SunCoke Energy, Inc. $SXC Shares Newly Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 420,564 SunCoke Energy shares worth approximately $3.4 million, while BlackRock and other institutions also increased their holdings. Institutional investors collectively own 90.45% of SXC.
• SunCoke reported quarterly EPS of $0.15, exceeding the $0.08 consensus estimate, while revenue rose 9.5% year over year to $475.3 million.
• The stock recently traded at $9.31 and pays a quarterly dividend of $0.12, equivalent to a 5.2% yield. Analysts maintain a consensus “Reduce” rating with a $9.00 price target.

Bank of America Corp DE purchased a new position in shares of SunCoke Energy, Inc. (NYSE:SXC - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 420,564 shares of the energy company's stock, valued at approximately $3,386,000. Bank of America Corp DE owned 0.50% of SunCoke Energy at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in SXC. BlackRock Inc. purchased a new stake in SunCoke Energy during the 2nd quarter worth approximately $72,643,000. Dimensional Fund Advisors LP boosted its stake in shares of SunCoke Energy by 1.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,410,182 shares of the energy company's stock valued at $35,222,000 after buying an additional 68,996 shares during the period. Assenagon Asset Management S.A. purchased a new position in SunCoke Energy in the second quarter worth approximately $7,359,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of SunCoke Energy during the 2nd quarter worth $6,614,000. Finally, Empowered Funds LLC grew its stake in shares of SunCoke Energy by 16.2% during the first quarter. Empowered Funds LLC now owns 474,814 shares of the energy company's stock worth $3,091,000 after purchasing an additional 66,076 shares in the last quarter. Institutional investors and hedge funds own 90.45% of the company's stock.

SunCoke Energy Stock Down 3.4%

SunCoke Energy stock opened at $9.31 on Wednesday. The stock has a 50 day moving average of $9.57 and a two-hundred day moving average of $8.30. SunCoke Energy, Inc. has a twelve month low of $5.51 and a twelve month high of $10.68. The stock has a market capitalization of $790.27 million, a price-to-earnings ratio of -14.55 and a beta of 1.02. The company has a current ratio of 2.25, a quick ratio of 1.37 and a debt-to-equity ratio of 1.07.

SunCoke Energy (NYSE:SXC - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The energy company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.08 by $0.07. The business had revenue of $475.30 million during the quarter, compared to analysts' expectations of $445.20 million. SunCoke Energy had a positive return on equity of 6.37% and a negative net margin of 2.88%.The company's quarterly revenue was up 9.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.02 earnings per share. As a group, research analysts expect that SunCoke Energy, Inc. will post 0.32 earnings per share for the current year.

SunCoke Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 2nd. Investors of record on Monday, August 17th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 5.2%. The ex-dividend date of this dividend was Monday, August 17th. SunCoke Energy's dividend payout ratio (DPR) is presently -75.00%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on SXC shares. Weiss Ratings restated a "sell (d+)" rating on shares of SunCoke Energy in a research note on Tuesday, September 8th. Wall Street Zen raised SunCoke Energy from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Reduce" and a consensus price target of $9.00.

About SunCoke Energy

SunCoke Energy, Inc is an independent producer of metallurgical coke, a carbon-based material used by integrated steelmakers in blast-furnace steel production. The company operates coke-making facilities that convert coal into coke while capturing and using the heat generated during the process to produce electricity and steam.

In addition to coke production, SunCoke provides coal-handling and logistics services. Its operations include coal terminals, blending and handling facilities, and other infrastructure that supports the movement of coal and coke for steel and industrial customers.

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