SunocoCorp (NYSE:SUNC) Shares Gap Down - Here's What Happened

Key Points

• SunocoCorp shares gapped down from a prior close of $81.40 to open at $76.52, later trading near $77.20 on relatively light volume.
• Analyst views are mixed, but the stock carries a “Moderate Buy” consensus with an average price target of $81.00; ratings range from Strong Buy to Sell.
• SunocoCorp reported quarterly EPS of $0.76 on $14.26 billion in revenue and raised its quarterly dividend to $1.0023, equivalent to a 5.2% annualized yield.

SunocoCorp LLC (NYSE:SUNC - Get Free Report)'s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $81.40, but opened at $76.52. SunocoCorp shares last traded at $77.1970, with a volume of 5,648 shares traded.

Wall Street Analysts Forecast Growth

SUNC has been the subject of a number of analyst reports. Zacks Research downgraded shares of SunocoCorp from a "hold" rating to a "strong sell" rating in a report on Friday, July 24th. Barclays raised their price objective on shares of SunocoCorp from $78.00 to $80.00 and gave the company an "overweight" rating in a research report on Wednesday, August 5th. Weiss Ratings began coverage on SunocoCorp in a research note on Tuesday, August 11th. They set a "hold (c)" rating on the stock. Citigroup raised their price objective on shares of SunocoCorp from $73.00 to $81.00 and gave the company a "buy" rating in a research note on Friday, August 7th. Finally, Mizuho initiated coverage on SunocoCorp in a research report on Friday, July 24th. They set an "outperform" rating and a $83.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, SunocoCorp currently has an average rating of "Moderate Buy" and an average price target of $81.00.

SunocoCorp Stock Performance

The stock has a market capitalization of $3.97 billion and a price-to-earnings ratio of 26.65. The company has a quick ratio of 0.83, a current ratio of 1.29 and a debt-to-equity ratio of 1.60. The company's fifty day simple moving average is $76.77 and its 200 day simple moving average is $69.01.

SunocoCorp (NYSE:SUNC - Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported $0.76 earnings per share (EPS) for the quarter. The business had revenue of $14.26 billion during the quarter.

SunocoCorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 19th. Investors of record on Friday, August 7th were issued a $1.0023 dividend. The ex-dividend date was Friday, August 7th. This is a positive change from SunocoCorp's previous quarterly dividend of $0.99. This represents a $4.01 dividend on an annualized basis and a yield of 5.2%. SunocoCorp's dividend payout ratio (DPR) is currently 138.75%.

Institutional Trading of SunocoCorp

Several hedge funds have recently modified their holdings of SUNC. Goldman Sachs Group Inc. purchased a new stake in SunocoCorp during the 4th quarter worth about $126,936,000. Norges Bank purchased a new stake in shares of SunocoCorp during the 4th quarter valued at $74,696,000. Engine Capital Management LP bought a new stake in SunocoCorp during the fourth quarter worth about $67,976,000. Assenagon Asset Management S.A. bought a new stake in SunocoCorp in the 2nd quarter worth approximately $71,502,000. Finally, Clearbridge Investments LLC purchased a new stake in shares of SunocoCorp in the 4th quarter valued at $35,318,000.

About SunocoCorp

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

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