Suburban Propane Partners LP (NYSE:SPH) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors 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. “
Several other equities analysts have also issued reports on SPH. Argus reaffirmed a “hold” rating on shares of Suburban Propane Partners in a report on Monday, July 11th. Janney Montgomery Scott initiated coverage on shares of Suburban Propane Partners in a report on Wednesday, July 20th. They issued a “neutral” rating and a $30.00 price target on the stock. Two investment analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. Suburban Propane Partners currently has an average rating of “Hold” and a consensus price target of $33.43.
Shares of Suburban Propane Partners (NYSE:SPH) opened at 31.70 on Wednesday. The firm has a 50-day moving average price of $33.08 and a 200-day moving average price of $32.66. Suburban Propane Partners has a 52 week low of $20.93 and a 52 week high of $37.10. The stock has a market cap of $1.93 billion, a price-to-earnings ratio of 275.65 and a beta of 0.69.
Suburban Propane Partners (NYSE:SPH) last released its quarterly earnings results on Thursday, August 4th. The company reported ($0.49) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.63) by $0.14. The firm earned $205.10 million during the quarter, compared to analysts’ expectations of $218.29 million. During the same period in the prior year, the firm posted ($0.67) earnings per share. Suburban Propane Partners’s revenue for the quarter was down 6.9% compared to the same quarter last year. On average, equities analysts anticipate that Suburban Propane Partners will post $0.42 earnings per share for the current year.
Large investors have recently bought and sold shares of the company. State Street Corp increased its stake in Suburban Propane Partners by 4.1% in the first quarter. State Street Corp now owns 54,876 shares of the company’s stock valued at $1,640,000 after buying an additional 2,147 shares during the last quarter. Rafferty Asset Management LLC increased its stake in Suburban Propane Partners by 6.0% in the first quarter. Rafferty Asset Management LLC now owns 72,551 shares of the company’s stock valued at $2,169,000 after buying an additional 4,087 shares during the last quarter. Williams Jones & Associates LLC bought a new stake in Suburban Propane Partners during the first quarter valued at approximately $238,000. National Planning Corp increased its stake in Suburban Propane Partners by 4.0% in the first quarter. National Planning Corp now owns 11,188 shares of the company’s stock valued at $339,000 after buying an additional 429 shares during the last quarter. Finally, Harvest Fund Advisors LLC bought a new stake in Suburban Propane Partners during the first quarter valued at approximately $11,961,000.
About Suburban Propane Partners
Suburban Propane Partners, L.P. (the Partnership) is a marketer and distributor of a range of products meeting the energy needs of the customers. The Company is specialized in the distribution of propane, fuel oil and refined fuels, as well as the marketing of natural gas and electricity in deregulated markets.
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