BidaskClub Lowers Sprague Resources LP (NYSE:SRLP) to Sell
Sprague Resources LP (NYSE:SRLP) was downgraded by equities research analysts at BidaskClub from a “hold” rating to a “sell” rating in a report released on Sunday.
A number of other research analysts also recently issued reports on SRLP. Janney Montgomery Scott raised Sprague Resources from a “neutral” rating to a “buy” rating and boosted their price target for the company from $28.00 to $31.00 in a report on Monday, March 20th. Zacks Investment Research raised Sprague Resources from a “strong sell” rating to a “hold” rating and set a $29.00 price target for the company in a report on Tuesday, May 9th. Two analysts have rated the stock with a sell rating and three have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $31.67.
Sprague Resources (NYSE:SRLP) traded up 0.74% during midday trading on Friday, reaching $27.20. 33,097 shares of the company traded hands. The firm has a 50-day moving average of $27.40 and a 200-day moving average of $27.07. The stock has a market capitalization of $613.17 million, a P/E ratio of 13.84 and a beta of 1.41. Sprague Resources has a 1-year low of $22.50 and a 1-year high of $30.75.
Sprague Resources (NYSE:SRLP) last released its earnings results on Monday, May 8th. The oil and gas company reported $2.94 EPS for the quarter, topping the Zacks’ consensus estimate of $1.39 by $1.55. Sprague Resources had a return on equity of 29.85% and a net margin of 1.72%. The firm had revenue of $917.81 million during the quarter, compared to the consensus estimate of $791.49 million. On average, analysts predict that Sprague Resources will post $4.46 earnings per share for the current year.
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In other Sprague Resources news, Director Ben J. Hennelly sold 2,456 shares of the business’s stock in a transaction that occurred on Wednesday, May 17th. The stock was sold at an average price of $26.94, for a total value of $66,164.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
A number of hedge funds and other institutional investors have recently made changes to their positions in SRLP. Renaissance Technologies LLC increased its position in shares of Sprague Resources by 23.5% in the fourth quarter. Renaissance Technologies LLC now owns 43,964 shares of the oil and gas company’s stock worth $1,235,000 after buying an additional 8,364 shares during the last quarter. Spirit of America Management Corp NY increased its position in shares of Sprague Resources by 1.1% in the first quarter. Spirit of America Management Corp NY now owns 220,282 shares of the oil and gas company’s stock worth $5,970,000 after buying an additional 2,419 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Sprague Resources by 11.1% in the first quarter. Bank of New York Mellon Corp now owns 37,419 shares of the oil and gas company’s stock worth $1,014,000 after buying an additional 3,736 shares during the last quarter. Acrospire Investment Management LLC increased its position in shares of Sprague Resources by 116.0% in the first quarter. Acrospire Investment Management LLC now owns 3,905 shares of the oil and gas company’s stock worth $106,000 after buying an additional 2,097 shares during the last quarter. Finally, Friedberg Investment Management bought a new position in shares of Sprague Resources during the first quarter worth about $224,000. 24.41% of the stock is owned by institutional investors.
About Sprague Resources
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