Sunoco LP (NYSE:SUN) Short Interest Down 19.2% in May

Sunoco LP (NYSE:SUNGet Free Report) was the target of a significant drop in short interest in the month of May. As of May 15th, there was short interest totalling 2,440,000 shares, a drop of 19.2% from the April 30th total of 3,020,000 shares. Currently, 4.4% of the company’s stock are sold short. Based on an average daily trading volume, of 496,600 shares, the days-to-cover ratio is currently 4.9 days.

Insider Buying and Selling at Sunoco

In other Sunoco news, CEO Joseph Kim bought 5,000 shares of the stock in a transaction dated Thursday, May 23rd. The stock was purchased at an average cost of $50.50 per share, for a total transaction of $252,500.00. Following the completion of the acquisition, the chief executive officer now owns 10,000 shares of the company’s stock, valued at $505,000. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, EVP Brian A. Hand purchased 2,000 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The shares were bought at an average price of $49.59 per share, for a total transaction of $99,180.00. Following the purchase, the executive vice president now directly owns 153,255 shares in the company, valued at approximately $7,599,915.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Joseph Kim acquired 5,000 shares of Sunoco stock in a transaction on Thursday, May 23rd. The shares were purchased at an average price of $50.50 per share, with a total value of $252,500.00. Following the completion of the purchase, the chief executive officer now owns 10,000 shares in the company, valued at approximately $505,000. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 9,500 shares of company stock valued at $479,570.

Institutional Investors Weigh In On Sunoco

A number of institutional investors and hedge funds have recently bought and sold shares of SUN. Good Life Advisors LLC grew its stake in Sunoco by 2.1% during the fourth quarter. Good Life Advisors LLC now owns 8,173 shares of the oil and gas company’s stock valued at $490,000 after acquiring an additional 166 shares in the last quarter. Brookstone Capital Management grew its position in shares of Sunoco by 1.9% during the fourth quarter. Brookstone Capital Management now owns 10,013 shares of the oil and gas company’s stock valued at $600,000 after purchasing an additional 184 shares in the last quarter. International Assets Investment Management LLC increased its holdings in shares of Sunoco by 3.0% in the fourth quarter. International Assets Investment Management LLC now owns 9,583 shares of the oil and gas company’s stock worth $574,000 after purchasing an additional 283 shares during the last quarter. XML Financial LLC lifted its position in shares of Sunoco by 1.3% in the fourth quarter. XML Financial LLC now owns 24,779 shares of the oil and gas company’s stock worth $1,485,000 after buying an additional 329 shares in the last quarter. Finally, Principal Securities Inc. bought a new position in Sunoco during the fourth quarter valued at approximately $27,000. 24.29% of the stock is owned by institutional investors.

Sunoco Stock Performance

SUN traded up $1.27 during midday trading on Friday, reaching $51.00. The company had a trading volume of 781,664 shares, compared to its average volume of 720,660. Sunoco has a 1 year low of $41.95 and a 1 year high of $64.89. The company has a quick ratio of 1.07, a current ratio of 1.65 and a debt-to-equity ratio of 3.39. The company has a market cap of $5.14 billion, a P/E ratio of 11.36 and a beta of 1.29. The business has a 50-day moving average of $55.18 and a two-hundred day moving average of $57.52.

Sunoco (NYSE:SUNGet Free Report) last issued its quarterly earnings results on Wednesday, May 8th. The oil and gas company reported $1.06 earnings per share for the quarter, meeting the consensus estimate of $1.06. The business had revenue of $5.50 billion for the quarter, compared to the consensus estimate of $5.13 billion. Sunoco had a net margin of 2.08% and a return on equity of 35.56%. As a group, equities research analysts predict that Sunoco will post 5.15 earnings per share for the current fiscal year.

Sunoco Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, May 20th. Shareholders of record on Monday, May 13th were paid a $0.876 dividend. This represents a $3.50 dividend on an annualized basis and a yield of 6.87%. The ex-dividend date of this dividend was Friday, May 10th. This is a positive change from Sunoco’s previous quarterly dividend of $0.84. Sunoco’s dividend payout ratio is presently 77.95%.

Analyst Upgrades and Downgrades

Several brokerages have commented on SUN. JPMorgan Chase & Co. increased their target price on Sunoco from $53.00 to $62.00 and gave the company a “neutral” rating in a research note on Tuesday, March 19th. Wells Fargo & Company boosted their price objective on shares of Sunoco from $60.00 to $61.00 and gave the company an “equal weight” rating in a report on Tuesday, February 20th. Citigroup cut shares of Sunoco from a “buy” rating to a “neutral” rating and set a $65.00 target price on the stock. in a report on Tuesday, February 27th. StockNews.com upgraded Sunoco from a “hold” rating to a “buy” rating in a research note on Thursday, May 9th. Finally, Stifel Nicolaus downgraded Sunoco from a “buy” rating to a “hold” rating and set a $62.00 target price on the stock. in a report on Tuesday, February 20th. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $62.71.

Read Our Latest Research Report on Sunoco

About Sunoco

(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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