Superior Plus (TSE:SPB) Shares Down 21.1% on Analyst Downgrade

Shares of Superior Plus Corp. (TSE:SPB) were down 21.1% on Friday after CIBC lowered their price target on the stock from C$9.00 to C$8.50. The stock traded as low as C$6.06 and last traded at C$6.29. Approximately 5,947,104 shares traded hands during mid-day trading, an increase of 658% from the average daily volume of 784,607 shares. The stock had previously closed at C$7.97.

A number of other analysts also recently issued reports on the stock. TD Securities raised their price target on shares of Superior Plus from C$8.00 to C$9.00 and gave the company a “hold” rating in a report on Thursday, October 9th. Raymond James Financial cut their target price on shares of Superior Plus from C$10.50 to C$10.00 and set an “outperform” rating for the company in a research report on Thursday, August 14th. Desjardins decreased their target price on shares of Superior Plus from C$10.50 to C$9.75 and set a “buy” rating for the company in a research note on Wednesday, August 13th. Finally, BMO Capital Markets raised their price target on Superior Plus from C$8.00 to C$10.00 in a research note on Friday, October 10th. Five research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of C$9.41.

Superior Plus Stock Down 21.1%

The company has a quick ratio of 0.46, a current ratio of 0.67 and a debt-to-equity ratio of 193.35. The company has a fifty day simple moving average of C$7.85 and a 200-day simple moving average of C$7.63. The firm has a market cap of C$1.40 billion, a P/E ratio of 29.95 and a beta of 0.18.

Superior Plus (TSE:SPB) last posted its quarterly earnings data on Thursday, November 13th. The company reported C($0.47) earnings per share for the quarter. The company had revenue of C$470.64 million for the quarter. Superior Plus had a net margin of 1.80% and a return on equity of 4.21%.

Superior Plus Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Wednesday, October 15th were paid a dividend of $0.045 per share. The ex-dividend date was Monday, September 29th. This represents a $0.18 dividend on an annualized basis and a dividend yield of 2.9%. Superior Plus’s payout ratio is 109.01%.

About Superior Plus

Superior is a leading North American distributor of propane, compressed natural gas, renewable energy and related products and services, servicing approximately 770,000 customer locations in the U.S. and Canada. Through its primary businesses, propane distribution and CNG, RNG and hydrogen distribution, Superior safely delivers clean burning fuels to residential, commercial, utility, agricultural and industrial customers not connected to a pipeline.