Cresset Asset Management LLC Sells 6,988 Shares of Sunoco LP $SUN

Cresset Asset Management LLC lessened its stake in shares of Sunoco LP (NYSE:SUN) by 63.0% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 4,109 shares of the oil and gas company’s stock after selling 6,988 shares during the quarter. Cresset Asset Management LLC’s holdings in Sunoco were worth $239,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of SUN. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in shares of Sunoco during the 4th quarter valued at $31,000. State of Wyoming acquired a new position in Sunoco in the 4th quarter worth about $102,000. IFP Advisors Inc raised its position in Sunoco by 17.1% in the first quarter. IFP Advisors Inc now owns 2,865 shares of the oil and gas company’s stock valued at $166,000 after purchasing an additional 419 shares during the last quarter. Retirement Income Solutions Inc acquired a new stake in shares of Sunoco during the first quarter valued at about $203,000. Finally, Flagship Harbor Advisors LLC acquired a new stake in shares of Sunoco during the first quarter valued at about $204,000. 24.29% of the stock is currently owned by institutional investors and hedge funds.

Sunoco Price Performance

Sunoco stock opened at $51.75 on Wednesday. The stock’s 50 day moving average is $53.02 and its 200 day moving average is $55.15. Sunoco LP has a one year low of $48.00 and a one year high of $59.88. The firm has a market cap of $7.92 billion, a P/E ratio of 25.49 and a beta of 0.60. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.52 and a quick ratio of 0.80.

Sunoco (NYSE:SUN) last released its earnings results on Wednesday, August 6th. The oil and gas company reported $0.33 earnings per share for the quarter, missing analysts’ consensus estimates of $1.68 by ($1.35). Sunoco had a net margin of 2.02% and a return on equity of 10.57%. The firm had revenue of $5.39 billion for the quarter, compared to analyst estimates of $5.42 billion. During the same period in the prior year, the company posted $3.85 EPS. The business’s revenue for the quarter was down 12.7% compared to the same quarter last year. As a group, research analysts expect that Sunoco LP will post 10.65 EPS for the current year.

Sunoco Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 19th. Investors of record on Friday, August 8th were paid a dividend of $0.9088 per share. 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 yield of 7.0%. The ex-dividend date of this dividend was Friday, August 8th. Sunoco’s payout ratio is 178.82%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on SUN shares. JPMorgan Chase & Co. upped their price objective on Sunoco from $66.00 to $67.00 and gave the company an “overweight” rating in a research note on Tuesday, July 22nd. Mizuho decreased their price target on shares of Sunoco from $68.00 to $67.00 and set an “outperform” rating for the company in a research report on Monday, July 14th. Four investment analysts have rated the stock with a Buy rating, According to MarketBeat, Sunoco has a consensus rating of “Buy” and an average 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.