Zacks Investment Research upgraded shares of Sprague Resources (NYSE:SRLP) from a sell rating to a hold rating in a research note released on Thursday, Zacks.com reports.
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. “
Separately, ValuEngine raised Sprague Resources from a sell rating to a hold rating in a research note on Friday, January 3rd.
NYSE:SRLP traded down $0.34 during mid-day trading on Thursday, hitting $14.85. The company had a trading volume of 59,300 shares, compared to its average volume of 48,567. Sprague Resources has a fifty-two week low of $14.67 and a fifty-two week high of $20.54. The business’s fifty day moving average is $16.60 and its two-hundred day moving average is $16.87. The company has a debt-to-equity ratio of 5.69, a quick ratio of 1.01 and a current ratio of 1.61. The firm has a market cap of $344.63 million, a P/E ratio of 6.81 and a beta of 1.52.
The business also recently announced a quarterly dividend, which was paid on Monday, February 10th. Shareholders of record on Tuesday, February 4th were paid a $0.668 dividend. This is a positive change from Sprague Resources’s previous quarterly dividend of $0.67. The ex-dividend date was Monday, February 3rd. This represents a $2.67 annualized dividend and a yield of 17.99%. Sprague Resources’s dividend payout ratio is presently 84.49%.
A number of large investors have recently added to or reduced their stakes in the business. Beaton Management Co. Inc. lifted its stake in Sprague Resources by 6.4% in the third quarter. Beaton Management Co. Inc. now owns 21,700 shares of the oil and gas company’s stock valued at $384,000 after buying an additional 1,300 shares during the period. California Public Employees Retirement System lifted its stake in Sprague Resources by 4.0% in the third quarter. California Public Employees Retirement System now owns 47,381 shares of the oil and gas company’s stock valued at $839,000 after buying an additional 1,837 shares during the period. Tower Research Capital LLC TRC acquired a new position in Sprague Resources in the fourth quarter valued at about $46,000. Russell Investments Group Ltd. lifted its stake in Sprague Resources by 895.2% in the fourth quarter. Russell Investments Group Ltd. now owns 56,331 shares of the oil and gas company’s stock valued at $953,000 after buying an additional 50,671 shares during the period. Finally, Hartree Partners LP lifted its stake in Sprague Resources by 75.5% in the fourth quarter. Hartree Partners LP now owns 169,877 shares of the oil and gas company’s stock valued at $2,874,000 after buying an additional 73,095 shares during the period. 15.79% of the stock is currently owned by hedge funds and other institutional investors.
About Sprague Resources
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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