Zacks Investment Research upgraded shares of Sprague Resources (NYSE:SRLP) from a strong sell rating to a hold rating in a research note released on Wednesday.
According to Zacks, “Sprague Resources LP operates as suppliers of energy and materials handling services. The Company stores, distributes, and sells refined petroleum products and natural gas. Its products include home heating oil, diesel fuels, residual fuels, gasoline and natural gas. Sprague Resources LP is based in Portsmouth, New Hampshire. “
SRLP has been the subject of several other reports. ValuEngine cut Sprague Resources from a sell rating to a strong sell rating in a research report on Wednesday, November 7th. TheStreet cut Sprague Resources from a b rating to a c rating in a research report on Thursday, October 11th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and one has given a buy rating to the stock. The stock has an average rating of Hold and an average price target of $28.00.
Shares of NYSE SRLP opened at $18.75 on Wednesday. The firm has a market capitalization of $443.08 million, a PE ratio of 16.59 and a beta of 1.35. Sprague Resources has a fifty-two week low of $13.76 and a fifty-two week high of $29.00. The company has a debt-to-equity ratio of 4.62, a current ratio of 1.85 and a quick ratio of 1.05.
Sprague Resources (NYSE:SRLP) last announced its quarterly earnings results on Wednesday, November 7th. The oil and gas company reported ($0.90) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.20) by ($0.70). Sprague Resources had a net margin of 0.73% and a return on equity of 17.62%. The company had revenue of $618.46 million during the quarter, compared to analysts’ expectations of $666.39 million. As a group, equities research analysts predict that Sprague Resources will post 2.54 earnings per share for the current year.
In related news, Director Ben J. Hennelly sold 2,231 shares of the business’s stock in a transaction dated Friday, December 7th. The stock was sold at an average price of $16.64, for a total transaction of $37,123.84. Following the completion of the transaction, the director now directly owns 2,131 shares in the company, valued at $35,459.84. The transaction was disclosed in a document filed with the SEC, which is available through this link.
Several institutional investors and hedge funds have recently bought and sold shares of the company. First Trust Advisors LP purchased a new position in shares of Sprague Resources in the 3rd quarter worth about $7,172,000. Cohen & Steers Inc. lifted its stake in shares of Sprague Resources by 3.6% in the 3rd quarter. Cohen & Steers Inc. now owns 179,347 shares of the oil and gas company’s stock valued at $4,833,000 after acquiring an additional 6,280 shares during the last quarter. First Republic Investment Management Inc. lifted its stake in shares of Sprague Resources by 197.1% in the 2nd quarter. First Republic Investment Management Inc. now owns 37,370 shares of the oil and gas company’s stock valued at $949,000 after acquiring an additional 24,791 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of Sprague Resources in the 2nd quarter valued at about $414,000. Finally, Cardan Capital Partners LLC bought a new stake in shares of Sprague Resources in the 3rd quarter valued at about $213,000. Hedge funds and other institutional investors own 21.25% of the company’s stock.
About Sprague Resources
Sprague Resources LP engages in the purchase, storage, distribution, and sale of refined petroleum products and natural gas in the United States. The company operates through four segments: Refined Products, Natural Gas, Materials Handling, and Other Operations. The Refined Products segment purchases and sells various refined products, such as heating oil, diesel fuel, residual fuel oil, kerosene, jet fuel, gasoline, and asphalt to wholesale, retail, and commercial customers.
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