Sprague Resources (SRLP) Downgraded to “Strong Sell” at ValuEngine

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

Other analysts have also recently issued research reports about the stock. TheStreet cut shares of Sprague Resources from a b rating to a c rating in a research report on Thursday, October 11th. Zacks Investment Research cut shares of Sprague Resources from a buy rating to a hold rating in a research report on Friday, November 16th. Three analysts have rated the stock with a sell rating and one has given a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $28.00.

SRLP opened at $17.15 on Friday. The company has a debt-to-equity ratio of 4.62, a current ratio of 1.85 and a quick ratio of 1.05. Sprague Resources has a 12 month low of $13.76 and a 12 month high of $28.00. The firm has a market capitalization of $399.71 million, a P/E ratio of 15.18 and a beta of 1.58.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 13th. Investors of record on Friday, February 8th will be given a $0.6675 dividend. This represents a $2.67 dividend on an annualized basis and a dividend yield of 15.57%. The ex-dividend date is Thursday, February 7th. Sprague Resources’s dividend payout ratio is currently 236.28%.

In related news, Director Ben J. Hennelly sold 2,231 shares of the company’s stock in a transaction on Friday, December 7th. The shares were sold at an average price of $16.64, for a total value of $37,123.84. Following the completion of the sale, the director now owns 2,131 shares in the company, valued at approximately $35,459.84. The transaction was disclosed in a filing with the SEC, which is available through this link.

A number of hedge funds have recently added to or reduced their stakes in the business. Janney Montgomery Scott LLC increased its holdings in Sprague Resources by 1.6% during the 4th quarter. Janney Montgomery Scott LLC now owns 70,541 shares of the oil and gas company’s stock worth $1,022,000 after purchasing an additional 1,085 shares in the last quarter. Raymond James & Associates increased its holdings in Sprague Resources by 10.3% during the 4th quarter. Raymond James & Associates now owns 29,886 shares of the oil and gas company’s stock worth $433,000 after purchasing an additional 2,792 shares in the last quarter. Fort Washington Investment Advisors Inc. OH increased its holdings in Sprague Resources by 29.6% during the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 14,894 shares of the oil and gas company’s stock worth $216,000 after purchasing an additional 3,400 shares in the last quarter. Tower Research Capital LLC TRC bought a new position in Sprague Resources during the 2nd quarter worth about $101,000. Finally, Cohen & Steers Inc. increased its holdings in Sprague Resources by 3.6% during the 3rd quarter. Cohen & Steers Inc. now owns 179,347 shares of the oil and gas company’s stock worth $4,833,000 after purchasing an additional 6,280 shares in the last quarter. Hedge funds and other institutional investors own 20.89% of the company’s stock.

Sprague Resources Company Profile

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

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