Sprague Resources (SRLP) Downgraded by JPMorgan Chase

Sprague Resources (NYSE:SRLP) was downgraded by stock analysts at JPMorgan Chase from a “neutral” rating to an “underweight” rating in a research report issued on Friday. They presently have a $25.00 price target on the oil and gas company’s stock. JPMorgan Chase’s price objective would suggest a potential upside of 7.07% from the company’s previous close.

A number of other equities research analysts have also weighed in on SRLP. B. Riley set a $29.00 price objective on Sprague Resources and gave the stock a “buy” rating in a research report on Monday, December 18th. ValuEngine lowered Sprague Resources from a “strong-buy” rating to a “buy” rating in a research report on Friday, February 2nd. Finally, Zacks Investment Research upgraded Sprague Resources from a “sell” rating to a “hold” rating in a research report on Saturday, February 3rd. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $27.00.

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Shares of SRLP stock opened at $23.35 on Friday. The company has a market capitalization of $541.27, a PE ratio of 21.02 and a beta of 1.38. Sprague Resources has a fifty-two week low of $22.95 and a fifty-two week high of $30.75. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.67 and a current ratio of 1.15.

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

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jane Street Group LLC bought a new stake in shares of Sprague Resources during the third quarter valued at approximately $219,000. First Republic Investment Management Inc. boosted its position in shares of Sprague Resources by 48.6% during the fourth quarter. First Republic Investment Management Inc. now owns 12,475 shares of the oil and gas company’s stock valued at $302,000 after purchasing an additional 4,080 shares in the last quarter. Taylor Wealth Management Partners boosted its position in shares of Sprague Resources by 249.5% during the fourth quarter. Taylor Wealth Management Partners now owns 13,490 shares of the oil and gas company’s stock valued at $326,000 after purchasing an additional 9,630 shares in the last quarter. Wells Fargo & Company MN boosted its position in shares of Sprague Resources by 35.5% during the third quarter. Wells Fargo & Company MN now owns 33,557 shares of the oil and gas company’s stock valued at $825,000 after purchasing an additional 8,798 shares in the last quarter. Finally, Janney Montgomery Scott LLC boosted its position in shares of Sprague Resources by 10.1% during the third quarter. Janney Montgomery Scott LLC now owns 66,360 shares of the oil and gas company’s stock valued at $1,632,000 after purchasing an additional 6,105 shares in the last quarter. Institutional investors own 21.91% of the company’s stock.

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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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