Sprague Resources LP (NYSE:SRLP) declared a quarterly dividend on Monday, January 29th, Wall Street Journal reports. Shareholders of record on Tuesday, February 6th will be given a dividend of 0.6375 per share by the oil and gas company on Monday, February 12th. This represents a $2.55 annualized dividend and a yield of 9.53%. The ex-dividend date of this dividend is Monday, February 5th. This is a positive change from Sprague Resources’s previous quarterly dividend of $0.62.
Sprague Resources has raised its dividend by an average of 15.3% per year over the last three years and has increased its dividend every year for the last 3 years. Sprague Resources has a dividend payout ratio of 79.8% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Equities analysts expect Sprague Resources to earn $3.03 per share next year, which means the company should continue to be able to cover its $2.49 annual dividend with an expected future payout ratio of 82.2%.
Sprague Resources (SRLP) traded up $0.30 during midday trading on Monday, reaching $26.75. 40,411 shares of the company’s stock traded hands, compared to its average volume of 20,806. The company has a quick ratio of 1.16, a current ratio of 2.35 and a debt-to-equity ratio of 0.26. Sprague Resources has a one year low of $22.95 and a one year high of $30.75. The firm has a market capitalization of $596.52, a P/E ratio of 14.78 and a beta of 1.33.
SRLP has been the subject of a number of research reports. BidaskClub raised shares of Sprague Resources from a “sell” rating to a “hold” rating in a report on Friday, October 6th. Zacks Investment Research raised shares of Sprague Resources from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 11th. Finally, B. Riley set a $29.00 target price on shares of Sprague Resources and gave the company a “buy” rating in a report on Monday, December 18th. One analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. Sprague Resources presently has an average rating of “Hold” and an average target price of $31.67.
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About Sprague Resources
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, which purchases a range of refined products, such as heating oil, diesel fuel, residual fuel oil, asphalt, kerosene, jet fuel and gasoline from refining companies, trading organizations and producers; natural gas, which purchases natural gas from natural gas producers and trading companies, and sells and distributes natural gas to commercial and industrial customers in the Northeast and Mid-Atlantic United States; materials handling, which offloads, stores and prepares for delivery a range of customer-owned products, including asphalt, clay slurry, coal and heavy equipment, and other operations, which include the purchase and distribution of coal, certain commercial trucking activities and the heating equipment service business.
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