Chickasaw Capital Management LLC Boosts Stock Position in Sunoco LP (NYSE:SUN)

Chickasaw Capital Management LLC boosted its position in shares of Sunoco LP (NYSE:SUN) by 10.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 63,400 shares of the oil and gas company’s stock after acquiring an additional 5,800 shares during the quarter. Chickasaw Capital Management LLC’s holdings in Sunoco were worth $3,403,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. CNB Bank purchased a new position in shares of Sunoco in the first quarter valued at approximately $30,000. Longfellow Investment Management Co. LLC purchased a new position in Sunoco in the 2nd quarter valued at approximately $32,000. First Horizon Advisors Inc. acquired a new position in shares of Sunoco in the second quarter worth $38,000. Redwood Wealth Management Group LLC purchased a new stake in shares of Sunoco during the second quarter worth $46,000. Finally, Register Financial Advisors LLC acquired a new stake in shares of Sunoco in the first quarter valued at $55,000. 24.29% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently commented on SUN shares. StockNews.com cut Sunoco from a “buy” rating to a “hold” rating in a research note on Thursday, August 8th. Barclays cut their target price on shares of Sunoco from $61.00 to $60.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 10th. Citigroup upgraded shares of Sunoco from a “neutral” rating to a “buy” rating and set a $65.00 price objective on the stock in a report on Tuesday, June 18th. Finally, JPMorgan Chase & Co. increased their target price on Sunoco from $61.00 to $63.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Sunoco has a consensus rating of “Moderate Buy” and a consensus target price of $62.14.

Sunoco Stock Performance

Shares of Sunoco stock traded down $0.18 on Friday, hitting $53.76. The stock had a trading volume of 266,690 shares, compared to its average volume of 531,207. The company’s 50 day moving average price is $53.10 and its 200 day moving average price is $54.46. The stock has a market cap of $5.42 billion, a price-to-earnings ratio of 11.97 and a beta of 1.30. The company has a current ratio of 1.26, a quick ratio of 0.72 and a debt-to-equity ratio of 1.69. Sunoco LP has a 52-week low of $49.00 and a 52-week high of $64.89.

Sunoco (NYSE:SUN) last announced its earnings results on Wednesday, August 7th. The oil and gas company reported $3.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.23 by $2.62. Sunoco had a net margin of 3.80% and a return on equity of 41.76%. The business had revenue of $6.17 billion for the quarter, compared to analyst estimates of $5.63 billion. During the same period last year, the firm posted $0.78 earnings per share. The company’s revenue for the quarter was up 7.5% compared to the same quarter last year. On average, research analysts anticipate that Sunoco LP will post 8.09 EPS for the current year.

Sunoco Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 19th. Shareholders of record on Friday, August 9th were paid a dividend of $0.8756 per share. This represents a $3.50 annualized dividend and a yield of 6.51%. The ex-dividend date of this dividend was Friday, August 9th. Sunoco’s dividend payout ratio is presently 77.95%.

Sunoco 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.