Sprague Resources (NYSE:SRLP) Downgraded by ValuEngine

Sprague Resources (NYSE:SRLP) was downgraded by ValuEngine from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday, ValuEngine reports.

Separately, Zacks Investment Research upgraded Sprague Resources from a “hold” rating to a “buy” rating and set a $20.00 price target for the company in a research note on Saturday, November 9th.

SRLP stock traded down $0.28 during trading on Tuesday, reaching $16.22. The company’s stock had a trading volume of 63,476 shares, compared to its average volume of 45,582. Sprague Resources has a 1 year low of $13.76 and a 1 year high of $20.54. The company has a quick ratio of 1.01, a current ratio of 1.61 and a debt-to-equity ratio of 5.69. The company has a market capitalization of $378.33 million, a P/E ratio of 5.13 and a beta of 1.52. The company’s fifty day moving average is $17.40 and its 200-day moving average is $17.57.

Sprague Resources (NYSE:SRLP) last issued its quarterly earnings results on Thursday, November 7th. The oil and gas company reported ($0.43) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.49) by $0.06. Sprague Resources had a return on equity of 42.63% and a net margin of 1.50%. The business had revenue of $582.59 million during the quarter, compared to analyst estimates of $478.60 million. Analysts anticipate that Sprague Resources will post 1.42 earnings per share for the current year.

Hedge funds have recently modified their holdings of the business. HM Payson & Co. purchased a new stake in Sprague Resources in the 2nd quarter worth $27,000. Advisor Group Inc. purchased a new stake in Sprague Resources in the 2nd quarter worth $33,000. Optimum Investment Advisors increased its stake in Sprague Resources by 33.3% in the 2nd quarter. Optimum Investment Advisors now owns 4,000 shares of the oil and gas company’s stock worth $71,000 after buying an additional 1,000 shares in the last quarter. Advantage Investment Management LLC purchased a new stake in Sprague Resources in the 2nd quarter worth $267,000. Finally, Beaton Management Co. Inc. increased its stake in Sprague Resources by 11.5% in the 2nd quarter. Beaton Management Co. Inc. now owns 20,400 shares of the oil and gas company’s stock worth $362,000 after buying an additional 2,100 shares in the last quarter. Institutional investors and hedge funds own 16.36% 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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