Truist Financial Corp Takes $1.16 Million Position in Sunoco LP $SUN

Truist Financial Corp acquired a new position in shares of Sunoco LP (NYSE:SUN) during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund acquired 23,211 shares of the oil and gas company’s stock, valued at approximately $1,161,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Steigerwald Gordon & Koch Inc. bought a new stake in shares of Sunoco in the 3rd quarter worth about $31,000. Harbor Asset Planning Inc. bought a new stake in Sunoco in the second quarter valued at about $41,000. Bessemer Group Inc. raised its stake in Sunoco by 41.7% during the second quarter. Bessemer Group Inc. now owns 1,360 shares of the oil and gas company’s stock valued at $72,000 after buying an additional 400 shares in the last quarter. Parkside Financial Bank & Trust lifted its holdings in Sunoco by 95.9% during the 2nd quarter. Parkside Financial Bank & Trust now owns 1,379 shares of the oil and gas company’s stock worth $74,000 after buying an additional 675 shares during the last quarter. Finally, State of Wyoming acquired a new position in shares of Sunoco in the 2nd quarter worth approximately $111,000. 24.29% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on SUN shares. Wall Street Zen upgraded shares of Sunoco from a “hold” rating to a “buy” rating in a research note on Saturday, January 31st. Barclays set a $60.00 price objective on shares of Sunoco and gave the company an “overweight” rating in a research report on Friday. Weiss Ratings raised shares of Sunoco from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, January 12th. Wells Fargo & Company set a $65.00 target price on Sunoco and gave the company an “overweight” rating in a report on Wednesday, October 29th. Finally, Raymond James Financial upgraded Sunoco from an “outperform” rating to a “strong-buy” rating and set a $70.00 price target on the stock in a research report on Monday, January 5th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $65.60.

Sunoco Stock Up 1.3%

SUN opened at $58.32 on Tuesday. The company has a debt-to-equity ratio of 2.33, a quick ratio of 2.50 and a current ratio of 3.11. The stock’s fifty day moving average is $55.18 and its 200-day moving average is $53.22. Sunoco LP has a one year low of $47.98 and a one year high of $59.88. The company has a market capitalization of $11.93 billion, a PE ratio of 19.90 and a beta of 0.51.

Sunoco Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, February 19th. Investors of record on Friday, February 6th will be paid a $0.9317 dividend. This represents a $3.73 annualized dividend and a dividend yield of 6.4%. The ex-dividend date of this dividend is Friday, February 6th. This is a positive change from Sunoco’s previous quarterly dividend of $0.92. Sunoco’s dividend payout ratio (DPR) is presently 127.30%.

Sunoco Company Profile

Sunoco LP (NYSE: SUN) is an independent master limited partnership that specializes in the distribution and marketing of transportation fuels and related products. The company operates through two primary segments: wholesale fuel distribution and retail marketing. In wholesale distribution, Sunoco supplies branded fuels to distributors, commercial customers and resellers across the United States. Its retail marketing arm operates a network of company‐owned and franchised Sunoco branded service stations and convenience stores, providing gasoline, diesel, ethanol blends and lubricants to consumers.

Sunoco’s product portfolio extends beyond traditional fuels to include biofuels, specialty chemicals and on‐road diesel treated to meet ultra‐low sulfur requirements.