SunocoCorp (NYSE:SUNC) Sets New 52-Week High Following Dividend Announcement

SunocoCorp LLC (NYSE:SUNC)’s share price reached a new 52-week high during mid-day trading on Monday following a dividend announcement from the company. 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. Investors of record on Friday, August 7th will be given a $1.0023 dividend. The ex-dividend date is Friday, August 7th. This represents a $4.01 dividend on an annualized basis and a yield of 5.3%. This is a boost from SunocoCorp’s previous quarterly dividend of $0.99. SunocoCorp’s payout ratio is currently 185.92%.

Wall Street Analyst Weigh In

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

SunocoCorp Price Performance

The company has a market capitalization of $3.93 billion and a P/E ratio of 35.77. The firm’s fifty day simple 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 EPS for the quarter, beating analysts’ consensus estimates of $1.66 by $0.47. The company had revenue of $10.69 billion for the quarter, compared to analyst estimates of $9.56 billion. On average, analysts anticipate that SunocoCorp LLC will post 6.88 EPS for the current year.

Institutional Investors Weigh In On SunocoCorp

Several hedge funds have recently modified their holdings of the stock. QV Investors Inc. acquired a new position in SunocoCorp in the 4th quarter worth approximately $58,528,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in SunocoCorp during the 4th quarter worth approximately $606,000. UBS Group AG purchased a new position in SunocoCorp during the 4th quarter worth approximately $49,908,000. Truist Financial Corp acquired a new stake in SunocoCorp during the 4th quarter valued at $2,004,000. Finally, Miller Howard Investments Inc. NY acquired a new stake in SunocoCorp during the 1st quarter valued at $5,463,000.

SunocoCorp Company Profile

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