Suburban Propane Partners LP (SPH) Stock Rating Upgraded by Zacks Investment Research
Suburban Propane Partners LP (NYSE:SPH) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Tuesday. The firm presently has a $38.00 price objective on the stock. Zacks Investment Research’s target price suggests a potential upside of 14.18% from the stock’s current price.
According to Zacks, “Suburban Propane Partners, L.P., a publicly traded Delaware limited partnership is engaged, through subsidiaries, in the retail and wholesale marketing of propane and related appliances and services. The Partnership believes it is the third largest retail marketer of propane in the United States, Suburban Propane Partners serves active residential, commercial, industrial and agricultural customers from customer service centers in over 40 states. The Partnership’s operations are concentrated in the east and west coast regions of the United States. “
SPH has been the topic of a number of other reports. Stifel Nicolaus upgraded shares of Suburban Propane Partners from a “hold” rating to a “buy” rating and boosted their price target for the stock from $34.00 to $36.00 in a research note on Thursday, October 13th. Argus reiterated a “hold” rating on shares of Suburban Propane Partners in a research note on Monday, July 11th. Finally, Janney Montgomery Scott started coverage on shares of Suburban Propane Partners in a research note on Wednesday, July 20th. They set a “neutral” rating and a $30.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $34.43.
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Shares of Suburban Propane Partners (NYSE:SPH) opened at 33.28 on Tuesday. The firm has a 50-day moving average of $32.98 and a 200-day moving average of $32.74. The firm has a market cap of $2.02 billion, a P/E ratio of 289.39 and a beta of 0.69. Suburban Propane Partners has a 12-month low of $20.93 and a 12-month high of $37.10.
Suburban Propane Partners (NYSE:SPH) last posted its quarterly earnings data on Thursday, August 4th. The company reported ($0.49) EPS for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.14. The business earned $205.10 million during the quarter, compared to analyst estimates of $218.29 million. The company’s revenue for the quarter was down 6.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.67) earnings per share. On average, equities analysts forecast that Suburban Propane Partners will post $0.42 earnings per share for the current fiscal year.
A number of hedge funds have recently added to or reduced their stakes in the company. Creative Planning increased its stake in Suburban Propane Partners by 1.5% in the third quarter. Creative Planning now owns 26,612 shares of the company’s stock worth $886,000 after buying an additional 396 shares in the last quarter. Williams Jones & Associates LLC increased its stake in shares of Suburban Propane Partners by 2.5% in the second quarter. Williams Jones & Associates LLC now owns 8,165 shares of the company’s stock valued at $273,000 after buying an additional 200 shares during the period. Royal Bank of Canada increased its stake in shares of Suburban Propane Partners by 7.7% in the second quarter. Royal Bank of Canada now owns 1,269,849 shares of the company’s stock valued at $42,412,000 after buying an additional 91,208 shares during the period. Cohen & Steers Inc. increased its stake in shares of Suburban Propane Partners by 13,893.8% in the second quarter. Cohen & Steers Inc. now owns 31,179,168 shares of the company’s stock valued at $1,529,026,000 after buying an additional 30,956,361 shares during the period. Finally, Stifel Financial Corp increased its stake in shares of Suburban Propane Partners by 0.3% in the second quarter. Stifel Financial Corp now owns 113,461 shares of the company’s stock valued at $3,791,000 after buying an additional 313 shares during the period.
Suburban Propane Partners Company Profile
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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