Oxbow Advisors LLC Takes $462,000 Position in Sunoco LP (NYSE:SUN)

Oxbow Advisors LLC bought a new stake in Sunoco LP (NYSE:SUN) in the 2nd quarter, Holdings Channel reports. The fund bought 8,169 shares of the oil and gas company’s stock, valued at approximately $462,000.

Several other institutional investors and hedge funds have also made changes to their positions in SUN. Tortoise Capital Advisors L.L.C. lifted its holdings in Sunoco by 26,345.6% in the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 1,351,368 shares of the oil and gas company’s stock worth $76,406,000 after buying an additional 1,346,258 shares in the last quarter. Private Advisor Group LLC lifted its stake in shares of Sunoco by 40.8% in the second quarter. Private Advisor Group LLC now owns 52,064 shares of the oil and gas company’s stock worth $2,944,000 after acquiring an additional 15,087 shares in the last quarter. Crumly & Associates Inc. purchased a new position in Sunoco in the second quarter valued at about $280,000. Financial Counselors Inc. grew its stake in Sunoco by 21.3% during the 2nd quarter. Financial Counselors Inc. now owns 9,606 shares of the oil and gas company’s stock valued at $543,000 after purchasing an additional 1,687 shares in the last quarter. Finally, Van ECK Associates Corp purchased a new stake in Sunoco during the 2nd quarter worth approximately $2,053,000. 24.29% of the stock is currently owned by hedge funds and other institutional investors.

Sunoco Stock Performance

Shares of Sunoco stock traded down $0.60 during trading hours on Friday, reaching $51.87. The company’s stock had a trading volume of 356,293 shares, compared to its average volume of 656,150. Sunoco LP has a one year low of $44.26 and a one year high of $64.89. The company’s 50 day simple moving average is $54.55 and its 200 day simple moving average is $55.96. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.72 and a current ratio of 1.26. The stock has a market cap of $7.91 billion, a P/E ratio of 11.55 and a beta of 1.30.

Sunoco (NYSE:SUN) last issued 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. The firm had revenue of $6.17 billion for the quarter, compared to analysts’ expectations of $5.63 billion. Sunoco had a net margin of 3.80% and a return on equity of 41.76%. Sunoco’s revenue was up 7.5% on a year-over-year basis. During the same quarter last year, the company posted $0.78 earnings per share. As a group, analysts expect that Sunoco LP will post 7.01 EPS for the current fiscal year.

Sunoco Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 19th. Investors of record on Friday, August 9th were given a dividend of $0.8756 per share. The ex-dividend date was Friday, August 9th. This represents a $3.50 dividend on an annualized basis and a yield of 6.75%. Sunoco’s dividend payout ratio is currently 77.95%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on SUN shares. Barclays reduced their target price on Sunoco from $61.00 to $60.00 and set an “overweight” rating for the company in a research note on Wednesday, July 10th. StockNews.com downgraded shares of Sunoco from a “buy” rating to a “hold” rating in a research note on Thursday, August 8th. Mizuho raised shares of Sunoco from a “neutral” rating to a “buy” rating and dropped their target price for the stock from $60.00 to $59.00 in a research report on Tuesday, June 4th. JPMorgan Chase & Co. increased their price target on shares of Sunoco from $61.00 to $63.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Citigroup raised Sunoco from a “neutral” rating to a “buy” rating and set a $65.00 price objective for the company in a report on Tuesday, June 18th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Sunoco presently has an average rating of “Moderate Buy” and a consensus price target of $62.14.

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.