Suburban Propane Partners, L.P. (SPH) Downgraded to “Sell” at Zacks Investment Research

Zacks Investment Research lowered shares of Suburban Propane Partners, L.P. (NYSE:SPH) from a hold rating to a sell rating in a research note published on Wednesday.

According to Zacks, “Suburban Propane Partners, L.P., a publicly traded Delaware limited partnership is engaged, through subsidiaries, in the retail and wholesale marketing of propane and related appliances and services. The Partnership believes it is the third largest retail marketer of propane in the United States, Suburban Propane Partners serves active residential, commercial, industrial and agricultural customers from customer service centers in over 40 states. The Partnership’s operations are concentrated in the east and west coast regions of the United States. “

SPH has been the topic of a number of other reports. Credit Suisse Group set a $30.00 target price on shares of Suburban Propane Partners, L.P. and gave the company a sell rating in a report on Thursday, November 10th. Stifel Nicolaus cut shares of Suburban Propane Partners, L.P. from a buy rating to a hold rating in a report on Tuesday. Two equities research analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. Suburban Propane Partners, L.P. currently has a consensus rating of Hold and a consensus target price of $33.20.

Suburban Propane Partners, L.P. (NYSE:SPH) opened at 28.74 on Wednesday. The firm’s 50-day moving average is $30.48 and its 200-day moving average is $31.52. Suburban Propane Partners, L.P. has a 52-week low of $23.64 and a 52-week high of $37.10. The firm has a market capitalization of $1.75 billion, a PE ratio of 47.82 and a beta of 0.88.

Suburban Propane Partners, L.P. (NYSE:SPH) last released its quarterly earnings data on Thursday, February 2nd. The company reported $0.56 earnings per share for the quarter, missing analysts’ consensus estimates of $0.68 by $0.12. Suburban Propane Partners, L.P. had a return on equity of 4.69% and a net margin of 3.37%. The company had revenue of $317.30 million for the quarter, compared to analyst estimates of $355.85 million. During the same period in the previous year, the business posted $0.20 EPS. The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. On average, analysts anticipate that Suburban Propane Partners, L.P. will post $1.41 earnings per share for the current year.

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The company also recently disclosed a quarterly dividend, which was paid on Tuesday, February 7th. Investors of record on Tuesday, January 31st were given a $0.8875 dividend. This represents a $3.55 dividend on an annualized basis and a yield of 12.35%. This is a positive change from Suburban Propane Partners, L.P.’s previous quarterly dividend of $0.89. The ex-dividend date was Friday, January 27th. Suburban Propane Partners, L.P.’s dividend payout ratio (DPR) is 601.71%.

In related news, VP A Davin Dambrosio sold 5,500 shares of Suburban Propane Partners, L.P. stock in a transaction on Tuesday, November 22nd. The shares were sold at an average price of $31.00, for a total value of $170,500.00. Following the transaction, the vice president now directly owns 37,019 shares in the company, valued at approximately $1,147,589. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Sandra N. Zwickel sold 2,000 shares of Suburban Propane Partners, L.P. stock in a transaction on Wednesday, December 7th. The shares were sold at an average price of $29.21, for a total transaction of $58,420.00. Following the completion of the transaction, the vice president now owns 21,383 shares in the company, valued at $624,597.43. The disclosure for this sale can be found here. Over the last quarter, insiders sold 22,796 shares of company stock worth $681,124. 0.64% of the stock is currently owned by insiders.

A number of institutional investors have recently bought and sold shares of the stock. Elite Wealth Management LLC purchased a new position in Suburban Propane Partners, L.P. during the third quarter worth $100,000. Mosaic Family Wealth LLC raised its position in Suburban Propane Partners, L.P. by 0.4% in the third quarter. Mosaic Family Wealth LLC now owns 4,224 shares of the company’s stock worth $141,000 after buying an additional 18 shares during the period. Bank of Montreal Can raised its position in Suburban Propane Partners, L.P. by 101.2% in the third quarter. Bank of Montreal Can now owns 4,300 shares of the company’s stock worth $143,000 after buying an additional 2,163 shares during the period. Bruderman Asset Management LLC raised its position in Suburban Propane Partners, L.P. by 31.9% in the third quarter. Bruderman Asset Management LLC now owns 4,481 shares of the company’s stock worth $149,000 after buying an additional 1,085 shares during the period. Finally, PNC Financial Services Group Inc. raised its position in Suburban Propane Partners, L.P. by 24.3% in the third quarter. PNC Financial Services Group Inc. now owns 4,854 shares of the company’s stock worth $162,000 after buying an additional 950 shares during the period. Hedge funds and other institutional investors own 29.05% of the company’s stock.

About Suburban Propane Partners, L.P.

Suburban Propane Partners, L.P. is a marketer and distributor of a range of products. The Company specializes in the distribution of propane, fuel oil and refined fuels, as well as the marketing of natural gas and electricity in deregulated markets. The Company’s segments include Propane, Fuel Oil and Refined Fuels, Natural Gas and Electricity, and All Other.

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