Clearbridge Investments LLC Trims Stock Position in Sunoco LP (NYSE:SUN)

Clearbridge Investments LLC lowered its holdings in shares of Sunoco LP (NYSE:SUN) by 48.6% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 253,157 shares of the oil and gas company’s stock after selling 239,174 shares during the quarter. Clearbridge Investments LLC owned approximately 0.25% of Sunoco worth $15,263,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in SUN. Principal Securities Inc. purchased a new stake in Sunoco in the 4th quarter worth approximately $27,000. ICA Group Wealth Management LLC purchased a new stake in Sunoco in the 4th quarter worth approximately $30,000. CNB Bank purchased a new stake in Sunoco in the 1st quarter worth approximately $30,000. Allworth Financial LP increased its holdings in Sunoco by 250.0% in the 4th quarter. Allworth Financial LP now owns 700 shares of the oil and gas company’s stock worth $42,000 after acquiring an additional 500 shares in the last quarter. Finally, Register Financial Advisors LLC purchased a new stake in Sunoco in the 1st quarter worth approximately $55,000. Hedge funds and other institutional investors own 24.29% of the company’s stock.

Analyst Upgrades and Downgrades

SUN has been the subject of several analyst reports. JPMorgan Chase & Co. started coverage on shares of Sunoco in a report on Wednesday, June 5th. They issued an “overweight” rating and a $61.00 target price for the company. StockNews.com upgraded Sunoco from a “hold” rating to a “buy” rating in a research note on Thursday, May 9th. Barclays dropped their price target on Sunoco from $61.00 to $60.00 and set an “overweight” rating for the company in a research note on Wednesday, July 10th. Mizuho upgraded Sunoco from a “neutral” rating to a “buy” rating and dropped their price target for the stock from $60.00 to $59.00 in a research note on Tuesday, June 4th. Finally, Stifel Nicolaus upgraded Sunoco from a “hold” rating to a “buy” rating and set a $62.00 price target for the company in a research note on Friday, June 7th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $61.86.

Insider Activity

In related news, CEO Joseph Kim purchased 5,000 shares of the stock in a transaction that occurred on Thursday, May 23rd. The stock was bought at an average cost of $50.50 per share, for a total transaction of $252,500.00. Following the completion of the transaction, the chief executive officer now directly owns 10,000 shares in the company, valued at $505,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, EVP Austin Harkness purchased 1,000 shares of the stock in a transaction that occurred on Wednesday, May 29th. The stock was bought at an average cost of $49.74 per share, for a total transaction of $49,740.00. Following the completion of the transaction, the executive vice president now directly owns 83,686 shares in the company, valued at $4,162,541.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Joseph Kim purchased 5,000 shares of the stock in a transaction that occurred on Thursday, May 23rd. The stock was bought at an average price of $50.50 per share, with a total value of $252,500.00. Following the completion of the transaction, the chief executive officer now owns 10,000 shares of the company’s stock, valued at $505,000. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 8,000 shares of company stock worth $401,420.

Sunoco Price Performance

Shares of NYSE SUN traded down $1.79 during midday trading on Wednesday, reaching $55.08. 519,574 shares of the stock traded hands, compared to its average volume of 559,790. The company has a debt-to-equity ratio of 3.39, a current ratio of 1.65 and a quick ratio of 1.07. The stock has a market capitalization of $5.56 billion, a PE ratio of 12.66 and a beta of 1.31. Sunoco LP has a one year low of $43.85 and a one year high of $64.89. The company’s 50 day moving average is $54.40 and its 200 day moving average is $57.39.

Sunoco (NYSE:SUN) last posted its earnings results on Wednesday, May 8th. The oil and gas company reported $1.06 EPS for the quarter, meeting analysts’ consensus estimates of $1.06. The firm had revenue of $5.50 billion during the quarter, compared to the consensus estimate of $5.13 billion. Sunoco had a return on equity of 35.56% and a net margin of 2.08%. On average, equities research analysts anticipate that Sunoco LP will post 6.09 earnings per share for the current year.

Sunoco Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, May 20th. Stockholders of record on Monday, May 13th were given a dividend of $0.876 per share. This is an increase from Sunoco’s previous quarterly dividend of $0.84. This represents a $3.50 dividend on an annualized basis and a dividend yield of 6.36%. The ex-dividend date was Friday, May 10th. Sunoco’s dividend payout ratio is currently 77.95%.

Sunoco Company 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.