Sprague Resources LP (SRLP) Stock Rating Upgraded by Janney Montgomery Scott
Sprague Resources LP (NYSE:SRLP) was upgraded by Janney Montgomery Scott from a “neutral” rating to a “buy” rating in a report issued on Monday. The brokerage presently has a $31.00 target price on the stock, up from their prior target price of $28.00. Janney Montgomery Scott’s price objective points to a potential upside of 10.91% from the company’s previous close.
SRLP has been the subject of several other research reports. Zacks Investment Research upgraded Sprague Resources from a “hold” rating to a “buy” rating and set a $31.00 target price for the company in a research note on Thursday, January 5th. FBR & Co set a $35.00 target price on Sprague Resources and gave the stock a “buy” rating in a research note on Thursday.
Sprague Resources (NYSE:SRLP) traded down 0.36% during mid-day trading on Monday, hitting $27.95. The stock had a trading volume of 51,342 shares. The company’s 50 day moving average price is $26.97 and its 200 day moving average price is $25.54. The firm has a market cap of $598.44 million, a PE ratio of 71.85 and a beta of 1.45. Sprague Resources has a 52 week low of $18.15 and a 52 week high of $30.35.
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In other Sprague Resources news, insider Paul A. Scoff sold 1,250 shares of the firm’s stock in a transaction dated Wednesday, January 4th. The stock was sold at an average price of $28.20, for a total value of $35,250.00. Following the sale, the insider now owns 18,905 shares of the company’s stock, valued at approximately $533,121. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
Several hedge funds have recently added to or reduced their stakes in SRLP. Wells Fargo & Company MN boosted its stake in Sprague Resources by 1.5% in the third quarter. Wells Fargo & Company MN now owns 34,005 shares of the company’s stock valued at $806,000 after buying an additional 500 shares during the last quarter. Advantus Capital Management Inc boosted its stake in Sprague Resources by 4.4% in the third quarter. Advantus Capital Management Inc now owns 47,281 shares of the company’s stock valued at $1,120,000 after buying an additional 1,980 shares during the last quarter. Acrospire Investment Management LLC boosted its stake in Sprague Resources by 72.2% in the third quarter. Acrospire Investment Management LLC now owns 10,691 shares of the company’s stock valued at $253,000 after buying an additional 4,481 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in Sprague Resources by 23.5% in the fourth quarter. Renaissance Technologies LLC now owns 43,964 shares of the company’s stock valued at $1,235,000 after buying an additional 8,364 shares during the last quarter. 52.61% of the stock is currently owned by hedge funds and other institutional investors.
Sprague Resources Company Profile
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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