Suburban Propane Partners LP (SPH) Rating Lowered to Hold at Zacks Investment Research
Suburban Propane Partners LP (NYSE:SPH) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
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. “
Several other research firms have also recently weighed in on SPH. Janney Montgomery Scott initiated coverage on Suburban Propane Partners in a report on Wednesday, July 20th. They set a “neutral” rating and a $30.00 price target on the stock. Argus reissued a “hold” rating on shares of Suburban Propane Partners in a report on Monday, July 11th. Two investment analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $33.43.
Shares of Suburban Propane Partners (NYSE:SPH) opened at 31.70 on Wednesday. The company’s 50-day moving average price is $33.08 and its 200 day moving average price is $32.66. Suburban Propane Partners has a 1-year low of $20.93 and a 1-year high of $37.10. The company has a market cap of $1.93 billion, a price-to-earnings ratio of 275.65 and a beta of 0.69.
Suburban Propane Partners (NYSE:SPH) last released its quarterly earnings data on Thursday, August 4th. The company reported ($0.49) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.63) by $0.14. The business earned $205.10 million during the quarter, compared to the consensus estimate of $218.29 million. The business’s revenue was down 6.9% compared to the same quarter last year. During the same period last year, the company posted ($0.67) earnings per share. On average, analysts predict that Suburban Propane Partners will post $0.42 earnings per share for the current fiscal year.
Several large investors have recently bought and sold shares of the company. Energy Income Partners LLC raised its stake in Suburban Propane Partners by 41.0% in the first quarter. Energy Income Partners LLC now owns 2,041,030 shares of the company’s stock valued at $61,006,000 after buying an additional 593,851 shares during the period. Global X Management Co. LLC raised its stake in Suburban Propane Partners by 10.2% in the second quarter. Global X Management Co. LLC now owns 249,684 shares of the company’s stock valued at $8,339,000 after buying an additional 23,017 shares during the period. BB&T Securities LLC raised its stake in Suburban Propane Partners by 3.0% in the second quarter. BB&T Securities LLC now owns 26,894 shares of the company’s stock valued at $898,000 after buying an additional 786 shares during the period. Janney Montgomery Scott LLC raised its stake in Suburban Propane Partners by 102.0% in the second quarter. Janney Montgomery Scott LLC now owns 108,730 shares of the company’s stock valued at $3,143,000 after buying an additional 54,910 shares during the period. Finally, State Street Corp raised its stake 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.
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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