Sprague Resources LP (SRLP) Lifted to “Hold” at Zacks Investment Research
Sprague Resources LP (NYSE:SRLP) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report released on Wednesday.
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, BidaskClub upgraded shares of Sprague Resources from a “sell” rating to a “hold” rating in a research note on Monday, July 31st. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $33.00.
Sprague Resources (SRLP) traded up 0.19% during trading on Wednesday, reaching $25.70. 4,330 shares of the company’s stock traded hands. Sprague Resources has a 12 month low of $22.50 and a 12 month high of $30.75. The firm has a market cap of $579.38 million, a PE ratio of 13.05 and a beta of 1.38. The firm has a 50 day moving average price of $25.34 and a 200-day moving average price of $26.62.
Sprague Resources (NYSE:SRLP) last released its quarterly earnings data on Wednesday, August 9th. The oil and gas company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.40). The firm had revenue of $513.63 million for the quarter, compared to analyst estimates of $529.66 million. Sprague Resources had a return on equity of 29.64% and a net margin of 1.77%. On average, analysts forecast that Sprague Resources will post $4.00 earnings per share for the current fiscal year.
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A number of hedge funds and other institutional investors have recently made changes to their positions in SRLP. Bank of New York Mellon Corp increased its position in Sprague Resources by 11.1% in the 1st quarter. Bank of New York Mellon Corp now owns 37,419 shares of the oil and gas company’s stock valued at $1,014,000 after acquiring an additional 3,736 shares during the period. UBS Group AG boosted its stake in Sprague Resources by 79.3% during the first quarter. UBS Group AG now owns 19,273 shares of the oil and gas company’s stock worth $522,000 after acquiring an additional 8,523 shares in the last quarter. Renaissance Technologies LLC boosted its stake in Sprague Resources by 11.3% during the first quarter. Renaissance Technologies LLC now owns 48,927 shares of the oil and gas company’s stock worth $1,326,000 after acquiring an additional 4,963 shares in the last quarter. Creative Planning boosted its stake in Sprague Resources by 81.8% during the second quarter. Creative Planning now owns 4,570 shares of the oil and gas company’s stock worth $129,000 after acquiring an additional 2,056 shares in the last quarter. Finally, First Trust Advisors LP bought a new position in Sprague Resources during the second quarter worth $9,192,000. Hedge funds and other institutional investors own 24.63% of the company’s stock.
About Sprague Resources
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