Sunoco LP (NYSE:SUN) Short Interest Update

by · The Cerbat Gem

Sunoco LP (NYSE:SUN – Get Free Report) was the recipient of a large increase in short interest in October. As of October 15th, there was short interest totalling 1,030,000 shares, an increase of 31.2% from the September 30th total of 785,100 shares. Based on an average daily trading volume, of 450,100 shares, the days-to-cover ratio is currently 2.3 days.

Institutional Investors Weigh In On Sunoco

Several institutional investors and hedge funds have recently added to or reduced their stakes in SUN. Tortoise Capital Advisors L.L.C. increased its position in shares of Sunoco by 26,345.6% in the second 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 acquiring an additional 1,346,258 shares in the last quarter. Clearbridge Investments LLC lifted its stake in shares of Sunoco by 176.6% during the second quarter. Clearbridge Investments LLC now owns 700,229 shares of the oil and gas company’s stock worth $39,591,000 after purchasing an additional 447,072 shares in the last quarter. Miller Howard Investments Inc. NY lifted its stake in shares of Sunoco by 33.4% during the second quarter. Miller Howard Investments Inc. NY now owns 583,323 shares of the oil and gas company’s stock worth $32,981,000 after purchasing an additional 146,152 shares in the last quarter. International Assets Investment Management LLC boosted its position in shares of Sunoco by 5,437.3% in the third quarter. International Assets Investment Management LLC now owns 572,779 shares of the oil and gas company’s stock worth $30,747,000 after buying an additional 562,435 shares during the period. Finally, Adams Asset Advisors LLC grew its stake in shares of Sunoco by 82.3% in the second quarter. Adams Asset Advisors LLC now owns 571,538 shares of the oil and gas company’s stock valued at $32,315,000 after buying an additional 258,103 shares in the last quarter. 24.29% of the stock is currently owned by institutional investors and hedge funds.

Sunoco Trading Down 0.3 %

SUN traded down $0.18 during midday trading on Tuesday, hitting $51.66. The company’s stock had a trading volume of 528,887 shares, compared to its average volume of 523,092. The firm has a market cap of $7.87 billion, a P/E ratio of 6.83 and a beta of 1.30. Sunoco has a 52-week low of $49.00 and a 52-week high of $64.89. The company has a current ratio of 1.26, a quick ratio of 0.72 and a debt-to-equity ratio of 1.69. The firm has a 50-day moving average price of $53.08 and a two-hundred day moving average price of $53.89.

Sunoco (NYSE:SUN – Get Free Report) last issued its quarterly earnings results on Wednesday, August 7th. The oil and gas company reported $3.85 EPS for the quarter, topping the consensus estimate of $1.23 by $2.62. The firm had revenue of $6.17 billion during the quarter, compared to analyst estimates of $5.63 billion. Sunoco had a net margin of 3.80% and a return on equity of 41.76%. Sunoco’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.78 earnings per share. On average, research analysts anticipate that Sunoco will post 8.07 earnings per share for the current year.

Sunoco Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 19th. Shareholders of record on Friday, November 8th will be given a dividend of $0.8756 per share. This represents a $3.50 dividend on an annualized basis and a yield of 6.78%. The ex-dividend date is Friday, November 8th. Sunoco’s dividend payout ratio (DPR) is presently 46.30%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Royal Bank of Canada increased their target price on Sunoco from $60.00 to $63.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Barclays dropped their price objective on Sunoco from $61.00 to $60.00 and set an “overweight” rating for the company in a research report on Wednesday, July 10th. StockNews.com lowered shares of Sunoco from a “buy” rating to a “hold” rating in a report on Thursday, August 8th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Sunoco from $61.00 to $63.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $62.25.

Read Our Latest Research Report on Sunoco

Sunoco Company Profile

(Get Free Report)

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.

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