Sunoco (SUN) Stock Price Up 6.2% After Strong Earnings

Sunoco LP (NYSE:SUN) rose 6.2% during mid-day trading on Thursday following a better than expected earnings announcement. The company traded as high as $28.74 and last traded at $28.44. Approximately 1,017,260 shares were traded during trading, an increase of 155% from the average daily volume of 399,333 shares. The stock had previously closed at $26.77.

The oil and gas company reported $1.15 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.50. Sunoco had a return on equity of 33.25% and a net margin of 0.86%. The firm had revenue of $4.76 billion for the quarter, compared to analysts’ expectations of $4.59 billion. During the same quarter last year, the business earned $1.08 earnings per share. The company’s revenue was up 55.4% compared to the same quarter last year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 14th. Shareholders of record on Tuesday, November 6th will be issued a dividend of $0.8255 per share. This represents a $3.30 dividend on an annualized basis and a yield of 11.61%. The ex-dividend date is Monday, November 5th. Sunoco’s dividend payout ratio (DPR) is currently 144.10%.

SUN has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. cut Sunoco from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $33.00 to $32.00 in a report on Friday, October 12th. TheStreet upgraded Sunoco from a “c+” rating to a “b-” rating in a report on Monday, September 24th. Wells Fargo & Co reduced their target price on Sunoco from $30.00 to $29.00 and set a “market perform” rating on the stock in a report on Thursday, September 13th. Credit Suisse Group initiated coverage on Sunoco in a report on Thursday, October 11th. They set a “neutral” rating and a $31.00 target price on the stock. Finally, ValuEngine upgraded Sunoco from a “sell” rating to a “hold” rating in a report on Thursday, October 11th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the stock. Sunoco currently has a consensus rating of “Hold” and an average target price of $31.17.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ferris Capital LLC raised its position in shares of Sunoco by 16.8% during the second quarter. Ferris Capital LLC now owns 17,749 shares of the oil and gas company’s stock worth $443,000 after purchasing an additional 2,559 shares during the period. Tortoise Index Solutions LLC raised its position in shares of Sunoco by 39.7% during the third quarter. Tortoise Index Solutions LLC now owns 9,717 shares of the oil and gas company’s stock worth $287,000 after purchasing an additional 2,759 shares during the period. Raymond James Financial Services Advisors Inc. raised its position in shares of Sunoco by 2.5% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 122,507 shares of the oil and gas company’s stock worth $3,058,000 after purchasing an additional 3,034 shares during the period. LPL Financial LLC raised its position in shares of Sunoco by 21.8% during the first quarter. LPL Financial LLC now owns 21,616 shares of the oil and gas company’s stock worth $551,000 after purchasing an additional 3,876 shares during the period. Finally, ELCO Management Co. LLC raised its position in shares of Sunoco by 3.6% during the second quarter. ELCO Management Co. LLC now owns 144,965 shares of the oil and gas company’s stock worth $3,618,000 after purchasing an additional 5,100 shares during the period. 28.50% of the stock is currently owned by institutional investors.

The stock has a market capitalization of $2.61 billion, a P/E ratio of 12.42 and a beta of 0.84. The company has a quick ratio of 0.67, a current ratio of 1.07 and a debt-to-equity ratio of 2.84.

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About Sunoco (NYSE:SUN)

Sunoco LP, together with its subsidiaries, engages in the wholesale distribution and retail sale of motor fuels primarily in the United States. The company operates through two segments, Wholesale and Retail. It serves convenience stores and commission agent locations, contracted independent convenience store operators, and other commercial customers.

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