Bank of New York Mellon Corp Invests $248,000 in Sunoco LP (NYSE:SUN)

Bank of New York Mellon Corp purchased a new position in Sunoco LP (NYSE:SUN) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 4,278 shares of the oil and gas company’s stock, valued at approximately $248,000.

Several other large investors have also recently made changes to their positions in SUN. Wedbush Securities Inc. raised its position in shares of Sunoco by 8.7% in the 4th quarter. Wedbush Securities Inc. now owns 11,674 shares of the oil and gas company’s stock worth $600,000 after acquiring an additional 932 shares in the last quarter. Envestnet Asset Management Inc. increased its position in Sunoco by 12.8% during the 4th quarter. Envestnet Asset Management Inc. now owns 30,758 shares of the oil and gas company’s stock valued at $1,582,000 after buying an additional 3,496 shares in the last quarter. Invesco Ltd. increased its position in 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 buying an additional 198,859 shares in the last quarter. Greenland Capital Management LP acquired a new position in Sunoco during the 4th quarter valued at about $526,000. Finally, Texas Yale Capital Corp. increased its position in Sunoco by 3.1% during the 4th quarter. Texas Yale Capital Corp. now owns 70,076 shares of the oil and gas company’s stock valued at $3,605,000 after buying an additional 2,100 shares in the last quarter. 24.29% of the stock is owned by institutional investors.

Sunoco Stock Down 0.8%

Shares of SUN stock opened at $53.79 on Wednesday. The stock’s 50-day simple moving average is $53.50 and its 200-day simple moving average is $55.62. The company has a debt-to-equity ratio of 1.85, a quick ratio of 0.86 and a current ratio of 1.55. The firm has a market capitalization of $8.22 billion, a PE ratio of 9.69 and a beta of 0.60. Sunoco LP has a fifty-two week low of $48.00 and a fifty-two week high of $59.88.

Sunoco (NYSE:SUN) last announced its quarterly earnings data on Tuesday, May 6th. The oil and gas company reported $1.21 earnings per share for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.48). The firm had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.58 billion. Sunoco had a net margin of 3.80% and a return on equity of 20.34%. The firm’s revenue for the quarter was down 5.8% on a year-over-year basis. During the same period in the prior year, the company posted $2.26 earnings per share. Equities analysts expect that Sunoco LP will post 10.65 earnings per share for the current year.

Sunoco Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 19th. Stockholders of record on Friday, August 8th will be issued a $0.9088 dividend. This is a boost from Sunoco’s previous quarterly dividend of $0.90. This represents a $3.64 dividend on an annualized basis and a dividend yield of 6.8%. The ex-dividend date of this dividend is Friday, August 8th. Sunoco’s dividend payout ratio is currently 64.68%.

Wall Street Analyst Weigh In

SUN has been the topic of several recent analyst reports. Mizuho reduced their target price on Sunoco from $68.00 to $67.00 and set an “outperform” rating on the stock in a research report on Monday, July 14th. JPMorgan Chase & Co. upped their target price on Sunoco from $66.00 to $67.00 and gave the company an “overweight” rating in a research report on Tuesday, July 22nd. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $64.75.

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.