Sunoco LP (NYSE:SUN) Sees Significant Increase in Short Interest

Sunoco LP (NYSE:SUN) was the target of a significant increase in short interest in the month of October. As of October 15th, there was short interest totalling 1,030,000 shares, an increase of 31.2% from the September 30th total of 785,100 shares. Based on an average daily trading volume, of 450,100 shares, the short-interest ratio is currently 2.3 days.

Sunoco Stock Down 0.3 %

Sunoco stock traded down $0.18 during trading on Tuesday, reaching $51.66. The stock had a trading volume of 528,887 shares, compared to its average volume of 523,092. Sunoco has a 52-week low of $49.00 and a 52-week high of $64.89. The business has a 50 day moving average price of $53.08 and a 200 day moving average price of $53.89. The stock has a market cap of $7.87 billion, a PE ratio of 6.83 and a beta of 1.30. The company has a quick ratio of 0.72, a current ratio of 1.26 and a debt-to-equity ratio of 1.69.

Sunoco (NYSE:SUN) last released its quarterly earnings data on Wednesday, August 7th. The oil and gas company reported $3.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $2.62. Sunoco had a return on equity of 41.76% and a net margin of 3.80%. The business had revenue of $6.17 billion during the quarter, compared to analysts’ expectations of $5.63 billion. During the same period in the prior year, the firm posted $0.78 EPS. The business’s quarterly revenue was up 7.5% compared to the same quarter last year. On average, analysts predict that Sunoco will post 8.07 EPS for the current year.

Sunoco Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 19th. Investors of record on Friday, November 8th will be issued a dividend of $0.8756 per share. This represents a $3.50 annualized dividend and a dividend yield of 6.78%. The ex-dividend date of this dividend is Friday, November 8th. Sunoco’s dividend payout ratio is presently 46.30%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in SUN. CNB Bank acquired a new position in Sunoco during the 1st quarter worth approximately $30,000. Longfellow Investment Management Co. LLC purchased a new position in Sunoco in the second quarter worth $32,000. First Horizon Advisors Inc. acquired a new stake in Sunoco in the second quarter valued at $38,000. Redwood Wealth Management Group LLC purchased a new stake in shares of Sunoco during the 2nd quarter worth $46,000. Finally, Register Financial Advisors LLC acquired a new position in shares of Sunoco during the 1st quarter worth $55,000. 24.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently issued reports on SUN. Barclays cut their price objective on Sunoco from $61.00 to $60.00 and set an “overweight” rating on the stock in a report on Wednesday, July 10th. JPMorgan Chase & Co. boosted their price target on shares of Sunoco from $61.00 to $63.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Royal Bank of Canada raised their price objective on shares of Sunoco from $60.00 to $63.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Finally, StockNews.com cut shares of Sunoco from a “buy” rating to a “hold” rating in a report on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Sunoco currently has a consensus rating of “Moderate Buy” and an average price target of $62.25.

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.