Truist Financial Corp Buys New Shares in Sunoco LP $SUN

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

Other hedge funds also recently bought and sold shares of the company. Steigerwald Gordon & Koch Inc. purchased a new stake in Sunoco during the third quarter worth approximately $31,000. Harbor Asset Planning Inc. purchased a new stake in shares of Sunoco during the 2nd quarter worth approximately $41,000. Bessemer Group Inc. lifted its position in shares of Sunoco by 41.7% during the 2nd quarter. Bessemer Group Inc. now owns 1,360 shares of the oil and gas company’s stock worth $72,000 after buying an additional 400 shares during the last quarter. Parkside Financial Bank & Trust boosted its holdings in shares of Sunoco by 95.9% in the 2nd quarter. Parkside Financial Bank & Trust now owns 1,379 shares of the oil and gas company’s stock valued at $74,000 after buying an additional 675 shares in the last quarter. Finally, State of Wyoming purchased a new position in shares of Sunoco in the 2nd quarter valued at $111,000. Institutional investors and hedge funds own 24.29% of the company’s stock.

Sunoco Trading Up 1.3%

Shares of SUN stock opened at $58.32 on Tuesday. The business’s fifty day moving average price is $55.18 and its 200 day moving average price is $53.22. The firm has a market capitalization of $11.93 billion, a PE ratio of 19.90 and a beta of 0.51. The company has a debt-to-equity ratio of 2.33, a current ratio of 3.11 and a quick ratio of 2.50. Sunoco LP has a 1-year low of $47.98 and a 1-year high of $59.88.

Sunoco Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 19th. Stockholders of record on Friday, February 6th will be paid a $0.9317 dividend. The ex-dividend date of this dividend is Friday, February 6th. This represents a $3.73 dividend on an annualized basis and a dividend yield of 6.4%. This is a boost from Sunoco’s previous quarterly dividend of $0.92. Sunoco’s payout ratio is 127.30%.

Analyst Ratings Changes

A number of brokerages recently weighed in on SUN. Zacks Research cut shares of Sunoco from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 2nd. Weiss Ratings raised Sunoco from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, January 12th. Raymond James Financial raised Sunoco from an “outperform” rating to a “strong-buy” rating and set a $70.00 target price for the company in a research report on Monday, January 5th. Wells Fargo & Company set a $65.00 price target on Sunoco and gave the stock an “overweight” rating in a research report on Wednesday, October 29th. Finally, Wall Street Zen upgraded Sunoco from a “hold” rating to a “buy” rating in a research note on Saturday, January 31st. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $65.60.

Sunoco 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.