Sunoco LP (NYSE:SUN) Short Interest Up 7.0% in November
Sunoco LP (NYSE:SUN) saw a large growth in short interest in the month of November. As of November 29th, there was short interest totalling 1,230,000 shares, a growth of 7.0% from the November 14th total of 1,150,000 shares. Based on an average daily volume of 213,700 shares, the days-to-cover ratio is currently 5.8 days. Currently, 2.3% of the shares of the company are sold short.
A number of research analysts recently weighed in on the stock. ValuEngine upgraded shares of Sunoco from a “strong sell” rating to a “sell” rating in a research note on Wednesday. Raymond James lifted their price objective on shares of Sunoco from $33.00 to $35.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Mizuho assumed coverage on shares of Sunoco in a research note on Monday, October 28th. They issued a “buy” rating and a $36.00 price objective for the company. Barclays set a $33.00 price objective on shares of Sunoco and gave the company a “hold” rating in a research note on Tuesday, October 15th. Finally, BMO Capital Markets upgraded shares of Sunoco from an “underperform” rating to a “market perform” rating in a research note on Friday, October 18th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $31.88.
Shares of SUN traded up $0.47 during mid-day trading on Friday, reaching $30.68. 287,565 shares of the stock traded hands, compared to its average volume of 236,026. The firm has a fifty day moving average price of $31.66 and a 200 day moving average price of $31.60. The company has a market cap of $2.98 billion, a price-to-earnings ratio of 11.89 and a beta of 0.78. The company has a current ratio of 1.21, a quick ratio of 0.69 and a debt-to-equity ratio of 4.70. Sunoco has a 1 year low of $23.80 and a 1 year high of $34.09.
The company also recently declared a quarterly dividend, which was paid on Tuesday, November 19th. Stockholders of record on Tuesday, November 5th were given a dividend of $0.8255 per share. The ex-dividend date of this dividend was Monday, November 4th. This represents a $3.30 dividend on an annualized basis and a dividend yield of 10.76%. Sunoco’s dividend payout ratio (DPR) is currently 127.91%.
In related news, insider Arnold Dodderer sold 5,711 shares of Sunoco stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $30.16, for a total value of $172,243.76. Following the completion of the transaction, the insider now directly owns 46,787 shares in the company, valued at approximately $1,411,095.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Machell Simon acquired 6,305 shares of Sunoco stock in a transaction that occurred on Thursday, October 31st. The stock was acquired at an average price of $13.45 per share, with a total value of $84,802.25.
Several institutional investors and hedge funds have recently added to or reduced their stakes in SUN. Invesco Ltd. purchased a new position in shares of Sunoco during the 2nd quarter valued at $488,430,000. Skandinaviska Enskilda Banken AB publ purchased a new position in shares of Sunoco during the 2nd quarter valued at $2,274,000. Hussman Strategic Advisors Inc. purchased a new position in shares of Sunoco during the 3rd quarter valued at $1,572,000. California Public Employees Retirement System grew its position in shares of Sunoco by 51.6% during the 3rd quarter. California Public Employees Retirement System now owns 104,511 shares of the oil and gas company’s stock valued at $3,287,000 after purchasing an additional 35,566 shares in the last quarter. Finally, Sunbelt Securities Inc. purchased a new position in shares of Sunoco during the 3rd quarter valued at $1,041,000. Hedge funds and other institutional investors own 28.29% of the company’s stock.
Sunoco Company Profile
Sunoco LP, together with its subsidiaries, engages in the distribution and retailing of motor fuels in the United States. The company operates through two segments, Fuel Distribution and Marketing, and All Other. The Fuel Distribution and Marketing segment purchases motor fuel from independent refiners and major oil companies and supplies it to independently operated dealer stations, distributors and other consumer of motor fuel, and partnership operated stations, as well as to commission agent locations.
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