Zacks Investment Research Lowers Sprague Resources (NYSE:SRLP) to Hold

Zacks Investment Research downgraded shares of Sprague Resources (NYSE:SRLP) from a buy rating to a hold rating in a research report released on Tuesday, Zacks.com reports.

According to Zacks, “Sprague Resources LP operates as suppliers of energy and materials handling services. The Company stores, distributes, and sells refined petroleum products and natural gas. Its products include home heating oil, diesel fuels, residual fuels, gasoline and natural gas. Sprague Resources LP is based in Portsmouth, New Hampshire. “

Separately, ValuEngine upgraded Sprague Resources from a sell rating to a hold rating in a research note on Friday, January 3rd.

Shares of NYSE:SRLP opened at $16.73 on Tuesday. The stock has a 50 day moving average of $16.57 and a 200 day moving average of $17.14. The company has a market cap of $376.70 million, a PE ratio of 5.29 and a beta of 1.49. The company has a current ratio of 1.61, a quick ratio of 1.01 and a debt-to-equity ratio of 5.69. Sprague Resources has a 12-month low of $14.67 and a 12-month high of $20.54.

Sprague Resources (NYSE:SRLP) last announced its quarterly earnings data on Thursday, November 7th. The oil and gas company reported ($0.43) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.49) by $0.06. The company had revenue of $582.59 million during the quarter, compared to the consensus estimate of $478.60 million. Sprague Resources had a return on equity of 42.63% and a net margin of 1.50%. Equities research analysts predict that Sprague Resources will post 1.42 earnings per share for the current fiscal year.

Several large investors have recently made changes to their positions in the stock. Invesco Ltd. bought a new position in shares of Sprague Resources during the 2nd quarter valued at approximately $29,048,000. Cohen & Steers Inc. grew its stake in shares of Sprague Resources by 0.5% during the 2nd quarter. Cohen & Steers Inc. now owns 175,153 shares of the oil and gas company’s stock valued at $3,105,000 after acquiring an additional 821 shares during the period. California Public Employees Retirement System grew its stake in shares of Sprague Resources by 4.0% during the 3rd quarter. California Public Employees Retirement System now owns 47,381 shares of the oil and gas company’s stock valued at $839,000 after acquiring an additional 1,837 shares during the period. Russell Investments Group Ltd. grew its stake in shares of Sprague Resources by 8.6% during the 2nd quarter. Russell Investments Group Ltd. now owns 27,690 shares of the oil and gas company’s stock valued at $491,000 after acquiring an additional 2,190 shares during the period. Finally, Beaton Management Co. Inc. grew its stake in shares of Sprague Resources by 6.4% during the 3rd quarter. Beaton Management Co. Inc. now owns 21,700 shares of the oil and gas company’s stock valued at $384,000 after acquiring an additional 1,300 shares during the period. Institutional investors own 15.91% of the company’s stock.

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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