Superior Plus (TSE:SPB) Shares Down 21.1% After Analyst Downgrade

Superior Plus Corp. (TSE:SPB) shares were down 21.1% on Saturday after CIBC lowered their price target on the stock from C$9.00 to C$8.50. The stock traded as low as C$6.06 and last traded at C$6.29. Approximately 5,946,604 shares traded hands during mid-day trading, an increase of 655% from the average daily volume of 787,353 shares. The stock had previously closed at C$7.97.

A number of other analysts have also weighed in on the stock. Desjardins lowered their price target on shares of Superior Plus from C$10.50 to C$9.75 and set a “buy” rating for the company in a report on Wednesday, August 13th. TD Securities lifted their target price on Superior Plus from C$8.00 to C$9.00 and gave the company a “hold” rating in a research note on Thursday, October 9th. BMO Capital Markets boosted their target price on Superior Plus from C$8.00 to C$10.00 in a research report on Friday, October 10th. Finally, Raymond James Financial decreased their price target on Superior Plus from C$10.50 to C$10.00 and set an “outperform” rating on the stock in a report on Thursday, August 14th. Five investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Superior Plus currently has an average rating of “Moderate Buy” and a consensus price target of C$9.41.

Superior Plus Trading Down 21.1%

The company has a current ratio of 0.67, a quick ratio of 0.46 and a debt-to-equity ratio of 193.35. The firm has a market capitalization of C$1.40 billion, a P/E ratio of 29.95 and a beta of 0.18. The business has a 50 day moving average of C$7.83 and a 200-day moving average of C$7.63.

Superior Plus (TSE:SPB) last announced its quarterly earnings results on Thursday, November 13th. The company reported C($0.47) earnings per share for the quarter. The company had revenue of C$470.64 million during the quarter. Superior Plus had a net margin of 1.80% and a return on equity of 4.21%.

Superior Plus Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Wednesday, October 15th were paid a $0.045 dividend. The ex-dividend date of this dividend was Monday, September 29th. This represents a $0.18 dividend on an annualized basis and a yield of 2.9%. Superior Plus’s dividend payout ratio is presently 109.01%.

About Superior Plus

Superior is a leading North American distributor of propane, compressed natural gas, renewable energy and related products and services, servicing approximately 770,000 customer locations in the U.S. and Canada. Through its primary businesses, propane distribution and CNG, RNG and hydrogen distribution, Superior safely delivers clean burning fuels to residential, commercial, utility, agricultural and industrial customers not connected to a pipeline.