Sprague Resources (SRLP) Downgraded to Buy at ValuEngine

ValuEngine lowered shares of Sprague Resources (NYSE:SRLP) from a strong-buy rating to a buy rating in a report published on Friday.

Other equities research analysts have also issued reports about the stock. B. Riley set a $29.00 price target on shares of Sprague Resources and gave the stock a buy rating in a research note on Monday, December 18th. Zacks Investment Research upgraded shares of Sprague Resources from a strong sell rating to a hold rating in a research note on Wednesday, October 11th. Finally, BidaskClub upgraded shares of Sprague Resources from a sell rating to a hold rating in a research note on Friday, October 6th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average price target of $31.67.

Shares of Sprague Resources (SRLP) opened at $25.70 on Friday. Sprague Resources has a one year low of $22.95 and a one year high of $30.75. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.16 and a current ratio of 2.35. The company has a market cap of $579.37, a price-to-earnings ratio of 14.36 and a beta of 1.36.

Sprague Resources (NYSE:SRLP) last announced its quarterly earnings results on Tuesday, November 7th. The oil and gas company reported ($0.68) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by ($0.72). Sprague Resources had a return on equity of 24.89% and a net margin of 1.50%. analysts predict that Sprague Resources will post 3.12 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, February 12th. Shareholders of record on Tuesday, February 6th will be paid a $0.6375 dividend. The ex-dividend date is Monday, February 5th. This is a positive change from Sprague Resources’s previous quarterly dividend of $0.62. This represents a $2.55 dividend on an annualized basis and a yield of 9.92%. Sprague Resources’s payout ratio is currently 139.11%.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp increased its stake in Sprague Resources by 0.6% in the second quarter. Bank of New York Mellon Corp now owns 37,636 shares of the oil and gas company’s stock valued at $1,061,000 after purchasing an additional 217 shares during the period. California Public Employees Retirement System increased its stake in Sprague Resources by 3.0% in the second quarter. California Public Employees Retirement System now owns 44,300 shares of the oil and gas company’s stock valued at $1,249,000 after purchasing an additional 1,300 shares during the period. Beaton Management Co. Inc. increased its stake in Sprague Resources by 23.3% in the third quarter. Beaton Management Co. Inc. now owns 13,750 shares of the oil and gas company’s stock valued at $338,000 after purchasing an additional 2,600 shares during the period. Janney Montgomery Scott LLC increased its stake in Sprague Resources by 10.1% in the third quarter. Janney Montgomery Scott LLC now owns 66,360 shares of the oil and gas company’s stock valued at $1,632,000 after purchasing an additional 6,105 shares during the period. Finally, Wells Fargo & Company MN increased its stake in Sprague Resources by 35.5% in the third quarter. Wells Fargo & Company MN now owns 33,557 shares of the oil and gas company’s stock valued at $825,000 after purchasing an additional 8,798 shares during the period. Institutional investors own 22.04% of the company’s stock.

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About Sprague Resources

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, which purchases a range of refined products, such as heating oil, diesel fuel, residual fuel oil, asphalt, kerosene, jet fuel and gasoline from refining companies, trading organizations and producers; natural gas, which purchases natural gas from natural gas producers and trading companies, and sells and distributes natural gas to commercial and industrial customers in the Northeast and Mid-Atlantic United States; materials handling, which offloads, stores and prepares for delivery a range of customer-owned products, including asphalt, clay slurry, coal and heavy equipment, and other operations, which include the purchase and distribution of coal, certain commercial trucking activities and the heating equipment service business.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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