Avid Wealth Partners LLC Invests $850,000 in Sunoco LP (NYSE:SUN)

Avid Wealth Partners LLC acquired a new stake in shares of Sunoco LP (NYSE:SUN - Free Report) during the third quarter, according to its most recent disclosure with the SEC. The fund acquired 15,834 shares of the oil and gas company's stock, valued at approximately $850,000. Sunoco makes up about 0.6% of Avid Wealth Partners LLC's holdings, making the stock its 23rd largest position.

A number of other hedge funds also recently made changes to their positions in the stock. Longfellow Investment Management Co. LLC bought a new position in shares of Sunoco during the 2nd quarter valued at about $32,000. First Horizon Advisors Inc. purchased a new stake in shares of Sunoco in the second quarter valued at $38,000. Redwood Wealth Management Group LLC purchased a new position in shares of Sunoco during the second quarter valued at approximately $46,000. HHM Wealth Advisors LLC purchased a new position in shares of Sunoco during the second quarter valued at approximately $93,000. Finally, Kingsview Wealth Management LLC bought a new position in shares of Sunoco during the first quarter valued at approximately $201,000. 24.29% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

SUN has been the topic of several research analyst reports. Royal Bank of Canada upped their price objective on Sunoco from $60.00 to $63.00 and gave the company an "outperform" rating in a research report on Wednesday, October 16th. JPMorgan Chase & Co. raised their price target on shares of Sunoco from $61.00 to $63.00 and gave the stock an "overweight" rating in a research note on Wednesday, September 4th. Finally, StockNews.com cut shares of Sunoco from a "buy" rating to a "hold" rating in a research report on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Sunoco currently has an average rating of "Moderate Buy" and an average price target of $62.25.

Sunoco Stock Up 0.2 %

Shares of NYSE:SUN traded up $0.09 during trading on Friday, reaching $52.58. The stock had a trading volume of 423,047 shares, compared to its average volume of 422,065. The firm's 50-day simple moving average is $52.81 and its 200 day simple moving average is $53.77. The company has a current ratio of 1.26, a quick ratio of 0.72 and a debt-to-equity ratio of 1.69. Sunoco LP has a one year low of $49.45 and a one year high of $64.89. The company has a market capitalization of $8.01 billion, a P/E ratio of 12.09 and a beta of 1.31.

Sunoco (NYSE:SUN - Get Free Report) last issued its quarterly earnings results on Wednesday, November 6th. The oil and gas company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of $1.53 by ($1.79). Sunoco had a return on equity of 24.47% and a net margin of 2.72%. The business had revenue of $5.75 billion during the quarter, compared to analyst estimates of $6.09 billion. During the same period in the prior year, the business posted $2.95 EPS. Sunoco's revenue was down 9.0% compared to the same quarter last year. As a group, research analysts expect that Sunoco LP will post 7.16 EPS for the current fiscal year.

Sunoco Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 19th. Shareholders of record on Friday, November 8th will be paid a dividend of $0.8756 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $3.50 dividend on an annualized basis and a yield of 6.66%. Sunoco's payout ratio is 80.46%.

About Sunoco

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.