Sunoco LP (NYSE:SUN) announced a quarterly dividend on Friday, October 26th, RTT News reports. Shareholders of record on Tuesday, November 6th will be paid a dividend of 0.8255 per share by the oil and gas company on Wednesday, November 14th. This represents a $3.30 dividend on an annualized basis and a yield of 12.30%. The ex-dividend date of this dividend is Monday, November 5th.
Sunoco has increased its dividend by an average of 82.2% per year over the last three years and has raised its dividend annually for the last 2 consecutive years. Sunoco has a dividend payout ratio of 143.5% meaning 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 $2.38 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 138.7%.
Shares of SUN opened at $26.85 on Wednesday. Sunoco has a twelve month low of $24.46 and a twelve month high of $33.11. The company has a market capitalization of $2.66 billion, a price-to-earnings ratio of 15.93 and a beta of 0.80. The company has a debt-to-equity ratio of 2.84, a quick ratio of 0.67 and a current ratio of 1.07.
A number of brokerages have weighed in on SUN. ValuEngine lowered Sunoco from a “hold” rating to a “sell” rating in a report on Wednesday. Credit Suisse Group initiated coverage on Sunoco in a report on Thursday, October 11th. They issued a “neutral” rating and a $31.00 price objective on the stock. Zacks Investment Research lowered Sunoco from a “hold” rating to a “sell” rating in a research note on Wednesday, October 17th. Wells Fargo & Co decreased their price target on Sunoco from $30.00 to $29.00 and set a “market perform” rating on the stock in a research note on Thursday, September 13th. Finally, TheStreet raised Sunoco from a “c+” rating to a “b-” rating in a research note on Monday, September 24th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $31.17.
Sunoco LP, together with its subsidiaries, engages in the wholesale distribution and retail sale of motor fuels primarily in the United States. The company operates through two segments, Wholesale and Retail. It serves convenience stores and commission agent locations, contracted independent convenience store operators, and other commercial customers.
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