Concurrent Investment Advisors LLC Buys New Stake in Sunoco LP (NYSE:SUN)

Concurrent Investment Advisors LLC bought a new stake in Sunoco LP (NYSE:SUN) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 4,122 shares of the oil and gas company’s stock, valued at approximately $239,000.

Several other large investors have also recently added to or reduced their stakes in SUN. Raymond James Financial Inc. acquired a new stake in Sunoco in the 4th quarter valued at approximately $17,739,000. CIBC Private Wealth Group LLC increased its position in shares of Sunoco by 32,166.5% during the 4th quarter. CIBC Private Wealth Group LLC now owns 231,351 shares of the oil and gas company’s stock valued at $12,137,000 after purchasing an additional 230,634 shares during the period. Invesco Ltd. increased its position in shares of Sunoco by 2.3% during the 4th quarter. Invesco Ltd. now owns 8,868,926 shares of the oil and gas company’s stock valued at $456,218,000 after purchasing an additional 198,859 shares during the period. Neuberger Berman Group LLC increased its position in shares of Sunoco by 63.5% during the 4th quarter. Neuberger Berman Group LLC now owns 497,891 shares of the oil and gas company’s stock valued at $25,611,000 after purchasing an additional 193,278 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Sunoco by 5.2% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,608,701 shares of the oil and gas company’s stock valued at $134,192,000 after purchasing an additional 128,042 shares during the period. 24.29% of the stock is currently owned by institutional investors and hedge funds.

Sunoco Stock Performance

SUN opened at $53.28 on Friday. The firm has a market cap of $8.14 billion, a PE ratio of 9.60 and a beta of 0.61. The company has a quick ratio of 0.86, a current ratio of 1.55 and a debt-to-equity ratio of 1.85. The business has a fifty day simple moving average of $54.28 and a 200-day simple moving average of $55.47. Sunoco LP has a fifty-two week low of $48.00 and a fifty-two week high of $59.88.

Sunoco (NYSE:SUN) last released its quarterly earnings data on Tuesday, May 6th. The oil and gas company reported $1.21 earnings per share for the quarter, missing the consensus estimate of $1.69 by ($0.48). The company had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.58 billion. Sunoco had a return on equity of 20.34% and a net margin of 3.80%. The business’s revenue was down 5.8% compared to the same quarter last year. During the same period in the prior year, the business earned $2.26 earnings per share. As a group, equities analysts predict that Sunoco LP will post 10.65 EPS for the current fiscal year.

Sunoco Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 20th. Stockholders of record on Friday, May 9th were given a $0.8976 dividend. This represents a $3.59 annualized dividend and a dividend yield of 6.74%. The ex-dividend date of this dividend was Friday, May 9th. This is a boost from Sunoco’s previous quarterly dividend of $0.89. Sunoco’s dividend payout ratio (DPR) is 64.68%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on SUN shares. Barclays lowered their price target on Sunoco from $62.00 to $61.00 and set an “overweight” rating on the stock in a research report on Friday, March 28th. Mizuho lifted their price target on Sunoco from $66.00 to $68.00 and gave the company an “outperform” rating in a research report on Thursday, April 3rd. Finally, JPMorgan Chase & Co. lifted their price target on Sunoco from $63.00 to $66.00 and gave the company an “overweight” rating in a research report on Thursday, April 24th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $64.75.

About Sunoco

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.