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Stock Analysis & ValuationSunoco LP (SUN)

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$57.58
Sector Valuation Confidence Level
Low
Valuation methodValue, $Upside, %
Artificial intelligence (AI)74.1329
Intrinsic value (DCF)21.60-62
Graham-Dodd Methodn/a
Graham Formula39.87-31

Strategic Investment Analysis

Company Overview

Sunoco LP (NYSE: SUN) is a leading fuel distributor and retailer in the United States, operating primarily in the Fuel Distribution and Marketing segment. With a history dating back to 1886, Sunoco LP supplies motor fuel to independently operated dealer stations, distributors, and commission agent locations, while also managing retail stores offering merchandise, foodservice, and additional convenience services. The company operates 78 retail stores in Hawaii and New Jersey, leveraging its extensive distribution network to serve diverse markets. Sunoco LP’s business model is anchored in fuel logistics and retail operations, positioning it as a key player in the Oil & Gas Refining & Marketing industry. Headquartered in Dallas, Texas, the company benefits from strategic partnerships and a strong presence in high-demand regions, reinforcing its sector relevance in the energy distribution landscape.

Investment Summary

Sunoco LP presents a stable investment opportunity with a market capitalization of $7.52 billion and a beta of 0.64, indicating lower volatility relative to the broader market. The company reported $22.7 billion in revenue and $874 million in net income for the latest fiscal year, with a diluted EPS of $7.32. Its operating cash flow of $549 million supports a robust dividend yield, with a dividend per share of $3.5353. However, high total debt of $7.99 billion and capital expenditures of -$344 million suggest financial leverage and reinvestment needs. Investors may find Sunoco LP attractive for its steady cash flows and dividend payouts, though exposure to fuel price volatility and debt levels warrants caution.

Competitive Analysis

Sunoco LP’s competitive advantage lies in its extensive distribution network and diversified retail operations. The company’s Fuel Distribution and Marketing segment benefits from long-term contracts with independent dealers and distributors, ensuring stable revenue streams. Its retail stores in Hawaii and New Jersey provide additional income through merchandise and services, reducing reliance solely on fuel margins. Sunoco LP’s scale allows for cost efficiencies in procurement and logistics, though it faces competition from larger integrated oil companies and regional fuel distributors. The company’s partnership model with independent operators enhances its market reach without significant capital outlays for owned stations. However, its limited geographic concentration in certain markets (e.g., Hawaii) may expose it to regional economic risks. Compared to peers, Sunoco LP’s midstream-focused approach differentiates it from purely retail-focused competitors, but it must navigate regulatory and environmental pressures impacting the fuel distribution industry.

Major Competitors

  • Marathon Petroleum Corporation (MPC): Marathon Petroleum operates a vast refining and retail network, including the Speedway convenience stores. Its integrated model provides cost advantages in fuel sourcing but faces higher regulatory scrutiny. Sunoco LP’s asset-light distribution approach contrasts with MPC’s capital-intensive refining operations.
  • Phillips 66 (PSX): Phillips 66 combines refining, marketing, and midstream operations, offering diversified revenue streams. Its larger scale and international presence outpace Sunoco LP’s regional focus, though Sunoco’s targeted retail strategy may yield higher margins in specific markets.
  • Delek US Holdings (DK): Delek focuses on refining and retail in the Southeastern U.S., with a smaller footprint than Sunoco LP. Its vertical integration is a strength, but Sunoco’s broader distribution network provides more stability in fuel logistics.
  • CVR Energy (CVI): CVR Energy operates refineries and retail assets primarily in the Midwest. Its niche regional presence limits competition with Sunoco LP’s geographically dispersed operations, though both face similar margin pressures in fuel distribution.
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