Sprague Resources LP (SRLP) Given Consensus Rating of “Buy” by Brokerages
Sprague Resources LP (NYSE:SRLP) has been given a consensus recommendation of “Buy” by the six ratings firms that are currently covering the company. Two research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $30.00.
Several equities research analysts have commented on the stock. FBR & Co assumed coverage on shares of Sprague Resources in a research note on Friday, September 9th. They issued an “outperform” rating and a $35.00 price objective for the company. Zacks Investment Research upgraded shares of Sprague Resources from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 10th. Finally, TheStreet upgraded shares of Sprague Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, September 28th.
Sprague Resources (NYSE:SRLP) traded up 0.617% during midday trading on Friday, hitting $23.645. 3,891 shares of the stock were exchanged. Sprague Resources has a 1-year low of $15.55 and a 1-year high of $25.80. The firm’s 50-day moving average price is $24.11 and its 200 day moving average price is $24.07. The firm has a market capitalization of $503.71 million, a P/E ratio of 9.001 and a beta of 1.51.
Sprague Resources (NYSE:SRLP) last posted its earnings results on Monday, November 7th. The company reported ($0.44) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.02) by $0.42. Sprague Resources had a return on equity of 24.98% and a net margin of 1.71%. The business earned $422.80 million during the quarter, compared to analyst estimates of $653.20 million. Analysts expect that Sprague Resources will post $1.60 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 14th. Investors of record on Tuesday, November 8th were issued a $0.5625 dividend. The ex-dividend date of this dividend was Friday, November 4th. This is an increase from Sprague Resources’s previous quarterly dividend of $0.55. This represents a $2.25 annualized dividend and a yield of 9.57%. Sprague Resources’s dividend payout ratio (DPR) is 126.40%.
In related news, insider Paul A. Scoff sold 1,250 shares of the firm’s stock in a transaction that occurred on Thursday, September 8th. The shares were sold at an average price of $24.43, for a total value of $30,537.50. Following the completion of the transaction, the insider now directly owns 20,155 shares of the company’s stock, valued at approximately $492,386.65. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.
Hedge funds have recently bought and sold shares of the company. Advantus Capital Management Inc boosted its stake in Sprague Resources by 4.4% in the third quarter. Advantus Capital Management Inc now owns 47,281 shares of the company’s stock valued at $1,120,000 after buying an additional 1,980 shares during the period. Acrospire Investment Management LLC boosted its stake in Sprague Resources by 72.2% in the third quarter. Acrospire Investment Management LLC now owns 10,691 shares of the company’s stock valued at $253,000 after buying an additional 4,481 shares during the period. Wells Fargo & Company MN boosted its stake in Sprague Resources by 1.5% in the third quarter. Wells Fargo & Company MN now owns 34,005 shares of the company’s stock valued at $806,000 after buying an additional 500 shares during the period. QVT Financial LP bought a new stake in Sprague Resources during the second quarter valued at $964,000. Finally, Citigroup Inc. boosted its stake in Sprague Resources by 586,297.1% in the second quarter. Citigroup Inc. now owns 205,239 shares of the company’s stock valued at $4,950,000 after buying an additional 205,204 shares during the period. Institutional investors and hedge funds own 52.63% of the company’s stock.
Sprague Resources Company Profile
Sprague Resources LP is engaged in the purchase, storage, distribution and sale of refined products and natural gas, and provides storage and handling services for a range of materials. The Company operates through four segments: refined products, natural gas, materials handling and other operations.
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