An issue of Suburban Propane Partners LP (NYSE:SPH) debt rose 1.5% against its face value during trading on Monday. The high-yield issue of debt has a 5.5% coupon and will mature on June 1, 2024. The debt is now trading at $98.50 and was trading at $99.45 one week ago. Price moves in a company’s debt in credit markets sometimes predict parallel moves in its stock price.
A number of research firms have issued reports on SPH. Zacks Investment Research downgraded shares of Suburban Propane Partners from a “hold” rating to a “strong sell” rating in a report on Wednesday, December 14th. Stifel Nicolaus downgraded shares of Suburban Propane Partners from a “buy” rating to a “hold” rating and cut their price objective for the company from $34.00 to $29.00 in a report on Tuesday, February 14th. Two analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $31.80.
Suburban Propane Partners LP (NYSE:SPH) traded up 1.44% during mid-day trading on Monday, reaching $26.11. 395,214 shares of the company’s stock were exchanged. The company has a 50-day moving average of $27.26 and a 200-day moving average of $30.24. Suburban Propane Partners LP has a 52-week low of $24.00 and a 52-week high of $37.10. The stock has a market cap of $1.59 billion, a price-to-earnings ratio of 43.44 and a beta of 0.88.
Suburban Propane Partners (NYSE:SPH) last released its quarterly earnings data on Thursday, February 2nd. The company reported $0.56 earnings per share for the quarter, missing analysts’ consensus estimates of $0.68 by $0.12. Suburban Propane Partners had a net margin of 3.37% and a return on equity of 4.69%. The business earned $317.30 million during the quarter, compared to the consensus estimate of $355.85 million. During the same period last year, the business posted $0.20 earnings per share. The firm’s quarterly revenue was up 15.0% on a year-over-year basis. Equities research analysts anticipate that Suburban Propane Partners LP will post $1.38 earnings per share for the current year.
In other news, Director William M. Landuyt purchased 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 15th. The shares were bought at an average cost of $24.38 per share, with a total value of $97,520.00. Following the completion of the transaction, the director now directly owns 20,560 shares of the company’s stock, valued at $501,252.80. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Harold R. Logan, Jr. sold 3,500 shares of the firm’s stock in a transaction dated Wednesday, March 1st. The shares were sold at an average price of $26.18, for a total transaction of $91,630.00. Following the transaction, the director now directly owns 27,574 shares in the company, valued at $721,887.32. The disclosure for this sale can be found here. 0.64% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Williams Jones & Associates LLC raised its position in Suburban Propane Partners by 2.5% in the second quarter. Williams Jones & Associates LLC now owns 8,165 shares of the company’s stock worth $273,000 after buying an additional 200 shares during the last quarter. Creative Planning raised its position in Suburban Propane Partners by 1.5% in the third quarter. Creative Planning now owns 26,612 shares of the company’s stock worth $886,000 after buying an additional 396 shares during the last quarter. Smith Chas P & Associates PA Cpas raised its position in Suburban Propane Partners by 104.8% in the third quarter. Smith Chas P & Associates PA Cpas now owns 13,025 shares of the company’s stock worth $519,000 after buying an additional 6,665 shares during the last quarter. Bank of Montreal Can raised its position in Suburban Propane Partners by 101.2% in the third quarter. Bank of Montreal Can now owns 4,300 shares of the company’s stock worth $143,000 after buying an additional 2,163 shares during the last quarter. Finally, First Manhattan Co. raised its position in Suburban Propane Partners by 39.2% in the third quarter. First Manhattan Co. now owns 11,000 shares of the company’s stock worth $366,000 after buying an additional 3,100 shares during the last quarter. 29.05% of the stock is currently owned by institutional investors.
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About Suburban Propane Partners
Suburban Propane Partners, L.P. is a marketer and distributor of a range of products. The Company specializes in the distribution of propane, fuel oil and refined fuels, as well as the marketing of natural gas and electricity in deregulated markets. The Company’s segments include Propane, Fuel Oil and Refined Fuels, Natural Gas and Electricity, and All Other.
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