Avid Wealth Partners LLC Buys New Shares in Sunoco LP (NYSE:SUN)

Avid Wealth Partners LLC purchased a new position in shares of Sunoco LP (NYSE:SUN) in the third quarter, HoldingsChannel reports. The fund purchased 15,834 shares of the oil and gas company’s stock, valued at approximately $850,000. Sunoco comprises 0.6% of Avid Wealth Partners LLC’s portfolio, making the stock its 23rd biggest holding.

Several other large investors have also added to or reduced their stakes in the company. Longfellow Investment Management Co. LLC acquired a new position in shares of Sunoco in the second quarter worth about $32,000. First Horizon Advisors Inc. purchased a new position in shares of Sunoco in the 2nd quarter valued at about $38,000. Redwood Wealth Management Group LLC purchased a new position in Sunoco during the second quarter worth approximately $46,000. HHM Wealth Advisors LLC acquired a new stake in Sunoco in the second quarter valued at approximately $93,000. Finally, Kingsview Wealth Management LLC purchased a new position in shares of Sunoco during the 1st quarter valued at approximately $201,000. Hedge funds and other institutional investors own 24.29% of the company’s stock.

Sunoco Stock Performance

NYSE SUN opened at $52.58 on Friday. The company has a fifty day moving average of $52.81 and a two-hundred day moving average of $53.78. The company has a market capitalization of $8.01 billion, a PE ratio of 12.09 and a beta of 1.31. The company has a debt-to-equity ratio of 1.69, a current ratio of 1.26 and a quick ratio of 0.72. Sunoco LP has a 1 year low of $49.45 and a 1 year high of $64.89.

Sunoco (NYSE:SUN) last released its earnings results on Wednesday, November 6th. The oil and gas company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.53 by ($1.79). The company had revenue of $5.75 billion during the quarter, compared to analyst estimates of $6.09 billion. Sunoco had a net margin of 2.72% and a return on equity of 24.47%. The company’s revenue for the quarter was down 9.0% on a year-over-year basis. During the same period in the previous year, the firm posted $2.95 EPS. As a group, analysts expect that Sunoco LP will post 7.16 earnings per share for the current year.

Sunoco Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 19th. Shareholders of record on Friday, November 8th will be issued a $0.8756 dividend. The ex-dividend date is Friday, November 8th. This represents a $3.50 dividend on an annualized basis and a yield of 6.66%. Sunoco’s dividend payout ratio (DPR) is presently 80.46%.

Analyst Ratings Changes

A number of analysts have recently commented on SUN shares. Royal Bank of Canada boosted their target price on shares of Sunoco from $60.00 to $63.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. JPMorgan Chase & Co. raised their target price on Sunoco from $61.00 to $63.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. Finally, StockNews.com downgraded Sunoco from a “buy” rating to a “hold” rating in a research note on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, Sunoco has a consensus rating of “Moderate Buy” and a consensus price target of $62.25.

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.