Superior Plus (TSE:SPB) Stock Price Down 21.1% After Analyst Downgrade

Superior Plus Corp. (TSE:SPB) shares were down 21.1% on Friday after CIBC lowered their price target on the stock from C$9.00 to C$8.50. The company traded as low as C$6.06 and last traded at C$6.29. Approximately 5,946,604 shares changed hands during trading, an increase of 655% from the average daily volume of 787,353 shares. The stock had previously closed at C$7.97.

Several other equities analysts have also recently commented on the stock. Desjardins dropped their target price on shares of Superior Plus from C$10.50 to C$9.75 and set a “buy” rating on the stock in a research report on Wednesday, August 13th. Raymond James Financial dropped their price target on Superior Plus from C$10.50 to C$10.00 and set an “outperform” rating on the stock in a report on Thursday, August 14th. TD Securities boosted their price objective on Superior Plus from C$8.00 to C$9.00 and gave the stock a “hold” rating in a research report on Thursday, October 9th. Finally, BMO Capital Markets upped their price objective on Superior Plus from C$8.00 to C$10.00 in a research note on Friday, October 10th. Five research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of C$9.41.

Superior Plus Trading Down 21.1%

The firm has a 50 day moving average of C$7.83 and a 200 day moving average of C$7.62. The firm has a market cap of C$1.40 billion, a PE ratio of 29.95 and a beta of 0.18. The company has a quick ratio of 0.46, a current ratio of 0.67 and a debt-to-equity ratio of 193.35.

Superior Plus (TSE:SPB) last issued its earnings results on Thursday, November 13th. The company reported C($0.47) earnings per share (EPS) for the quarter. Superior Plus had a net margin of 1.80% and a return on equity of 4.21%. The firm had revenue of C$470.64 million during the quarter.

Superior Plus Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Wednesday, October 15th were paid a $0.045 dividend. This represents a $0.18 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date was Monday, September 29th. Superior Plus’s payout ratio is currently 109.01%.

About Superior Plus

Superior is a leading North American distributor of propane, compressed natural gas, renewable energy and related products and services, servicing approximately 770,000 customer locations in the U.S. and Canada. Through its primary businesses, propane distribution and CNG, RNG and hydrogen distribution, Superior safely delivers clean burning fuels to residential, commercial, utility, agricultural and industrial customers not connected to a pipeline.