Sprague Resources (SRLP) Downgraded by ValuEngine to Strong Sell

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Sprague Resources (NYSE:SRLP) was downgraded by research analysts at ValuEngine from a “sell” rating to a “strong sell” rating in a research report issued on Wednesday.

A number of other equities research analysts have also recently issued reports on SRLP. TheStreet raised shares of Sprague Resources from a “c+” rating to a “b” rating in a report on Tuesday, July 17th. Zacks Investment Research raised shares of Sprague Resources from a “hold” rating to a “buy” rating and set a $30.00 target price on the stock in a report on Wednesday, October 10th. Two research analysts have rated the stock with a sell rating and two have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $28.00.

NYSE:SRLP traded down $4.15 on Wednesday, hitting $19.55. 355,053 shares of the company’s stock were exchanged, compared to its average volume of 36,373. Sprague Resources has a 52 week low of $19.40 and a 52 week high of $29.00. The stock has a market capitalization of $567.88 million, a PE ratio of 17.30 and a beta of 1.28.

Sprague Resources (NYSE:SRLP) last issued its quarterly earnings results on Wednesday, August 8th. The oil and gas company reported ($0.67) EPS for the quarter, missing the consensus estimate of ($0.52) by ($0.15). The business had revenue of $741.66 million for the quarter, compared to the consensus estimate of $678.35 million. Sprague Resources had a return on equity of 19.91% and a net margin of 0.91%. As a group, research analysts expect that Sprague Resources will post 3.57 EPS for the current year.

A number of institutional investors have recently added to or reduced their stakes in SRLP. Tower Research Capital LLC TRC bought a new position in Sprague Resources in the 2nd quarter valued at about $101,000. UBS Group AG raised its holdings in Sprague Resources by 32.9% in the 1st quarter. UBS Group AG now owns 8,637 shares of the oil and gas company’s stock valued at $206,000 after acquiring an additional 2,137 shares during the period. Nwam LLC bought a new position in Sprague Resources in the 2nd quarter valued at about $292,000. Jane Street Group LLC bought a new position in Sprague Resources in the 2nd quarter valued at about $414,000. Finally, Fort Washington Investment Advisors Inc. OH raised its holdings in Sprague Resources by 19.2% in the 2nd quarter. Fort Washington Investment Advisors Inc. OH now owns 16,794 shares of the oil and gas company’s stock valued at $427,000 after acquiring an additional 2,700 shares during the period. 21.73% of the stock is currently owned by hedge funds and other institutional investors.

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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