BofA Securities, Inc. recently announced the acquisition of new stake in Sunoco LP (NYSE:SUN). The institutional investor has increased its shareholding in the Energy company by 1.11% to 0.35 million shares with purchase of 3846.0 shares. This fresh investment now brings its stake to 0.42% valued currently at $15.11 million. In addition, Bridgecreek Investment Management raised its holdings by 25.0 to 0.27 million shares. And Raymond James Financial Services has lifted its position by 0.93% or 1939.0 shares – to 0.21 million shares.
With over 0.27 million Sunoco LP (SUN) shares trading Tuesday and a closing price of $45.00 on the day, the dollar volume was approximately $12.21 million. The shares have shown a positive half year performance of 17.49% and its price on 01/17/23 lost nearly -0.97%. Currently, there are 83.76M common shares owned by the public and among those 38.36M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 8 analysts who have offered their price forecasts for SUN have a consensus price objective of $46.75. The analysts have set the share’s price value over the next 12 months at a high of $50.00 and a low of $40.00. The average price target is 3.74% above its recent price level and a downside to the estimated low will see the stock lose -12.5% over that period. But an upside of 10.0% will see the stock hit the forecast high price target while median target price for the stock is $47.50.
Insiders at the company have transacted a total of 17 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 11 of these insider trades were purchases, accounting for 206,750 shares. Insider sales of the common stock occurred on 6 occasions, with total insider shares sold totaling 48,411 shares.
The top 3 mutual fund holders in Sunoco LP are Invesco SteelPath MLP Income Fund, Invesco SteelPath MLP Select 40 F, and Goldman Sachs MLP Energy Infrastr. Invesco SteelPath MLP Income Fund owns 5.48 million shares of the company’s stock, all valued at over $236.25 million. The company sold 65000.0 shares recently to bring their total holdings to about 6.54% of the shares outstanding. Invesco SteelPath MLP Select 40 F sold 29233.0 shares to see its total holdings shrink to 1.92 million shares valued at over $82.75 million and representing 2.29% of the shares outstanding. Goldman Sachs MLP Energy Infrastr sold 75300.0 shares to bring its total holdings to over 0.44 million shares at a value of $18.84 million. Goldman Sachs MLP Energy Infrastr now owns shares totaling to 0.52% of the shares outstanding.
Shares of Sunoco LP (NYSE: SUN) opened at $45.63, up $0.19 from a prior closing price of $45.44. However, the script later moved the day high at 45.75, down -0.97%. The company’s stock has a 5-day price change of 2.74% and 13.55% over the past three months. SUN shares are trading 4.41% year to date (YTD), with the 12-month market performance up to 2.65% higher. It has a 12-month low price of $34.26 and touched a high of $46.95 over the same period. SUN has an average intraday trading volume of 273.59K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 3.82%, 4.35%, and 10.05% respectively.
Institutional ownership of Sunoco LP (NYSE: SUN) shares accounts for 20.30% of the company’s 83.76M shares outstanding. Mutual fund holders own 11.69%, while other institutional holders and individual stakeholders account for 7.23% and 1.74% respectively.
It has a market capitalization of $3.71B and a beta (3y monthly) value of 1.35. The stock’s trailing 12-month PE ratio is 8.63, while the earnings-per-share (ttm) stands at $5.22. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.90% over the week and 1.95% over the month.
Analysts forecast that Sunoco LP (SUN) will achieve an EPS of $1.09 for the current quarter, $0.88 for the next quarter and $3.98 for 2023. The lowest estimate earnings-per-share for the quarter is $0.86 while analysts give the company a high EPS estimate of $1.31. Comparatively, EPS for the current quarter was $1 a year ago. Earnings per share for the fiscal year are expected to increase by 227.50%, and -11.34% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 8 brokerage firm advisors rate Sunoco LP (SUN) as a “Moderate Buy” at a consensus score of 2.20. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 3 of the 8 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the SUN, a number of firms have released research notes about the stock. Wells Fargo stated their Equal Weight rating for the stock in a research note on December 16, 2022, with the firm’s price target at $43-$47. Citigroup coverage for the Sunoco LP (SUN) stock in a research note released on December 09, 2022 offered a Neutral rating with a price target of $44. Mizuho was of a view on June 24, 2022 that the stock is Buy, while Wells Fargo gave the stock Underweight rating on May 31, 2022, issuing a price target of $46- $41. Citigroup on their part issued Buy rating on February 23, 2022.
