Ellsworth Advisors LLC Takes $1.82 Million Position in Sunoco LP $SUN

Ellsworth Advisors LLC bought a new stake in Sunoco LP (NYSE:SUN) during the 1st quarter, HoldingsChannel reports. The fund bought 31,342 shares of the oil and gas company’s stock, valued at approximately $1,820,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Zurich Insurance Group Ltd FI purchased a new stake in shares of Sunoco in the first quarter valued at $1,579,000. McIlrath & Eck LLC purchased a new position in Sunoco in the 1st quarter worth about $199,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Sunoco by 14.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,978,209 shares of the oil and gas company’s stock worth $172,915,000 after buying an additional 369,508 shares during the period. Advisors Asset Management Inc. increased its stake in Sunoco by 3.4% in the 1st quarter. Advisors Asset Management Inc. now owns 49,523 shares of the oil and gas company’s stock worth $2,875,000 after buying an additional 1,607 shares during the period. Finally, Cooperman Leon G purchased a new position in Sunoco in the 1st quarter worth about $16,547,000. Hedge funds and other institutional investors own 24.29% of the company’s stock.

Sunoco Trading Down 1.1%

NYSE SUN opened at $50.55 on Thursday. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.80 and a current ratio of 1.52. The company has a market capitalization of $7.73 billion, a price-to-earnings ratio of 24.90 and a beta of 0.58. The company’s 50-day simple moving average is $52.63 and its two-hundred day simple moving average is $54.72. Sunoco LP has a one year low of $48.00 and a one year high of $59.88.

Sunoco (NYSE:SUN) last posted its earnings results on Wednesday, August 6th. The oil and gas company reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $1.68 by ($1.35). The business had revenue of $5.39 billion for the quarter, compared to analysts’ expectations of $5.42 billion. Sunoco had a net margin of 2.02% and a return on equity of 10.57%. The company’s revenue for the quarter was down 12.7% on a year-over-year basis. During the same period last year, the business posted $3.85 EPS. Equities analysts forecast that Sunoco LP will post 10.65 EPS for the current fiscal year.

Sunoco Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 19th. Shareholders of record on Friday, August 8th were given a dividend of $0.9088 per share. This is a positive change from Sunoco’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend was Friday, August 8th. This represents a $3.64 dividend on an annualized basis and a yield of 7.2%. Sunoco’s payout ratio is 179.31%.

Analyst Ratings Changes

Several research analysts recently commented on the stock. JPMorgan Chase & Co. raised their price target on shares of Sunoco from $66.00 to $67.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 22nd. Mizuho reduced their price target on shares of Sunoco from $67.00 to $66.00 and set an “outperform” rating on the stock in a research note on Friday, August 29th. Four investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $64.50.

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.