SunocoCorp (NYSE:SUNC) Reaches New 12-Month High After Dividend Announcement

SunocoCorp LLC (NYSE:SUNC) shares hit a new 52-week high on Monday after the company announced a dividend. The company traded as high as $77.55 and last traded at $76.29, with a volume of 652 shares trading hands. The stock had previously closed at $76.29.

The newly announced dividend which will be paid on Wednesday, August 19th. Stockholders of record on Friday, August 7th will be given a dividend of $1.0023 per share. This represents a $4.01 dividend on an annualized basis and a dividend yield of 5.3%. The ex-dividend date of this dividend is Friday, August 7th. This is a positive change from SunocoCorp’s previous quarterly dividend of $0.99. SunocoCorp’s payout ratio is presently 185.92%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Raymond James Financial restated a “strong-buy” rating and issued a $80.00 price objective on shares of SunocoCorp in a research note on Wednesday, May 6th. Zacks Research downgraded SunocoCorp from a “hold” rating to a “strong sell” rating in a research report on Friday, July 24th. Barclays boosted their price target on SunocoCorp from $75.00 to $78.00 and gave the company an “overweight” rating in a report on Tuesday, July 14th. Mizuho assumed coverage on SunocoCorp in a research report on Friday. They issued an “outperform” rating and a $83.00 price target for the company. Finally, Citigroup raised their price objective on SunocoCorp from $65.00 to $73.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $78.50.

SunocoCorp Stock Up 0.9%

The stock has a market capitalization of $3.93 billion and a price-to-earnings ratio of 35.77. The business’s fifty day moving average is $68.79. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.92 and a current ratio of 1.40.

SunocoCorp (NYSE:SUNC) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $2.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.66 by $0.47. The firm had revenue of $10.69 billion during the quarter, compared to analysts’ expectations of $9.56 billion. As a group, analysts anticipate that SunocoCorp LLC will post 6.88 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SunocoCorp

A number of institutional investors have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd purchased a new position in shares of SunocoCorp in the fourth quarter valued at about $43,000. Deutsche Bank AG purchased a new stake in shares of SunocoCorp during the fourth quarter worth about $92,000. SG Americas Securities LLC purchased a new stake in shares of SunocoCorp during the first quarter worth about $112,000. Danske Bank A S bought a new stake in SunocoCorp during the 4th quarter valued at approximately $133,000. Finally, State of Wyoming bought a new stake in SunocoCorp during the 1st quarter valued at approximately $164,000.

About SunocoCorp

Sunoco LP is an energy infrastructure and fuel distribution master limited partnership. Sunoco LP is based in DALLAS.