Suburban Propane Partners (NYSE:SPH) Downgraded by Zacks Investment Research

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Zacks Investment Research cut shares of Suburban Propane Partners (NYSE:SPH) from a hold rating to a sell rating in a research note issued to investors on Thursday morning, Zacks.com reports.

According to Zacks, “Suburban Propane Partners, L.P., a publicly traded Delaware limited partnership is engaged, through subsidiaries, in the retail and wholesale marketing of propane and related appliances and services. The Partnership believes it is the third largest retail marketer of propane in the United States, Suburban Propane Partners serves active residential, commercial, industrial and agricultural customers from customer service centers in over 40 states. The Partnership’s operations are concentrated in the east and west coast regions of the United States. “

Other research analysts have also recently issued reports about the stock. Wells Fargo & Co lifted their price target on shares of Suburban Propane Partners from $16.00 to $18.00 and gave the company an equal weight rating in a research report on Wednesday, July 22nd. Raymond James reduced their price target on shares of Suburban Propane Partners from $19.00 to $16.00 and set an outperform rating on the stock in a research report on Friday, May 8th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company’s stock. Suburban Propane Partners currently has a consensus rating of Hold and a consensus target price of $19.67.

SPH opened at $13.26 on Thursday. The company’s 50 day simple moving average is $14.36 and its 200 day simple moving average is $16.28. The company has a debt-to-equity ratio of 2.67, a quick ratio of 0.65 and a current ratio of 0.85. Suburban Propane Partners has a 1 year low of $8.64 and a 1 year high of $24.89. The stock has a market capitalization of $823.87 million, a PE ratio of 22.86 and a beta of 1.07.

Suburban Propane Partners (NYSE:SPH) last announced its quarterly earnings results on Thursday, May 7th. The energy company reported $1.23 earnings per share for the quarter, missing analysts’ consensus estimates of $1.56 by ($0.33). The business had revenue of $401.06 million for the quarter, compared to analyst estimates of $432.97 million. Suburban Propane Partners had a net margin of 3.34% and a return on equity of 8.15%. As a group, sell-side analysts expect that Suburban Propane Partners will post 0.4 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 11th. Stockholders of record on Tuesday, August 4th will be given a dividend of $0.30 per share. The ex-dividend date is Monday, August 3rd. This represents a $1.20 dividend on an annualized basis and a dividend yield of 9.05%. Suburban Propane Partners’s payout ratio is currently 218.18%.

Several hedge funds and other institutional investors have recently bought and sold shares of SPH. Ameritas Investment Company LLC acquired a new position in shares of Suburban Propane Partners during the first quarter worth $31,000. Global Trust Asset Management LLC acquired a new position in shares of Suburban Propane Partners during the second quarter worth $34,000. Stonebridge Financial Planning Group LLC acquired a new position in shares of Suburban Propane Partners during the first quarter worth $47,000. AlphaMark Advisors LLC lifted its position in shares of Suburban Propane Partners by 26.9% during the first quarter. AlphaMark Advisors LLC now owns 6,850 shares of the energy company’s stock worth $97,000 after purchasing an additional 1,450 shares in the last quarter. Finally, US Bancorp DE lifted its position in shares of Suburban Propane Partners by 66.3% during the first quarter. US Bancorp DE now owns 7,525 shares of the energy company’s stock worth $106,000 after purchasing an additional 3,000 shares in the last quarter. 28.38% of the stock is currently owned by institutional investors and hedge funds.

Suburban Propane Partners Company Profile

Suburban Propane Partners, L.P., through its subsidiaries, engages in the retail marketing and distribution of propane, fuel oil, and refined fuels. The company operates in four segments: Propane, Fuel Oil and Refined Fuels, Natural Gas and Electricity, and All Other. The Propane segment is involved in the retail distribution of propane to residential, commercial, industrial, and agricultural customers, as well as in the wholesale distribution to industrial end users.

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