Sunoco LP (SUN) Plans $0.83 Quarterly Dividend
Sunoco LP (NYSE:SUN) declared a quarterly dividend on Thursday, October 26th, RTT News reports. Investors of record on Tuesday, November 7th will be paid a dividend of 0.8255 per share by the oil and gas company on Tuesday, November 14th. This represents a $3.30 annualized dividend and a yield of 10.86%.
Sunoco has a payout ratio of 230.8% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Sunoco to earn $2.19 per share next year, which means the company may not be able to cover its $3.30 annual dividend with an expected future payout ratio of 150.7%.
Sunoco (SUN) traded up 0.93% during trading on Thursday, reaching $30.40. 402,647 shares of the company’s stock traded hands. Sunoco has a 12-month low of $21.01 and a 12-month high of $32.67. The company’s market cap is $3.02 billion. The company has a 50 day moving average price of $31.30 and a 200-day moving average price of $30.75.
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A number of brokerages have commented on SUN. BidaskClub raised shares of Sunoco from a “sell” rating to a “hold” rating in a research report on Saturday, July 1st. Mizuho downgraded shares of Sunoco from a “neutral” rating to an “underperform” rating and set a $28.00 price objective on the stock. in a research report on Monday, July 10th. Royal Bank Of Canada reissued a “buy” rating and issued a $35.00 price objective on shares of Sunoco in a research report on Tuesday, October 10th. Jefferies Group LLC reissued a “hold” rating and issued a $30.00 price objective (up from $29.00) on shares of Sunoco in a research report on Monday, September 11th. Finally, UBS Group AG reissued a “neutral” rating and issued a $30.00 price objective (up from $28.00) on shares of Sunoco in a research report on Monday, August 14th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $31.33.
A hedge fund recently raised its stake in Sunoco stock. The Manufacturers Life Insurance Company raised its position in Sunoco LP (NYSE:SUN) by 24.0% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 6,262 shares of the oil and gas company’s stock after acquiring an additional 1,213 shares during the period. The Manufacturers Life Insurance Company ‘s holdings in Sunoco were worth $191,000 at the end of the most recent reporting period. 30.86% of the stock is currently owned by hedge funds and other institutional investors.
Sunoco LP is engaged in the retail sale of motor fuels and merchandise through its Company-operated convenience stores and retail fuel sites, as well as the wholesale distribution of motor fuels to convenience stores, independent dealers, commercial customers and distributors. The Company operates through two segments: wholesale and retail.
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