Suburban Propane Partners LP (SPH) Shares Down 2.4%
Shares of Suburban Propane Partners LP (NYSE:SPH) dropped 2.4% during trading on Friday . The company traded as low as $33.72 and last traded at $33.98, with a volume of 145,974 shares trading hands. The stock had previously closed at $34.80.
SPH has been the subject of several analyst reports. Janney Montgomery Scott initiated coverage on shares of Suburban Propane Partners in a research note on Wednesday, July 20th. They issued a “neutral” rating and a $30.00 price target for the company. Zacks Investment Research cut shares of Suburban Propane Partners from a “hold” rating to a “strong sell” rating in a research note on Wednesday, April 6th. Citigroup Inc. cut shares of Suburban Propane Partners from a “buy” rating to a “neutral” rating and increased their price target for the company from $29.00 to $32.00 in a research note on Friday, May 20th. Finally, Argus reissued a “hold” rating on shares of Suburban Propane Partners in a research note on Monday, July 11th. Two analysts have rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $32.83.
The company’s market capitalization is $2.07 billion. The firm has a 50-day moving average price of $33.46 and a 200-day moving average price of $30.05.
Suburban Propane Partners (NYSE:SPH) last released its quarterly earnings data on Thursday, May 5th. The company reported $1.51 EPS for the quarter, missing analysts’ consensus estimates of $2.33 by $0.82. During the same quarter in the prior year, the company posted $2.26 earnings per share. The company had revenue of $404.10 million for the quarter, compared to analysts’ expectations of $529.47 million. The company’s quarterly revenue was down 32.6% compared to the same quarter last year. Equities analysts expect that Suburban Propane Partners LP will post $0.27 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 9th. Investors of record on Tuesday, August 2nd will be issued a dividend of $0.8875 per share. This represents a $3.55 dividend on an annualized basis and a yield of 10.42%. The ex-dividend date is Friday, July 29th.
A hedge fund recently raised its stake in Suburban Propane Partners stock. Atlantic Trust Group LLC raised its position in Suburban Propane Partners LP (NYSE:SPH) by 98.4% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,173,576 shares of the company’s stock after buying an additional 581,931 shares during the period. Atlantic Trust Group LLC owned about 1.93% of Suburban Propane Partners worth $28,530,000 at the end of the most recent reporting period.
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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