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 (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.
COPYRIGHT VIOLATION NOTICE: This story was first published by American Banking News and is owned by of American Banking News. If you are reading this story on another publication, it was illegally copied and reposted in violation of international trademark and copyright law. The legal version of this story can be viewed at https://www.americanbankingnews.com/2017/10/11/sprague-resources-lp-srlp-lifted-to-hold-at-zacks-investment-research.html.
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
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Sprague Resources LP Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sprague Resources LP and related companies with MarketBeat.com's FREE daily email newsletter.