Sunoco LP (NYSE:SUN) Raises Dividend to $0.90 Per Share

Sunoco LP (NYSE:SUN) declared a quarterly dividend on Wednesday, April 23rd, RTT News reports. Investors of record on Friday, May 9th will be given a dividend of 0.8976 per share by the oil and gas company on Tuesday, May 20th. This represents a $3.59 dividend on an annualized basis and a yield of 6.73%. The ex-dividend date is Friday, May 9th. This is a 1.3% increase from Sunoco’s previous quarterly dividend of $0.89.

Sunoco has raised its dividend payment by an average of 1.7% annually over the last three years and has increased its dividend annually for the last 3 consecutive years. Sunoco has a payout ratio of 56.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect Sunoco to earn $11.53 per share next year, which means the company should continue to be able to cover its $3.59 annual dividend with an expected future payout ratio of 31.1%.

Sunoco Trading Down 2.3 %

NYSE SUN opened at $53.34 on Wednesday. The stock’s fifty day moving average price is $56.80 and its 200-day moving average price is $55.02. The company has a current ratio of 1.27, a quick ratio of 0.66 and a debt-to-equity ratio of 1.84. The stock has a market cap of $8.14 billion, a P/E ratio of 8.08 and a beta of 0.67. Sunoco has a 12 month low of $48.00 and a 12 month high of $59.88.

Sunoco (NYSE:SUN) last released its quarterly earnings data on Tuesday, May 6th. The oil and gas company reported $1.21 earnings per share for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.48). Sunoco had a net margin of 3.85% and a return on equity of 22.52%. The firm had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.58 billion. During the same quarter in the prior year, the business posted $2.26 earnings per share. The firm’s revenue for the quarter was down 5.8% compared to the same quarter last year. As a group, equities analysts forecast that Sunoco will post 10.65 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Barclays lowered their price target on Sunoco from $62.00 to $61.00 and set an “overweight” rating on the stock in a report on Friday, March 28th. JPMorgan Chase & Co. increased their price objective on shares of Sunoco from $63.00 to $66.00 and gave the company an “overweight” rating in a research report on Thursday, April 24th. Finally, Mizuho lifted their target price on shares of Sunoco from $66.00 to $68.00 and gave the stock an “outperform” rating in a research report on Thursday, April 3rd. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $64.33.

Sunoco Company Profile

Sunoco LP, together with its subsidiaries, distributes and retails motor fuels in the United States. It operates through two segments: Fuel Distribution and Marketing, and All Other. The Fuel Distribution and Marketing segment purchases motor fuel, as well as other petroleum products, such as propane and lubricating oil from independent refiners and oil companies and supplies it to company-operated retail stores, independently operated commission agents, and retail stores, as well as other commercial customers, including unbranded retail stores, other fuel distributors, school districts, municipalities, and other industrial customers.