Zacks Investment Research Downgrades Suburban Propane Partners (NYSE:SPH) to Hold

Suburban Propane Partners (NYSE:SPH) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday, Zacks.com reports.

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. “

Several other equities analysts have also issued reports on SPH. TheStreet raised Voya Financial from a “c+” rating to a “b-” rating in a research note on Friday, April 5th. ValuEngine raised ZEALAND PHARMA/S from a “sell” rating to a “hold” rating in a research note on Friday, March 15th.

Shares of SPH opened at $23.76 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.30 and a debt-to-equity ratio of 2.18. Suburban Propane Partners has a 12-month low of $18.63 and a 12-month high of $24.63. The firm has a market capitalization of $1.47 billion, a price-to-earnings ratio of 19.16, a PEG ratio of 4.92 and a beta of 0.86. The firm’s fifty day moving average price is $23.62.

Suburban Propane Partners (NYSE:SPH) last issued its quarterly earnings results on Thursday, May 9th. The energy company reported $1.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.86 by $0.08. Suburban Propane Partners had a return on equity of 15.24% and a net margin of 6.18%. The business had revenue of $504.38 million for the quarter, compared to analyst estimates of $556.16 million. As a group, equities analysts predict that Suburban Propane Partners will post 1.21 EPS for the current fiscal year.

In related news, VP Daniel S. Bloomstein sold 3,000 shares of the company’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $24.30, for a total value of $72,900.00. Following the completion of the sale, the vice president now owns 24,778 shares in the company, valued at $602,105.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Michael Kuglin sold 5,835 shares of the company’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $23.41, for a total value of $136,597.35. Following the completion of the sale, the chief financial officer now owns 76,604 shares of the company’s stock, valued at approximately $1,793,299.64. The disclosure for this sale can be found here. Insiders have sold 32,218 shares of company stock worth $767,675 in the last ninety days. 0.75% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC increased its holdings in Suburban Propane Partners by 100.5% in the first quarter. Global Retirement Partners LLC now owns 1,596 shares of the energy company’s stock valued at $36,000 after purchasing an additional 800 shares during the last quarter. Advisor Group Inc. increased its holdings in Suburban Propane Partners by 15.5% in the fourth quarter. Advisor Group Inc. now owns 6,548 shares of the energy company’s stock valued at $126,000 after purchasing an additional 881 shares during the last quarter. Advisory Services Network LLC increased its holdings in Suburban Propane Partners by 79.0% in the fourth quarter. Advisory Services Network LLC now owns 2,287 shares of the energy company’s stock valued at $44,000 after purchasing an additional 1,009 shares during the last quarter. Sigma Planning Corp increased its holdings in Suburban Propane Partners by 9.4% in the first quarter. Sigma Planning Corp now owns 15,066 shares of the energy company’s stock valued at $338,000 after purchasing an additional 1,292 shares during the last quarter. Finally, Summit Global Investments increased its holdings in Suburban Propane Partners by 5.6% in the first quarter. Summit Global Investments now owns 32,300 shares of the energy company’s stock valued at $724,000 after purchasing an additional 1,700 shares during the last quarter. Institutional investors and hedge funds own 31.06% of the company’s stock.

Suburban Propane Partners Company Profile

Suburban Propane Partners, L.P., through its subsidiaries, engages in the retail marketing and distribution of propane, fuel oil, and refined fuels. The company operates in four segments: Propane, Fuel Oil and Refined Fuels, Natural Gas and Electricity, and All Other. The Propane segment is involved in the retail distribution of propane to residential, commercial, industrial, and agricultural customers, as well as in the wholesale distribution to industrial end users.

See Also: Earnings Per Share (EPS) Explained

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