Wells Fargo & Company MN lowered its position in shares of Sunoco LP (NYSE:SUN) by 65.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 39,026 shares of the oil and gas company’s stock after selling 73,854 shares during the period. Wells Fargo & Company MN’s holdings in Sunoco were worth $1,194,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Ffcm LLC bought a new stake in shares of Sunoco during the second quarter valued at approximately $112,000. Hudson Valley Investment Advisors Inc. ADV bought a new stake in shares of Sunoco during the second quarter valued at approximately $245,000. Meridian Wealth Management LLC bought a new stake in shares of Sunoco during the second quarter valued at approximately $278,000. Baldwin Brothers Inc. MA increased its position in shares of Sunoco by 33.3% during the second quarter. Baldwin Brothers Inc. MA now owns 10,000 shares of the oil and gas company’s stock valued at $306,000 after acquiring an additional 2,500 shares in the last quarter. Finally, Beach Investment Management LLC. bought a new stake in shares of Sunoco during the second quarter valued at approximately $361,000. 26.44% of the stock is owned by institutional investors.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 14th. Stockholders of record on Tuesday, November 7th will be issued a $0.8255 dividend. This represents a $3.30 annualized dividend and a dividend yield of 10.66%. The ex-dividend date is Monday, November 6th. Sunoco’s dividend payout ratio (DPR) is currently -37.37%.
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Several equities research analysts recently weighed in on SUN shares. Mizuho downgraded shares of Sunoco from a “neutral” rating to an “underperform” rating and set a $28.00 price target for the company. in a research report on Monday, July 10th. Deutsche Bank AG upgraded shares of Sunoco from a “hold” rating to a “buy” rating and raised their target price for the stock from $31.00 to $36.00 in a report on Thursday, July 13th. UBS AG restated a “neutral” rating and issued a $30.00 target price (up previously from $28.00) on shares of Sunoco in a report on Monday, August 14th. BidaskClub cut shares of Sunoco from a “hold” rating to a “sell” rating in a report on Friday, August 18th. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $35.00 target price (up previously from $32.00) on shares of Sunoco in a report on Wednesday, September 6th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the stock. Sunoco currently has a consensus rating of “Hold” and a consensus price target of $31.33.
Sunoco LP is engaged in the retail sale of motor fuels and merchandise through its Company-operated convenience stores and retail fuel sites, as well as the wholesale distribution of motor fuels to convenience stores, independent dealers, commercial customers and distributors. The Company operates through two segments: wholesale and retail.
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