SunocoCorp (NYSE:SUNC) Reaches New 52-Week High After Dividend Announcement

Key Points

• SunocoCorp shares traded to a new 52-week high (intraday $63.86, last $63.735) after the company announced a cash dividend of $0.9899 payable May 20 to holders of record May 8 (ex-dividend May 8), equal to an annualized $3.96 and a 6.2% yield.
• Analyst views are mixed but tilt positive: Raymond James upgraded to a Strong Buy with a $70 target while Zacks cut to Strong Sell; MarketBeat lists a consensus Moderate Buy and an average price target of $64.00.
• Several institutions initiated small positions in recent quarters (e.g., Deutsche Bank, Danske Bank, Commonwealth Equity Services), signaling modest institutional inflows.

SunocoCorp LLC (NYSE:SUNC - Get Free Report) shares reached a new 52-week high on Wednesday following a dividend announcement from the company. The stock traded as high as $63.86 and last traded at $63.7350, with a volume of 839870 shares traded. The stock had previously closed at $62.20.The newly announced dividend which will be paid on Wednesday, May 20th. Shareholders of record on Friday, May 8th will be given a $0.9899 dividend. The ex-dividend date is Friday, May 8th. This represents a $3.96 dividend on an annualized basis and a yield of 6.2%.

Analyst Ratings Changes

Several research firms recently issued reports on SUNC. Raymond James Financial upgraded SunocoCorp from an "outperform" rating to a "strong-buy" rating and set a $70.00 price objective on the stock in a report on Monday, January 5th. Wall Street Zen upgraded SunocoCorp to a "hold" rating in a report on Saturday, February 28th. Finally, Zacks Research downgraded SunocoCorp from a "hold" rating to a "strong sell" rating in a report on Tuesday, February 24th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, SunocoCorp currently has a consensus rating of "Moderate Buy" and an average price target of $64.00.

SunocoCorp Price Performance

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Caitong International Asset Management Co. Ltd acquired a new position in SunocoCorp during the 4th quarter worth $43,000. Deutsche Bank AG acquired a new position in shares of SunocoCorp during the 4th quarter worth about $92,000. SG Americas Securities LLC acquired a new position in shares of SunocoCorp during the 1st quarter worth about $112,000. Danske Bank A S acquired a new position in shares of SunocoCorp during the 4th quarter worth about $133,000. Finally, Commonwealth Equity Services LLC acquired a new position in shares of SunocoCorp during the 4th quarter worth about $272,000.

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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