Suburban Propane Partners (SPH) Stock Rating Lowered by Zacks Investment Research

Suburban Propane Partners (NYSE:SPH) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released 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. “

Separately, ValuEngine downgraded shares of Suburban Propane Partners from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 7th. Three investment analysts have rated the stock with a sell rating, one has given a hold rating and one has issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $27.00.

Shares of Suburban Propane Partners stock opened at $23.56 on Wednesday. The company has a market cap of $1.46 billion, a P/E ratio of 33.66, a P/E/G ratio of 3.86 and a beta of 0.56. Suburban Propane Partners has a twelve month low of $21.85 and a twelve month high of $27.05. The company has a debt-to-equity ratio of 2.18, a quick ratio of 0.74 and a current ratio of 1.07.

Suburban Propane Partners (NYSE:SPH) last issued its quarterly earnings data on Thursday, August 9th. The energy company reported ($0.27) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.47) by $0.20. The company had revenue of $241.90 million for the quarter, compared to the consensus estimate of $253.17 million. Suburban Propane Partners had a net margin of 5.69% and a return on equity of 13.26%. The firm’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.48) earnings per share. On average, research analysts anticipate that Suburban Propane Partners will post 1.17 earnings per share for the current fiscal year.

In other Suburban Propane Partners news, CFO Michael Kuglin sold 7,250 shares of the company’s stock in a transaction that occurred on Tuesday, August 14th. The shares were sold at an average price of $24.10, for a total transaction of $174,725.00. Following the completion of the sale, the chief financial officer now directly owns 62,449 shares of the company’s stock, valued at $1,505,020.90. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Douglas Brinkworth sold 8,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $24.32, for a total transaction of $194,560.00. Following the sale, the insider now directly owns 72,437 shares of the company’s stock, valued at $1,761,667.84. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 16,750 shares of company stock valued at $404,790. 0.64% of the stock is owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in SPH. Abrams Capital Management L.P. increased its holdings in Suburban Propane Partners by 42.4% during the second quarter. Abrams Capital Management L.P. now owns 2,832,109 shares of the energy company’s stock valued at $66,526,000 after buying an additional 843,763 shares during the last quarter. Atlantic Trust Group LLC increased its stake in shares of Suburban Propane Partners by 49.2% in the first quarter. Atlantic Trust Group LLC now owns 965,418 shares of the energy company’s stock worth $21,248,000 after purchasing an additional 318,392 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of Suburban Propane Partners by 468.4% in the second quarter. Renaissance Technologies LLC now owns 216,067 shares of the energy company’s stock worth $5,075,000 after purchasing an additional 178,057 shares in the last quarter. CIBC Private Wealth Group LLC increased its stake in shares of Suburban Propane Partners by 10.5% in the second quarter. CIBC Private Wealth Group LLC now owns 1,066,387 shares of the energy company’s stock worth $25,049,000 after purchasing an additional 100,969 shares in the last quarter. Finally, HITE Hedge Asset Management LLC increased its stake in shares of Suburban Propane Partners by 5.8% in the second quarter. HITE Hedge Asset Management LLC now owns 654,958 shares of the energy company’s stock worth $15,385,000 after purchasing an additional 35,991 shares in the last quarter. 29.40% of the stock is owned by institutional investors and hedge funds.

About Suburban Propane Partners

Suburban Propane Partners, L.P., through its subsidiaries, engages in the retail marketing and distribution of propane, fuel oil, and refined fuels. Its Propane segment is involved in the retail distribution of propane to residential, commercial, industrial, and agricultural customers, as well as in the wholesale distribution to industrial end users.

Further Reading: What is a Call Option?

Get a free copy of the Zacks research report on Suburban Propane Partners (SPH)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Suburban Propane Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Suburban Propane Partners and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply