Avid Wealth Partners LLC Makes New $850,000 Investment in Sunoco LP (NYSE:SUN)

Avid Wealth Partners LLC bought a new position in shares of Sunoco LP (NYSE:SUN) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 15,834 shares of the oil and gas company’s stock, valued at approximately $850,000. Sunoco comprises about 0.6% of Avid Wealth Partners LLC’s holdings, making the stock its 23rd largest position.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on SUN shares. JPMorgan Chase & Co. raised their price target on Sunoco from $61.00 to $63.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. 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 target price on Sunoco from $60.00 to $63.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Sunoco currently has a consensus rating of “Moderate Buy” and a consensus target price of $62.25.

Sunoco Trading Up 0.2 %

SUN stock opened at $52.58 on Friday. The firm’s fifty day simple moving average is $52.81 and its two-hundred day simple moving average is $53.78. The stock has a market capitalization of $8.01 billion, a price-to-earnings ratio of 12.09 and a beta of 1.31. The company has a quick ratio of 0.72, a current ratio of 1.26 and a debt-to-equity ratio of 1.69. Sunoco LP has a twelve month low of $49.45 and a twelve month high of $64.89.

Sunoco (NYSE:SUN) last announced its quarterly earnings data on Wednesday, November 6th. The oil and gas company reported ($0.26) EPS for the quarter, missing the consensus estimate of $1.53 by ($1.79). The business had revenue of $5.75 billion during the quarter, compared to the consensus estimate of $6.09 billion. Sunoco had a net margin of 2.72% and a return on equity of 24.47%. The business’s revenue was down 9.0% compared to the same quarter last year. During the same period last year, the company earned $2.95 EPS. As a group, analysts anticipate that Sunoco LP will post 7.16 earnings per share for the current year.

Sunoco Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 19th. Investors of record on Friday, November 8th will be paid a $0.8756 dividend. This represents a $3.50 dividend on an annualized basis and a yield of 6.66%. The ex-dividend date is Friday, November 8th. Sunoco’s dividend payout ratio (DPR) is presently 80.46%.

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.