Suburban Propane Partners LP (SPH) Upgraded by Zacks Investment Research to Buy
Zacks Investment Research upgraded shares of Suburban Propane Partners LP (NYSE:SPH) from a hold rating to a buy rating in a research note issued to investors on Thursday. They currently have $37.00 price target on the stock.
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 research reports about the company. Janney Montgomery Scott assumed coverage on Suburban Propane Partners in a research report on Wednesday, July 20th. They issued a neutral rating and a $30.00 price target for the company. Argus restated a hold rating on shares of Suburban Propane Partners in a research report on Monday, July 11th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company’s stock. Suburban Propane Partners presently has an average rating of Hold and an average price target of $33.43.
Shares of Suburban Propane Partners (NYSE:SPH) traded down 0.58% during midday trading on Thursday, reaching $32.34. 73,184 shares of the company’s stock traded hands. Suburban Propane Partners has a 52 week low of $20.93 and a 52 week high of $37.10. The stock’s 50 day moving average is $33.28 and its 200-day moving average is $32.59. The company has a market capitalization of $1.97 billion, a PE ratio of 281.22 and a beta of 0.69.
Suburban Propane Partners (NYSE:SPH) last issued its quarterly earnings results on Thursday, August 4th. The company reported ($0.49) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.63) by $0.14. The company had revenue of $205.10 million for the quarter, compared to analyst estimates of $218.29 million. During the same period in the prior year, the business earned ($0.67) earnings per share. Suburban Propane Partners’s revenue for the quarter was down 6.9% compared to the same quarter last year. On average, analysts forecast that Suburban Propane Partners will post $0.42 earnings per share for the current fiscal year.
A number of institutional investors have recently bought and sold shares of SPH. State Street Corp boosted its position in Suburban Propane Partners by 4.1% in the first quarter. State Street Corp now owns 54,876 shares of the company’s stock valued at $1,640,000 after buying an additional 2,147 shares during the period. Rafferty Asset Management LLC boosted its position in Suburban Propane Partners by 6.0% in the first quarter. Rafferty Asset Management LLC now owns 72,551 shares of the company’s stock valued at $2,169,000 after buying an additional 4,087 shares during the period. Williams Jones & Associates LLC purchased a new position in Suburban Propane Partners during the first quarter valued at approximately $238,000. National Planning Corp boosted its position in shares of Suburban Propane Partners by 4.0% in the first quarter. National Planning Corp now owns 11,188 shares of the company’s stock worth $339,000 after buying an additional 429 shares during the last quarter. Finally, Harvest Fund Advisors LLC bought a new position in shares of Suburban Propane Partners during the first quarter worth about $11,961,000.
About Suburban Propane Partners
Suburban Propane Partners, L.P. (the Partnership) is a marketer and distributor of a range of products meeting the energy needs of the customers. The Company is specialized in the distribution of propane, fuel oil and refined fuels, as well as the marketing of natural gas and electricity in deregulated markets.
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