4,927 Shares in Sunoco LP (NYSE:SUN) Bought by Bridges Investment Management Inc.

Bridges Investment Management Inc. acquired a new stake in shares of Sunoco LP (NYSE:SUN) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 4,927 shares of the oil and gas company’s stock, valued at approximately $279,000.

A number of other hedge funds have also recently modified their holdings of SUN. Benjamin F. Edwards & Company Inc. increased its stake in shares of Sunoco by 6.8% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 7,741 shares of the oil and gas company’s stock worth $438,000 after acquiring an additional 490 shares in the last quarter. XTX Topco Ltd bought a new stake in Sunoco during the 2nd quarter valued at about $889,000. Mercer Global Advisors Inc. ADV raised its holdings in Sunoco by 9.2% in the second quarter. Mercer Global Advisors Inc. ADV now owns 12,185 shares of the oil and gas company’s stock worth $689,000 after buying an additional 1,028 shares during the last quarter. Moors & Cabot Inc. bought a new position in shares of Sunoco in the second quarter worth approximately $698,000. Finally, Redwood Wealth Management Group LLC purchased a new stake in shares of Sunoco during the second quarter valued at approximately $46,000. Institutional investors own 24.29% of the company’s stock.

Sunoco Price Performance

NYSE SUN opened at $52.70 on Monday. The company has a 50-day moving average price of $53.94 and a 200-day moving average price of $55.27. Sunoco LP has a 52 week low of $46.36 and a 52 week high of $64.89. The company has a quick ratio of 0.72, a current ratio of 1.26 and a debt-to-equity ratio of 1.69. The firm has a market capitalization of $5.32 billion, a P/E ratio of 11.74 and a beta of 1.30.

Sunoco (NYSE:SUN) last announced its earnings results on Wednesday, August 7th. The oil and gas company reported $3.85 EPS for the quarter, beating analysts’ consensus estimates of $1.23 by $2.62. The business had revenue of $6.17 billion during the quarter, compared to analysts’ expectations of $5.63 billion. Sunoco had a net margin of 3.80% and a return on equity of 41.76%. The firm’s revenue was up 7.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.78 earnings per share. Equities research analysts anticipate that Sunoco LP will post 8.09 earnings per share for the current year.

Sunoco Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 19th. Investors of record on Friday, August 9th were issued 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 yield of 6.65%. Sunoco’s dividend payout ratio is currently 77.95%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on SUN shares. Mizuho upgraded shares of Sunoco from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $60.00 to $59.00 in a report on Tuesday, June 4th. JPMorgan Chase & Co. upped 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. StockNews.com downgraded Sunoco from a “buy” rating to a “hold” rating in a report on Thursday, August 8th. Stifel Nicolaus upgraded shares of Sunoco from a “hold” rating to a “buy” rating and set a $62.00 target price on the stock in a research note on Friday, June 7th. Finally, Barclays reduced their price target on shares of Sunoco from $61.00 to $60.00 and set an “overweight” rating for the company in a research note on Wednesday, July 10th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $62.14.

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.