moving average of $44.40.

Sunoco Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 21st. Shareholders of record on Monday, August 14th were paid a $0.842 dividend. The ex-dividend date of this dividend was Friday, August 11th. This represents a $3.37 dividend on an annualized basis and a yield of 7.41%. Sunoco’s dividend payout ratio is currently 100.00%.

Hedge Funds Weigh In On Sunoco

Several institutional investors have recently modified their holdings of SUN. Cambridge Investment Research Advisors Inc. increased its position in shares of Sunoco by 8.9% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 13,939 shares of the oil and gas company’s stock valued at $569,000 after purchasing an additional 1,140 shares during the last quarter. HighTower Advisors LLC increased its position in shares of Sunoco by 70.2% during the 1st quarter. HighTower Advisors LLC now owns 23,016 shares of the oil and gas company’s stock valued at $941,000 after purchasing an additional 9,491 shares during the last quarter. Cetera Advisor Networks LLC boosted its holdings in Sunoco by 7.1% during the 1st quarter. Cetera Advisor Networks LLC now owns 5,369 shares of the oil and gas company’s stock valued at $219,000 after acquiring an additional 357 shares during the period. PNC Financial Services Group Inc. boosted its holdings in Sunoco by 5.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 25,640 shares of the oil and gas company’s stock valued at $1,048,000 after acquiring an additional 1,300 shares during the period. Finally, International Assets Investment Management LLC boosted its holdings in Sunoco by 1.7% during the 1st quarter. International Assets Investment Management LLC now owns 15,519 shares of the oil and gas company’s stock valued at $634,000 after acquiring an additional 266 shares during the period. 17.62% of the stock is currently owned by institutional investors.

Sunoco Company Profile

Sunoco LP, together with its subsidiaries, distributes and retails motor fuels in the United States. It operates in two segments, Fuel Distribution and Marketing, and All Other. The company's Fuel Distribution and Marketing segment purchases motor fuel from independent refiners and oil companies and supplies it to independently operated dealer stations, distributors and other consumer of motor fuel to commission agent locations.