Covenant Partners LLC Purchases New Position in Sunoco LP (NYSE:SUN)

Covenant Partners LLC acquired a new stake in Sunoco LP (NYSE:SUN) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 6,191 shares of the oil and gas company’s stock, valued at approximately $332,000.

A number of other hedge funds have also recently added to or reduced their stakes in SUN. Tortoise Capital Advisors L.L.C. boosted its holdings in shares of Sunoco by 26,345.6% during the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 1,351,368 shares of the oil and gas company’s stock valued at $76,406,000 after acquiring an additional 1,346,258 shares in the last quarter. International Assets Investment Management LLC increased its stake 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 valued at $30,747,000 after buying an additional 562,435 shares during the period. Clearbridge Investments LLC raised its holdings in Sunoco by 176.6% in the 2nd quarter. Clearbridge Investments LLC now owns 700,229 shares of the oil and gas company’s stock valued at $39,591,000 after buying an additional 447,072 shares during the last quarter. Adams Asset Advisors LLC boosted its position in Sunoco by 82.3% during the 2nd quarter. Adams Asset Advisors LLC now owns 571,538 shares of the oil and gas company’s stock worth $32,315,000 after buying an additional 258,103 shares during the period. Finally, Energy Income Partners LLC acquired a new position in Sunoco in the 1st quarter valued at approximately $10,494,000. Institutional investors and hedge funds own 24.29% of the company’s stock.

Analyst Upgrades and Downgrades

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

Sunoco Stock Down 0.1 %

Sunoco stock traded down $0.04 during midday trading on Friday, reaching $52.21. The stock had a trading volume of 309,223 shares, compared to its average volume of 524,086. The company has a fifty day moving average price of $53.13 and a two-hundred day moving average price of $53.94. Sunoco LP has a 12 month low of $49.00 and a 12 month 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 company has a market capitalization of $7.96 billion, a P/E ratio of 6.90 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 for the quarter, topping analysts’ consensus estimates of $1.23 by $2.62. The company had revenue of $6.17 billion for the quarter, compared to analyst estimates of $5.63 billion. Sunoco had a return on equity of 41.76% and a net margin of 3.80%. Sunoco’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.78 earnings per share. As a group, equities analysts expect that Sunoco LP will post 8.09 EPS for the current fiscal year.

Sunoco 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.