Sunoco LP (NYSE:SUN) announced a quarterly dividend on Friday, October 26th, RTT News reports. Investors of record on Tuesday, November 6th will be given 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 dividend yield of 11.99%. The ex-dividend date of this dividend is Monday, November 5th.
Sunoco has increased its dividend payment by an average of 82.2% annually over the last three years and has increased its dividend annually for the last 2 consecutive years. Sunoco has a dividend payout ratio of 143.5% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. 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%.
SUN stock opened at $27.55 on Friday. The company has a debt-to-equity ratio of 2.84, a quick ratio of 0.67 and a current ratio of 1.07. Sunoco has a fifty-two week low of $24.46 and a fifty-two week high of $33.11. The company has a market cap of $2.73 billion, a P/E ratio of 16.30 and a beta of 0.84.
A number of research firms recently weighed in on SUN. Credit Suisse Group began coverage on shares of Sunoco in a research note on Thursday, October 11th. They set a “neutral” rating and a $31.00 target price on the stock. ValuEngine lowered shares of Sunoco from a “hold” rating to a “sell” rating in a research note on Wednesday. Jefferies Financial Group upgraded shares of Sunoco from an “underperform” rating to a “hold” rating and set a $30.00 target price on the stock in a research note on Wednesday, July 18th. TheStreet upgraded shares of Sunoco from a “c+” rating to a “b-” rating in a research note on Monday, September 24th. Finally, Zacks Investment Research lowered shares of Sunoco from a “hold” rating to a “sell” rating in a research note on Wednesday, October 17th. Three 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 company currently has an average rating of “Hold” and an average price target 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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