Sunoco Logistics Partners LP (NYSE:ETP) Announces Quarterly Dividend of $0.55
Sunoco Logistics Partners LP (NYSE:ETP) announced a quarterly dividend on Thursday, July 27th, RTT News reports. Stockholders of record on Monday, August 7th will be paid a dividend of 0.55 per share by the pipeline company on Monday, August 14th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 10.84%. This is an increase from Sunoco Logistics Partners’s previous quarterly dividend of $0.54.
Sunoco Logistics Partners has raised its dividend payment by an average of 5.6% annually over the last three years and has increased its dividend annually for the last 4 consecutive years. Sunoco Logistics Partners has a dividend payout ratio of 293.2% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Sunoco Logistics Partners to earn $0.82 per share next year, which means the company may not be able to cover its $2.14 annual dividend with an expected future payout ratio of 261.0%.
Shares of Sunoco Logistics Partners (NYSE:ETP) traded up 0.40% during mid-day trading on Thursday, hitting $20.30. The stock had a trading volume of 3,302,278 shares. The company’s market capitalization is $11.23 billion. The stock’s 50-day moving average price is $20.07 and its 200 day moving average price is $23.18. Sunoco Logistics Partners has a 1-year low of $18.31 and a 1-year high of $31.49.
A number of brokerages have issued reports on ETP. Scotiabank set a $28.00 target price on Sunoco Logistics Partners and gave the stock a “buy” rating in a report on Saturday, May 6th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $26.00 target price on shares of Sunoco Logistics Partners in a report on Friday, July 14th. Stifel Nicolaus raised Sunoco Logistics Partners from a “hold” rating to a “buy” rating and upped their target price for the stock from $23.00 to $25.00 in a report on Tuesday, May 9th. Credit Suisse Group cut Sunoco Logistics Partners from an “outperform” rating to a “neutral” rating and lowered their target price for the stock from $31.00 to $27.00 in a report on Monday, May 1st. Finally, Wells Fargo & Company reaffirmed an “outperform” rating and issued a $32.00 target price (down previously from $32.50) on shares of Sunoco Logistics Partners in a report on Monday, June 19th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $32.94.
In other news, CEO Kelcy L. Warren bought 1,000,000 shares of the firm’s stock in a transaction on Thursday, July 6th. The stock was acquired at an average cost of $20.33 per share, with a total value of $20,330,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,031,646 shares of the company’s stock, valued at approximately $20,973,363.18. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Michael K. Grimm bought 3,023 shares of the firm’s stock in a transaction on Wednesday, May 17th. The stock was purchased at an average cost of $23.19 per share, with a total value of $70,103.37. Following the completion of the transaction, the director now directly owns 67,633 shares of the company’s stock, valued at $1,568,409.27. The disclosure for this purchase can be found here. Insiders bought 1,015,023 shares of company stock worth $20,625,483 in the last 90 days. Corporate insiders own 0.17% of the company’s stock.
Sunoco Logistics Partners Company Profile
Energy Transfer Partners, L.P., formerly Sunoco Logistics Partners L.P., owns and operates a logistics business. The Company is engaged in the transport, terminaling and storage of crude oil, refined products and natural gas liquids (NGLs). The Company’s segments include Crude Oil, Natural Gas Liquids and Refined Products.
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