Cherokee Insurance Co Purchases New Position in Suburban Propane Partners, L.P. $SPH

Cherokee Insurance Co acquired a new stake in shares of Suburban Propane Partners, L.P. (NYSE:SPH) in the second quarter, HoldingsChannel.com reports. The institutional investor acquired 16,000 shares of the energy company’s stock, valued at approximately $296,000.

Several other large investors have also recently bought and sold shares of SPH. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Suburban Propane Partners by 24.8% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,249,304 shares of the energy company’s stock worth $89,278,000 after purchasing an additional 845,076 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in Suburban Propane Partners by 11.6% during the first quarter. Goldman Sachs Group Inc. now owns 1,370,534 shares of the energy company’s stock worth $28,795,000 after acquiring an additional 142,547 shares in the last quarter. Janney Montgomery Scott LLC grew its stake in Suburban Propane Partners by 9.8% in the second quarter. Janney Montgomery Scott LLC now owns 55,404 shares of the energy company’s stock valued at $1,027,000 after acquiring an additional 4,932 shares during the period. Summit Financial LLC increased its holdings in shares of Suburban Propane Partners by 2.0% in the first quarter. Summit Financial LLC now owns 54,049 shares of the energy company’s stock worth $1,136,000 after acquiring an additional 1,044 shares in the last quarter. Finally, Smith Asset Management Co. LLC acquired a new stake in shares of Suburban Propane Partners during the first quarter worth about $995,000. Institutional investors own 30.94% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Wall Street Zen cut Suburban Propane Partners from a “buy” rating to a “hold” rating in a report on Saturday, August 9th. Weiss Ratings reiterated a “hold (c)” rating on shares of Suburban Propane Partners in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat, the company presently has a consensus rating of “Hold”.

Suburban Propane Partners Stock Up 0.3%

NYSE:SPH opened at $18.79 on Thursday. The stock has a 50-day simple moving average of $18.54 and a 200 day simple moving average of $18.68. Suburban Propane Partners, L.P. has a 52-week low of $16.92 and a 52-week high of $22.24. The company has a market cap of $1.23 billion, a PE ratio of 12.69 and a beta of 0.32. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.46 and a current ratio of 0.70.

Suburban Propane Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, November 11th. Stockholders of record on Tuesday, November 4th were issued a $0.325 dividend. The ex-dividend date was Tuesday, November 4th. This represents a $1.30 dividend on an annualized basis and a dividend yield of 6.9%. Suburban Propane Partners’s dividend payout ratio (DPR) is 87.84%.

Suburban Propane Partners Profile

Suburban Propane Partners, L.P., through its subsidiaries, engages in the retail marketing and distribution of propane, renewable propane, fuel oil, and refined fuels in the United States. The company operates through four segments: Propane, Fuel Oil and Refined Fuels, Natural Gas and Electricity, and All Other.