Zacks Investment Research cut shares of Sprague Resources (NYSE:SRLP) from a buy rating to a hold rating in a report published on Friday 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. “

SRLP has been the topic of a number of other research reports. ValuEngine downgraded Sprague Resources from a buy rating to a hold rating in a research note on Thursday, October 4th. TheStreet downgraded Sprague Resources from a b rating to a c rating in a research note on Thursday, October 11th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and one has given a buy rating to the company. Sprague Resources currently has a consensus rating of Hold and an average target price of $28.00.

Sprague Resources stock opened at $18.26 on Friday. The company has a current ratio of 1.85, a quick ratio of 1.05 and a debt-to-equity ratio of 4.62. The stock has a market cap of $417.17 million, a price-to-earnings ratio of 16.16 and a beta of 1.28. Sprague Resources has a fifty-two week low of $17.84 and a fifty-two week high of $29.00.

Sprague Resources (NYSE:SRLP) last posted its quarterly earnings results on Wednesday, November 7th. The oil and gas company reported ($0.90) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.20) by ($0.70). The firm had revenue of $618.46 million for the quarter, compared to analysts’ expectations of $666.39 million. Sprague Resources had a net margin of 0.73% and a return on equity of 17.62%. On average, research analysts forecast that Sprague Resources will post 2.54 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Tuesday, November 13th. Stockholders of record on Tuesday, November 6th were paid a $0.6675 dividend. The ex-dividend date of this dividend was Monday, November 5th. This represents a $2.67 dividend on an annualized basis and a dividend yield of 14.62%. Sprague Resources’s payout ratio is 236.28%.

Several institutional investors and hedge funds have recently modified their holdings of the company. Cardan Capital Partners LLC purchased a new stake in shares of Sprague Resources in the third quarter worth about $213,000. First Trust Advisors LP purchased a new stake in shares of Sprague Resources in the third quarter worth about $7,172,000. Jane Street Group LLC purchased a new stake in shares of Sprague Resources in the second quarter worth about $414,000. Tower Research Capital LLC TRC purchased a new stake in shares of Sprague Resources in the second quarter worth about $101,000. Finally, First Republic Investment Management Inc. boosted its stake in shares of Sprague Resources by 197.1% in the second quarter. First Republic Investment Management Inc. now owns 37,370 shares of the oil and gas company’s stock worth $949,000 after buying an additional 24,791 shares during the last quarter. Hedge funds and other institutional investors own 21.23% of the company’s stock.

Sprague Resources Company Profile

Sprague Resources LP engages in the purchase, storage, distribution, and sale of refined petroleum products and natural gas in the United States. The company operates through four segments: Refined Products, Natural Gas, Materials Handling, and Other Operations. The Refined Products segment purchases and sells various refined products, such as heating oil, diesel fuel, residual fuel oil, kerosene, jet fuel, gasoline, and asphalt to wholesale, retail, and commercial customers.

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