National Asset Management Inc. sells 19,144 shares of Sunoco LP (NYSE: SUN)
National Asset Management Inc. reduced its holdings in Sunoco LP (NYSE:SUN – Get Rating) by 63.7% in the first quarter, Holdings Channel reports. The company held 10,906 shares of the oil and gas company after selling 19,144 shares during the period. National Asset Management Inc.’s holdings in Sunoco were worth $446,000 when it last filed with the Securities and Exchange Commission (SEC).
Other institutional investors have also recently bought and sold shares of the company. Bank of Montreal Can increased its stake in Sunoco shares by 172.8% during the 4th quarter. Bank of Montreal Can now owns 316,200 shares of the oil and gas company worth $12,819,000 after acquiring an additional 200,300 shares during the period. Citigroup Inc. increased its stake in Sunoco shares by 10,831.3% during the 4th quarter. Citigroup Inc. now owns 199,497 shares of the oil and gas company worth $8,145,000 after acquiring an additional 197,672 shares during the period. Bank of America Corp DE increased its stake in Sunoco shares by 31.3% during the 4th quarter. Bank of America Corp DE now owns 315,476 shares of the oil and gas company worth $12,881,000 after acquiring an additional 75,241 shares during the period. Pinnacle Private Wealth LLC purchased a new stock position in Sunoco during Q4 for $1,788,000. Finally, Allianz Asset Management GmbH increased its stake in Sunoco shares by 5.3% during the 4th quarter. Allianz Asset Management GmbH now owns 371,988 shares in the oil and gas company worth $15,188,000 after acquiring an additional 18,668 shares during the period. Institutional investors hold 17.25% of the company’s shares.
Analyst upgrades and downgrades
SUN has been the subject of several research reports. StockNews.com upgraded Sunoco from a “hold” to a “buy” rating in a Friday, July 22 research note. Wells Fargo & Company downgraded Sunoco from an “equal weight” rating to an “underweight” rating and reduced its price target for the stock from $46.00 to $41.00 in a rating of search for Tuesday, May 31. Mizuho upgraded Sunoco from a “neutral” rating to a “buy” rating and lowered its price target for the stock from $46.00 to $44.00 in a Friday, June 24 report. Finally, Barclays lowered its price target on Sunoco from $47.00 to $44.00 in a Wednesday July 20 report. One research analyst gave the stock a sell rating, one issued a hold rating and five issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “moderate buy” and a consensus target price of $44.67.
Sunoco stock performance
Shares of SUN opened at $40.41 on Friday. The stock’s 50-day simple moving average is $38.84 and its 200-day simple moving average is $41.09. The stock has a market capitalization of $4.05 billion, a price-earnings ratio of 6.74 and a beta of 1.51. The company has a debt ratio of 3.90, a quick ratio of 1.23 and a current ratio of 1.88. Sunoco LP has a 52-week minimum of $34.26 and a 52-week maximum of $46.95.
Sunoco (NYSE:SUN – Get Rating) last released its quarterly results on Wednesday, May 4. The oil and gas company reported earnings per share of $2.32 for the quarter, beating the consensus estimate of $0.89 by $1.43. Sunoco had a return on equity of 70.31% and a net margin of 3.00%. The company posted revenue of $5.40 billion for the quarter, versus $4.50 billion expected by analysts. In the same quarter last year, the company posted EPS of $1.60. The company’s revenue increased by 55.6% compared to the same quarter last year. Research analysts expect Sunoco LP to post EPS of 6.44 for the current fiscal year.
Sunoco Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Friday, August 19. Shareholders of record on Monday, August 8 will receive a dividend of $0.8255. The ex-dividend date is Friday August 5th. This represents an annualized dividend of $3.30 and a dividend yield of 8.17%. Sunoco’s payout ratio is currently 55.00%.
Insider Buying and Selling at Sunoco
In other Sunoco news, CEO Joseph Kim purchased 5,000 shares in a trade on Thursday, June 16. The shares were purchased at an average price of $35.49 per share, with a total value of $177,450.00. As a result of the acquisition, the CEO now directly owns 5,000 shares of the company, valued at approximately $177,450. The acquisition was disclosed in a legal filing with the SEC, accessible via the SEC’s website.
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Sunoco LP, together with its subsidiaries, distributes and retails automotive fuels in the United States. It operates in two segments, distribution and marketing of fuels and all others. The Fuel Distribution and Marketing segment purchases fuel from independent refiners and petroleum companies and supplies it to independent dealers, distributors and other fuel consumers and partner operated stations, as well as commissioned agents.
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