Zacks Investment Research Lowers Sprague Resources (SRLP) to Strong Sell

Zacks Investment Research lowered shares of Sprague Resources (NYSE:SRLP) from a hold rating to a strong sell rating in a research report released on Tuesday morning.

According to Zacks, “Sprague Resources LP operates as suppliers of energy and materials handling services. The Company stores, distributes, and sells refined petroleum products and natural gas. Its products include home heating oil, diesel fuels, residual fuels, gasoline and natural gas. Sprague Resources LP is based in Portsmouth, New Hampshire. “

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A number of other analysts have also recently weighed in on SRLP. ValuEngine cut Sprague Resources from a buy rating to a hold rating in a research report on Thursday, March 15th. B. Riley reaffirmed a buy rating and issued a $29.00 price target on shares of Sprague Resources in a research report on Wednesday, March 14th.

Shares of Sprague Resources (NYSE SRLP) opened at $23.85 on Tuesday. The stock has a market capitalization of $541.27, a price-to-earnings ratio of 19.23 and a beta of 1.41. Sprague Resources has a 12-month low of $22.95 and a 12-month high of $30.75. The company has a current ratio of 1.15, a quick ratio of 0.67 and a debt-to-equity ratio of 0.38.

Sprague Resources (NYSE:SRLP) last released its quarterly earnings data on Wednesday, March 14th. The oil and gas company reported ($0.63) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.26 by ($1.89). The firm had revenue of $932.17 million for the quarter, compared to analyst estimates of $922.98 million. Sprague Resources had a net margin of 1.00% and a return on equity of 17.44%. equities analysts forecast that Sprague Resources will post 2.41 EPS for the current year.

Several large investors have recently made changes to their positions in SRLP. Kayne Anderson Capital Advisors LP lifted its position in shares of Sprague Resources by 1.8% in the third quarter. Kayne Anderson Capital Advisors LP now owns 826,554 shares of the oil and gas company’s stock worth $20,332,000 after buying an additional 15,000 shares during the last quarter. Beaton Management Co. Inc. lifted its position in shares of Sprague Resources by 23.3% in the third quarter. Beaton Management Co. Inc. now owns 13,750 shares of the oil and gas company’s stock worth $338,000 after buying an additional 2,600 shares during the last quarter. Wells Fargo & Company MN lifted its position in shares of Sprague Resources by 35.5% in the third quarter. Wells Fargo & Company MN now owns 33,557 shares of the oil and gas company’s stock worth $825,000 after buying an additional 8,798 shares during the last quarter. Jane Street Group LLC acquired a new stake in shares of Sprague Resources in the third quarter worth about $219,000. Finally, Janney Montgomery Scott LLC lifted its position in shares of Sprague Resources by 10.1% in the third quarter. Janney Montgomery Scott LLC now owns 66,360 shares of the oil and gas company’s stock worth $1,632,000 after buying an additional 6,105 shares during the last quarter. 21.91% of the stock is owned by institutional investors.

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Sprague Resources Company Profile

Sprague Resources LP is engaged in the purchase, storage, distribution and sale of refined products and natural gas, and provides storage and handling services for a range of materials. The Company operates through four segments: refined products, which purchases a range of refined products, such as heating oil, diesel fuel, residual fuel oil, asphalt, kerosene, jet fuel and gasoline from refining companies, trading organizations and producers; natural gas, which purchases natural gas from natural gas producers and trading companies, and sells and distributes natural gas to commercial and industrial customers in the Northeast and Mid-Atlantic United States; materials handling, which offloads, stores and prepares for delivery a range of customer-owned products, including asphalt, clay slurry, coal and heavy equipment, and other operations, which include the purchase and distribution of coal, certain commercial trucking activities and the heating equipment service business.

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