Sprague Resources LP (NYSE:SRLP) declared a quarterly dividend on Monday, October 29th, Wall Street Journal reports. Shareholders of record on Tuesday, November 6th will be given a dividend of 0.6675 per share by the oil and gas company on Tuesday, November 13th. This represents a $2.67 annualized dividend and a yield of 10.60%. The ex-dividend date of this dividend is Monday, November 5th.
Sprague Resources has increased its dividend payment by an average of 15.3% per year over the last three years and has raised its dividend annually for the last 3 consecutive years. Sprague Resources has a dividend payout ratio of 74.8% meaning its dividend is sufficiently covered by earnings. Analysts expect Sprague Resources to earn $2.24 per share next year, which means the company may not be able to cover its $2.67 annual dividend with an expected future payout ratio of 119.2%.
SRLP stock opened at $25.18 on Friday. Sprague Resources has a 52 week low of $21.80 and a 52 week high of $29.00. The firm has a market cap of $567.88 million, a price-to-earnings ratio of 20.47 and a beta of 1.28.
Several equities analysts have commented on the stock. ValuEngine lowered shares of Sprague Resources from a “buy” rating to a “hold” rating in a research report on Monday, October 29th. TheStreet lowered shares of Sprague Resources from a “b” rating to a “c” rating in a research report on Thursday, October 11th. Finally, Zacks Investment Research upgraded shares of Sprague Resources from a “hold” rating to a “buy” rating and set a $30.00 price objective for the company in a research report on Wednesday, October 10th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $28.00.
About Sprague Resources
Sprague Resources LP engages in the purchase, storage, distribution, and sale of refined petroleum products and natural gas in the United States. The company operates through four segments: Refined Products, Natural Gas, Materials Handling, and Other Operations. The Refined Products segment purchases and sells various refined products, such as heating oil, diesel fuel, residual fuel oil, kerosene, jet fuel, gasoline, and asphalt to wholesale, retail, and commercial customers.
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