Renaissance Technologies LLC Invests $30.30 Million in SunocoCorp LLC $SUNC

Key Points

• Renaissance Technologies acquired 491,500 SunocoCorp shares worth approximately $30.3 million, representing about 0.95% of the company. Several other institutional investors also initiated positions.
• SunocoCorp reported quarterly EPS of $2.13, beating analyst expectations of $1.66, while revenue reached $10.69 billion versus the $9.56 billion consensus estimate.
• The company increased its quarterly dividend to $1.0023 per share, or about $4.01 annually, yielding 5.3%. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $78.50.

Renaissance Technologies LLC bought a new stake in SunocoCorp LLC (NYSE:SUNC - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 491,500 shares of the company's stock, valued at approximately $30,301,000. Renaissance Technologies LLC owned approximately 0.95% of SunocoCorp as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of SUNC. Caitong International Asset Management Co. Ltd acquired a new position in SunocoCorp during the fourth quarter worth approximately $43,000. SG Americas Securities LLC acquired a new position in SunocoCorp in the 1st quarter valued at $112,000. Deutsche Bank AG purchased a new position in SunocoCorp during the fourth quarter worth about $92,000. State of Wyoming purchased a new position in shares of SunocoCorp during the 1st quarter worth approximately $164,000. Finally, Danske Bank A S purchased a new position in SunocoCorp in the fourth quarter worth $133,000.

SunocoCorp Stock Up 0.9%

Shares of NYSE:SUNC opened at $76.19 on Wednesday. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.40 and a quick ratio of 0.92. The stock has a market capitalization of $3.93 billion and a P/E ratio of 35.77. SunocoCorp LLC has a 52-week low of $47.00 and a 52-week high of $77.55. The firm has a fifty day moving average of $68.79.

SunocoCorp (NYSE:SUNC - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $2.13 EPS for the quarter, topping analysts' consensus estimates of $1.66 by $0.47. The company had revenue of $10.69 billion for the quarter, compared to analysts' expectations of $9.56 billion. On average, sell-side analysts anticipate that SunocoCorp LLC will post 6.88 earnings per share for the current year.

SunocoCorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 19th. Stockholders of record on Friday, August 7th will be issued a dividend of $1.0023 per share. This represents a $4.01 dividend on an annualized basis and a dividend yield of 5.3%. This is a boost from SunocoCorp's previous quarterly dividend of $0.99. The ex-dividend date is Friday, August 7th. SunocoCorp's payout ratio is presently 185.92%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Barclays increased their price objective on shares of SunocoCorp from $75.00 to $78.00 and gave the company an "overweight" rating in a research note on Tuesday, July 14th. Mizuho initiated coverage on shares of SunocoCorp in a report on Friday. They issued an "outperform" rating and a $83.00 price target on the stock. Zacks Research lowered shares of SunocoCorp from a "hold" rating to a "strong sell" rating in a research report on Friday, July 24th. Citigroup raised 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. Finally, Raymond James Financial restated a "strong-buy" rating and set a $80.00 price objective on shares of SunocoCorp in a research report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price 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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