Suburban Propane Partners LP (SPH) Announces Quarterly Earnings Results, Misses Expectations By $0.17 EPS
Suburban Propane Partners LP (NYSE:SPH) announced its quarterly earnings results on Thursday. The company reported ($0.99) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.82) by $0.17. The company earned $161 million during the quarter, compared to analyst estimates of $196.39 million. During the same period in the prior year, the business earned ($1.11) EPS. The company’s quarterly revenue was down 7.6% compared to the same quarter last year.
Suburban Propane Partners (NYSE:SPH) opened at 27.74 on Friday. The stock’s 50 day moving average price is $32.37 and its 200-day moving average price is $32.95. Suburban Propane Partners has a 12 month low of $20.93 and a 12 month high of $37.10. The stock has a market cap of $1.69 billion, a PE ratio of 241.22 and a beta of 0.69.
The company also recently declared a quarterly dividend, which was paid on Tuesday, November 8th. Stockholders of record on Tuesday, November 1st were given a dividend of $0.887 per share. The ex-dividend date was Friday, October 28th. This represents a $3.55 dividend on an annualized basis and a dividend yield of 12.79%.
Several equities research analysts recently issued reports on SPH shares. Janney Montgomery Scott started coverage on Suburban Propane Partners in a report on Wednesday, July 20th. They set a “neutral” rating and a $30.00 price target for the company. Zacks Investment Research downgraded Suburban Propane Partners from a “hold” rating to a “sell” rating in a report on Tuesday, August 9th. Finally, Stifel Nicolaus upgraded Suburban Propane Partners from a “hold” rating to a “buy” rating and upped their price target for the stock from $34.00 to $36.00 in a report on Thursday, October 13th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Hold” and an average price target of $33.00.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Energy Income Partners LLC boosted its position 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 worth $61,006,000 after buying an additional 593,851 shares during the last quarter. Janney Montgomery Scott LLC boosted its position in Suburban Propane Partners by 104.0% in the second quarter. Janney Montgomery Scott LLC now owns 109,804 shares of the company’s stock worth $3,668,000 after buying an additional 55,984 shares during the last quarter. Global X Management Co. LLC boosted its position 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 worth $8,339,000 after buying an additional 23,017 shares during the last quarter. BB&T Securities LLC boosted its position 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 worth $898,000 after buying an additional 786 shares during the last quarter. Finally, National Planning Corp boosted its position in Suburban Propane Partners by 0.9% in the second quarter. National Planning Corp now owns 11,288 shares of the company’s stock worth $373,000 after buying an additional 100 shares during the last quarter.
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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