Sprague Resources LP (SRLP) Given Consensus Rating of “Hold” by Brokerages
Shares of Sprague Resources LP (NYSE:SRLP) have been given a consensus rating of “Hold” by the seven research firms that are presently covering the stock. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1 year price target among brokers that have covered the stock in the last year is $29.50.
SRLP has been the topic of a number of research reports. Zacks Investment Research upgraded Sprague Resources from a “hold” rating to a “buy” rating and set a $28.00 price target on the stock in a report on Tuesday, August 2nd. Janney Montgomery Scott restated a “buy” rating and issued a $30.00 price target on shares of Sprague Resources in a report on Saturday, July 2nd. TheStreet upgraded Sprague Resources from a “sell” rating to a “hold” rating in a report on Wednesday, September 28th. Finally, FBR & Co initiated coverage on Sprague Resources in a report on Friday, September 9th. They issued an “outperform” rating and a $35.00 price target on the stock.
Shares of Sprague Resources (NYSE:SRLP) opened at 23.90 on Friday. The company has a market cap of $509.14 million, a P/E ratio of 9.10 and a beta of 1.56. Sprague Resources has a 12 month low of $15.55 and a 12 month high of $26.00. The firm has a 50 day moving average price of $24.02 and a 200-day moving average price of $23.57.
Sprague Resources (NYSE:SRLP) last issued its quarterly earnings results on Friday, August 5th. The company reported ($0.48) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by $0.26. The firm earned $477.50 million during the quarter, compared to the consensus estimate of $711 million. Sprague Resources had a net margin of 2.35% and a return on equity of 36.19%. Analysts anticipate that Sprague Resources will post $2.23 earnings per share for the current fiscal year.
In related news, insider Paul A. Scoff sold 1,250 shares of Sprague Resources stock in a transaction dated Thursday, September 8th. The stock was sold at an average price of $24.43, for a total value of $30,537.50. Following the sale, the insider now owns 20,155 shares of the company’s stock, valued at $492,386.65. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.
A number of institutional investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. increased its position in shares of Sprague Resources by 4.3% in the first quarter. Goldman Sachs Group Inc. now owns 1,323,015 shares of the company’s stock worth $27,056,000 after buying an additional 54,471 shares during the period. Harvest Fund Advisors LLC increased its position in shares of Sprague Resources by 2.6% in the first quarter. Harvest Fund Advisors LLC now owns 438,258 shares of the company’s stock worth $8,962,000 after buying an additional 11,189 shares during the period. Cribstone Capital Management LLC acquired a new position in shares of Sprague Resources during the second quarter worth $124,000. Acadian Asset Management LLC increased its position in shares of Sprague Resources by 33.9% in the second quarter. Acadian Asset Management LLC now owns 192,836 shares of the company’s stock worth $4,649,000 after buying an additional 48,824 shares during the period. Finally, Bank of New York Mellon Corp acquired a new position in shares of Sprague Resources during the second quarter worth $717,000. 53.57% of the stock is currently owned by hedge funds and other institutional investors.
About Sprague Resources
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, natural gas, materials handling and other operations.
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