Sprague Resources LP (NYSE:SRLP) Announces Earnings Results, Misses Expectations By $0.40 EPS

Sprague Resources LP (NYSE:SRLP) issued its quarterly earnings results on Wednesday. The oil and gas company reported ($0.39) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.01 by $0.40, Morningstar.com reports. The business had revenue of $513.63 million for the quarter, compared to analyst estimates of $529.66 million. Sprague Resources had a return on equity of 29.85% and a net margin of 1.72%.

Shares of Sprague Resources (NYSE:SRLP) traded up 0.57% during trading on Thursday, reaching $26.65. 17,814 shares of the company’s stock were exchanged. The company’s 50-day moving average is $27.55 and its 200 day moving average is $27.09. Sprague Resources has a 52 week low of $22.50 and a 52 week high of $30.75. The stock has a market capitalization of $600.77 million, a PE ratio of 13.56 and a beta of 1.39.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 11th. Shareholders of record on Monday, August 7th will be given a dividend of $0.608 per share. The ex-dividend date of this dividend is Thursday, August 3rd. This represents a $2.43 dividend on an annualized basis and a yield of 9.13%. This is an increase from Sprague Resources’s previous quarterly dividend of $0.46. Sprague Resources’s dividend payout ratio is presently 125.26%.

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A number of analysts recently weighed in on SRLP shares. Zacks Investment Research upgraded shares of Sprague Resources from a “strong sell” rating to a “hold” rating and set a $29.00 price target for the company in a research note on Tuesday, May 9th. BidaskClub cut shares of Sprague Resources from a “hold” rating to a “sell” rating in a research note on Sunday, July 16th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $31.67.

In other news, Director Ben J. Hennelly sold 2,456 shares of the business’s stock in a transaction on Wednesday, May 17th. The shares were sold at an average price of $26.94, for a total transaction of $66,164.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Several institutional investors have recently made changes to their positions in the stock. First Trust Advisors LP purchased a new position in shares of Sprague Resources during the second quarter valued at about $9,192,000. Van ECK Associates Corp purchased a new position in shares of Sprague Resources during the first quarter valued at about $2,957,000. Advantus Capital Management Inc increased its position in shares of Sprague Resources by 46.1% in the first quarter. Advantus Capital Management Inc now owns 39,301 shares of the oil and gas company’s stock valued at $1,065,000 after buying an additional 12,400 shares during the period. Fort Washington Investment Advisors Inc. OH purchased a new position in shares of Sprague Resources during the first quarter valued at about $245,000. Finally, UBS Group AG increased its position in shares of Sprague Resources by 79.3% in the first quarter. UBS Group AG now owns 19,273 shares of the oil and gas company’s stock valued at $522,000 after buying an additional 8,523 shares during the period. 24.41% of the stock is owned by institutional investors.

About Sprague Resources

Earnings History for Sprague Resources (NYSE:SRLP)

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