Truist Financial Corp Sells 1,580 Shares of Sunoco LP (NYSE:SUN)

Truist Financial Corp trimmed its stake in shares of Sunoco LP (NYSE:SUN) by 21.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,832 shares of the oil and gas company’s stock after selling 1,580 shares during the quarter. Truist Financial Corp’s holdings in Sunoco were worth $330,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. CNB Bank bought a new position in shares of Sunoco in the first quarter worth approximately $30,000. Longfellow Investment Management Co. LLC bought a new stake in Sunoco in the 2nd quarter worth $32,000. First Horizon Advisors Inc. purchased a new position in shares of Sunoco in the second quarter valued at about $38,000. Redwood Wealth Management Group LLC bought a new position in shares of Sunoco during the second quarter valued at about $46,000. Finally, Register Financial Advisors LLC purchased a new stake in shares of Sunoco during the first quarter worth about $55,000. 24.29% of the stock is owned by hedge funds and other institutional investors.

Sunoco Price Performance

SUN opened at $52.09 on Friday. The company has a current ratio of 1.26, a quick ratio of 0.72 and a debt-to-equity ratio of 1.69. The company has a market cap of $7.94 billion, a price-to-earnings ratio of 6.89 and a beta of 1.30. The stock has a fifty day simple moving average of $53.08 and a two-hundred day simple moving average of $54.19. Sunoco LP has a 12-month low of $49.00 and a 12-month high of $64.89.

Sunoco (NYSE:SUN) last issued its quarterly earnings results 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 net margin of 3.80% and a return on equity of 41.76%. The company had revenue of $6.17 billion during the quarter, compared to analyst estimates of $5.63 billion. During the same period last year, the business earned $0.78 EPS. Sunoco’s quarterly revenue was up 7.5% compared to the same quarter last year. Research analysts predict that Sunoco LP will post 8.09 earnings per share for the current fiscal year.

Sunoco Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 19th. Stockholders of record on Friday, August 9th were given a $0.8756 dividend. The ex-dividend date of this dividend was Friday, August 9th. This represents a $3.50 dividend on an annualized basis and a dividend yield of 6.72%. Sunoco’s dividend payout ratio is currently 46.30%.

Analysts Set New Price Targets

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

Sunoco 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.