Sunoco's Increased Fuel Sale Boosts Q2 Results: Details
Portfolio Pulse from Lekha Gupta
Sunoco LP (NYSE:SUN) reported strong Q2 FY24 results, with revenues of $6.17 billion surpassing the consensus of $5.82 billion. The company sold over 2.2 billion gallons of fuel, with a slight decrease in fuel margin. Adjusted distributable cash flow and EBITDA saw significant increases. EPS of $3.85 exceeded expectations. Sunoco declared a distribution of $0.8756 per unit and reaffirmed its FY24 guidance. The company also formed a joint venture with Energy Transfer LP (NYSE:ET) and expects significant synergies from the NuStar deal. Investors can gain exposure via InfraCap MLP ETF (NYSE:AMZA) and Global X MLP ETF (NYSE:MLPA).
August 07, 2024 | 3:02 pm
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POSITIVE IMPACT
InfraCap MLP ETF provides exposure to Sunoco LP, which reported strong Q2 FY24 results, potentially benefiting the ETF's performance.
InfraCap MLP ETF holds Sunoco LP, which reported strong financial results. This could positively impact the ETF's performance.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Energy Transfer LP formed a joint venture with Sunoco to merge their crude oil and produced water-gathering assets in the Permian Basin, effective July 1, 2024.
The joint venture with Sunoco to merge assets in the Permian Basin is likely to create synergies and improve operational efficiency, positively impacting Energy Transfer's stock price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 70
POSITIVE IMPACT
Global X MLP ETF provides exposure to Sunoco LP, which reported strong Q2 FY24 results, potentially benefiting the ETF's performance.
Global X MLP ETF holds Sunoco LP, which reported strong financial results. This could positively impact the ETF's performance.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Sunoco LP reported strong Q2 FY24 results, with revenues and EPS surpassing expectations. The company declared a distribution and reaffirmed its FY24 guidance, indicating strong future performance.
Sunoco's strong financial performance, including higher revenues, EPS, and cash flow, along with a declared distribution and reaffirmed guidance, suggests a positive short-term impact on the stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100