Wells Fargo & Company MN Lowers Stock Holdings in Sunoco LP (NYSE:SUN)

Wells Fargo & Company MN cut its holdings in Sunoco LP (NYSE:SUN) by 11.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 250,062 shares of the oil and gas company’s stock after selling 32,262 shares during the quarter. Wells Fargo & Company MN owned 0.16% of Sunoco worth $12,863,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in SUN. JPMorgan Chase & Co. increased its holdings in Sunoco by 26.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,191,570 shares of the oil and gas company’s stock worth $117,644,000 after acquiring an additional 455,361 shares in the last quarter. Miller Howard Investments Inc. NY grew its position in shares of Sunoco by 0.9% in the fourth quarter. Miller Howard Investments Inc. NY now owns 595,057 shares of the oil and gas company’s stock valued at $30,610,000 after purchasing an additional 5,296 shares during the period. ING Groep NV increased its stake in shares of Sunoco by 223.7% during the fourth quarter. ING Groep NV now owns 513,715 shares of the oil and gas company’s stock worth $26,426,000 after purchasing an additional 355,000 shares in the last quarter. Barclays PLC raised its position in shares of Sunoco by 908,833.3% during the 3rd quarter. Barclays PLC now owns 436,288 shares of the oil and gas company’s stock worth $23,419,000 after purchasing an additional 436,240 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in Sunoco in the 4th quarter valued at about $17,739,000. 24.29% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SUN has been the subject of several research reports. Mizuho boosted their price objective on Sunoco from $66.00 to $68.00 and gave the stock an “outperform” rating in a research note on Thursday, April 3rd. Barclays reduced their price objective on Sunoco from $62.00 to $61.00 and set an “overweight” rating for the company in a research note on Friday, March 28th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Sunoco currently has a consensus rating of “Moderate Buy” and an average price target of $63.83.

Sunoco Price Performance

SUN stock opened at $56.18 on Wednesday. Sunoco LP has a 1 year low of $48.00 and a 1 year high of $59.67. The firm has a market capitalization of $8.58 billion, a PE ratio of 8.51 and a beta of 1.06. The company has a debt-to-equity ratio of 1.84, a current ratio of 1.27 and a quick ratio of 0.66. The business has a 50 day simple moving average of $56.80 and a 200-day simple moving average of $54.57.

Sunoco (NYSE:SUN) last issued its earnings results on Tuesday, February 11th. The oil and gas company reported $0.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.48 by ($0.73). Sunoco had a return on equity of 22.52% and a net margin of 3.85%. Equities research analysts anticipate that Sunoco LP will post 10.65 earnings per share for the current fiscal year.

Sunoco Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 19th. Shareholders of record on Friday, February 7th were issued a $0.8865 dividend. This represents a $3.55 annualized dividend and a yield of 6.31%. This is a positive change from Sunoco’s previous quarterly dividend of $0.88. The ex-dividend date of this dividend was Friday, February 7th. Sunoco’s payout ratio is presently 53.64%.

Sunoco Company 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.