Arrowstreet Capital Limited Partnership Buys 68,885 Shares of SunocoCorp LLC $SUNC

Key Points

• Arrowstreet Capital doubled its SunocoCorp stake in the first quarter, purchasing 68,885 additional shares and bringing its holdings to 137,538 shares valued at approximately $8.48 million.
• SunocoCorp exceeded quarterly expectations, reporting $2.13 in EPS versus the $1.66 consensus and revenue of $10.69 billion. The company also raised its quarterly dividend to $1.0023, representing a 5.2% annualized yield.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $78.50, although Zacks Research downgraded the stock to “Strong Sell.”

Arrowstreet Capital Limited Partnership lifted its stake in shares of SunocoCorp LLC (NYSE:SUNC - Free Report) by 100.3% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 137,538 shares of the company's stock after buying an additional 68,885 shares during the period. Arrowstreet Capital Limited Partnership owned about 0.27% of SunocoCorp worth $8,479,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Caitong International Asset Management Co. Ltd bought a new stake in SunocoCorp during the 4th quarter worth $43,000. Deutsche Bank AG acquired a new stake in shares of SunocoCorp during the fourth quarter valued at about $92,000. SG Americas Securities LLC acquired a new stake in shares of SunocoCorp during the first quarter valued at about $112,000. Danske Bank A S acquired a new stake in shares of SunocoCorp during the fourth quarter valued at about $133,000. Finally, State of Wyoming bought a new stake in shares of SunocoCorp during the first quarter worth about $164,000.

SunocoCorp Stock Performance

NYSE:SUNC opened at $76.63 on Friday. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.40 and a quick ratio of 0.92. SunocoCorp LLC has a fifty-two week low of $47.00 and a fifty-two week high of $77.57. The firm's 50 day moving average price is $69.10. The firm has a market cap of $3.95 billion and a P/E ratio of 35.98.

SunocoCorp (NYSE:SUNC - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $2.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.66 by $0.47. The firm had revenue of $10.69 billion during the quarter, compared to analyst estimates of $9.56 billion.

SunocoCorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 19th. Investors of record on Friday, August 7th will be issued a $1.0023 dividend. The ex-dividend date is Friday, August 7th. This is a positive change from SunocoCorp's previous quarterly dividend of $0.99. This represents a $4.01 annualized dividend and a yield of 5.2%. SunocoCorp's dividend payout ratio (DPR) is presently 185.92%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Mizuho began coverage on shares of SunocoCorp in a report on Friday, July 24th. They set an "outperform" rating and a $83.00 target price on the stock. Raymond James Financial reaffirmed a "strong-buy" rating and set a $80.00 price target on shares of SunocoCorp in a research note on Wednesday, May 6th. Citigroup boosted their price objective on shares of SunocoCorp from $65.00 to $73.00 and gave the stock a "buy" rating in a research note on Friday, May 8th. Barclays increased their price objective on SunocoCorp from $75.00 to $78.00 and gave the company an "overweight" rating in a report on Tuesday, July 14th. Finally, Zacks Research lowered SunocoCorp from a "hold" rating to a "strong sell" rating in a research report on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, SunocoCorp currently has a consensus rating of "Moderate Buy" and an average price target of $78.50.

SunocoCorp Company Profile

Sunoco LP is an energy infrastructure and fuel distribution master limited partnership. Sunoco LP is based in DALLAS.

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