Sprague Resources LP (NYSE:SRLP) announced a quarterly dividend on Monday, October 29th, Wall Street Journal reports. Investors of record on Tuesday, November 6th will be paid a dividend of 0.6675 per share by the oil and gas company on Tuesday, November 13th. This represents a $2.67 dividend on an annualized basis and a yield of 10.61%. The ex-dividend date of this dividend is Monday, November 5th.
Sprague Resources has increased its dividend payment by an average of 15.3% annually over the last three years and has increased its dividend annually for the last 3 consecutive years. Sprague Resources has a payout ratio of 74.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Sprague Resources to earn $2.24 per share next year, which means the company may not be able to cover its $2.67 annual dividend with an expected future payout ratio of 119.2%.
Shares of SRLP stock opened at $25.16 on Tuesday. Sprague Resources has a 1-year low of $21.80 and a 1-year high of $29.00. The stock has a market cap of $579.61 million, a P/E ratio of 22.27 and a beta of 1.32.
A number of brokerages recently weighed in on SRLP. ValuEngine raised Sprague Resources from a “hold” rating to a “buy” rating in a research report on Wednesday, September 19th. Zacks Investment Research raised Sprague Resources from a “hold” rating to a “buy” rating and set a $30.00 price objective on the stock in a research report on Wednesday, October 10th. Finally, TheStreet downgraded Sprague Resources from a “b” rating to a “c” rating in a report on Thursday, October 11th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $28.00.
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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