Sunoco (NYSE:SUN) Releases Quarterly Earnings Results, Misses Estimates By $0.90 EPS

Sunoco (NYSE:SUN) announced its quarterly earnings results on Wednesday. The oil and gas company reported $0.64 EPS for the quarter, missing analysts’ consensus estimates of $1.54 by ($0.90), Zacks reports. Sunoco had a net margin of 2.02% and a return on equity of 10.57%. The firm had revenue of $31.00 million during the quarter, compared to the consensus estimate of $5.59 billion. During the same quarter in the previous year, the company posted ($0.26) earnings per share. The firm’s revenue was up 4.9% on a year-over-year basis.

Sunoco Stock Down 2.8%

Shares of NYSE:SUN traded down $1.46 during trading on Friday, reaching $50.78. 1,509,706 shares of the stock were exchanged, compared to its average volume of 457,183. Sunoco has a 1-year low of $47.98 and a 1-year high of $59.88. The stock has a fifty day moving average of $51.31 and a two-hundred day moving average of $53.17. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.52 and a quick ratio of 0.80. The firm has a market cap of $7.77 billion, a price-to-earnings ratio of 25.02 and a beta of 0.55.

Sunoco Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 19th. Stockholders of record on Thursday, October 30th will be given a dividend of $0.9202 per share. The ex-dividend date of this dividend is Thursday, October 30th. This is a positive change from Sunoco’s previous quarterly dividend of $0.91. This represents a $3.68 dividend on an annualized basis and a dividend yield of 7.2%. Sunoco’s payout ratio is currently 181.28%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in SUN. HRT Financial LP increased its position in shares of Sunoco by 69.8% during the second quarter. HRT Financial LP now owns 75,133 shares of the oil and gas company’s stock worth $4,026,000 after acquiring an additional 30,877 shares in the last quarter. Corient Private Wealth LLC acquired a new position in Sunoco during the 2nd quarter valued at about $1,407,000. Raymond James Financial Inc. boosted its stake in Sunoco by 5.5% during the 2nd quarter. Raymond James Financial Inc. now owns 365,953 shares of the oil and gas company’s stock valued at $19,611,000 after purchasing an additional 18,990 shares during the last quarter. Royal Bank of Canada increased its holdings in Sunoco by 6.4% during the 1st quarter. Royal Bank of Canada now owns 159,128 shares of the oil and gas company’s stock worth $9,239,000 after purchasing an additional 9,592 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. purchased a new stake in shares of Sunoco in the second quarter worth approximately $503,000. 24.29% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have commented on SUN shares. Zacks Research downgraded Sunoco from a “hold” rating to a “strong sell” rating in a research report on Tuesday. Raymond James Financial reiterated an “outperform” rating and set a $70.00 target price on shares of Sunoco in a research report on Wednesday. Mizuho cut their price target on shares of Sunoco from $67.00 to $66.00 and set an “outperform” rating on the stock in a report on Friday, August 29th. JPMorgan Chase & Co. increased their target price on shares of Sunoco from $66.00 to $67.00 and gave the company an “overweight” rating in a research report on Tuesday, July 22nd. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Sunoco in a research report on Wednesday, October 8th. Six research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $65.50.

Sunoco Company 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.