Crescent Grove Advisors LLC Acquires 12,326 Shares of Sunoco LP (NYSE:SUN)

Crescent Grove Advisors LLC lifted its holdings in Sunoco LP (NYSE:SUN) by 128.9% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 21,886 shares of the oil and gas company’s stock after buying an additional 12,326 shares during the period. Crescent Grove Advisors LLC’s holdings in Sunoco were worth $1,175,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in SUN. Longfellow Investment Management Co. LLC bought a new stake in Sunoco during the second quarter worth approximately $32,000. First Horizon Advisors Inc. purchased a new stake in Sunoco during the 2nd quarter valued at $38,000. Redwood Wealth Management Group LLC purchased a new stake in Sunoco during the 2nd quarter valued at $46,000. HHM Wealth Advisors LLC bought a new stake in Sunoco in the second quarter worth $93,000. Finally, Kingsview Wealth Management LLC purchased a new position in Sunoco during the first quarter worth $201,000. 24.29% of the stock is currently owned by hedge funds and other institutional investors.

Sunoco Stock Up 3.3 %

Shares of NYSE:SUN opened at $53.12 on Wednesday. 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 business’s 50 day moving average is $52.84 and its 200 day moving average is $53.83. The stock has a market cap of $8.10 billion, a P/E ratio of 7.03 and a beta of 1.31. Sunoco LP has a 52-week low of $49.45 and a 52-week high of $64.89.

Sunoco (NYSE:SUN) last announced its quarterly earnings results on Wednesday, August 7th. The oil and gas company reported $3.85 EPS for the quarter, beating 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 firm had revenue of $6.17 billion for the quarter, compared to analyst estimates of $5.63 billion. During the same quarter last year, the firm posted $0.78 earnings per share. The business’s revenue for the quarter was up 7.5% on a year-over-year basis. Sell-side analysts predict that Sunoco LP will post 8.07 EPS for the current year.

Sunoco Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 19th. Stockholders of record on Friday, November 8th will be issued a $0.8756 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $3.50 annualized dividend and a dividend yield of 6.59%. Sunoco’s dividend payout ratio is currently 46.30%.

Analyst Ratings Changes

SUN has been the subject of several analyst reports. JPMorgan Chase & Co. raised their target price on shares of Sunoco from $61.00 to $63.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Barclays decreased their price objective 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. StockNews.com cut Sunoco from a “buy” rating to a “hold” rating in a research note on Thursday, August 8th. Finally, Royal Bank of Canada increased their price target on Sunoco from $60.00 to $63.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus 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.