First Manhattan Co. Decreases Stake in Suburban Propane Partners, L.P. (SPH)

First Manhattan Co. reduced its stake in Suburban Propane Partners, L.P. (NYSE:SPH) by 20.2% during the second quarter, Holdings Channel reports. The firm owned 8,300 shares of the energy company’s stock after selling 2,100 shares during the period. First Manhattan Co.’s holdings in Suburban Propane Partners, L.P. were worth $197,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SPH. OppenheimerFunds Inc. raised its stake in Suburban Propane Partners, L.P. by 18.6% in the first quarter. OppenheimerFunds Inc. now owns 4,614,383 shares of the energy company’s stock valued at $124,404,000 after buying an additional 723,317 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Suburban Propane Partners, L.P. by 7.1% in the first quarter. JPMorgan Chase & Co. now owns 945,351 shares of the energy company’s stock valued at $25,486,000 after buying an additional 62,323 shares during the last quarter. Clearbridge Investments LLC raised its stake in Suburban Propane Partners, L.P. by 8.9% in the first quarter. Clearbridge Investments LLC now owns 869,630 shares of the energy company’s stock valued at $23,445,000 after buying an additional 71,000 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in Suburban Propane Partners, L.P. by 27.6% in the first quarter. Goldman Sachs Group Inc. now owns 816,752 shares of the energy company’s stock valued at $22,020,000 after buying an additional 176,872 shares during the last quarter. Finally, Morgan Stanley raised its stake in Suburban Propane Partners, L.P. by 37.2% in the first quarter. Morgan Stanley now owns 618,482 shares of the energy company’s stock valued at $16,674,000 after buying an additional 167,691 shares during the last quarter. Institutional investors own 28.41% of the company’s stock.

Shares of Suburban Propane Partners, L.P. (NYSE:SPH) opened at 24.08 on Friday. The stock has a market capitalization of $1.47 billion, a price-to-earnings ratio of 52.01 and a beta of 0.64. Suburban Propane Partners, L.P. has a 52-week low of $22.71 and a 52-week high of $34.50. The firm’s 50-day moving average is $24.42 and its 200 day moving average is $25.57.

Suburban Propane Partners, L.P. (NYSE:SPH) last released its quarterly earnings results on Thursday, August 3rd. The energy company reported ($0.48) EPS for the quarter, topping analysts’ consensus estimates of ($0.59) by $0.11. Suburban Propane Partners, L.P. had a net margin of 2.46% and a return on equity of 4.09%. The firm had revenue of $222.90 million during the quarter, compared to analysts’ expectations of $221.93 million. During the same period in the previous year, the company earned ($0.49) EPS. The firm’s revenue for the quarter was up 8.7% compared to the same quarter last year. Equities analysts expect that Suburban Propane Partners, L.P. will post $0.58 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 8th. Investors of record on Tuesday, August 1st were paid a dividend of $0.8875 per share. The ex-dividend date was Friday, July 28th. This is a boost from Suburban Propane Partners, L.P.’s previous quarterly dividend of $0.89. This represents a $3.55 dividend on an annualized basis and a dividend yield of 14.74%. Suburban Propane Partners, L.P.’s payout ratio is currently 788.89%.

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Several analysts have issued reports on SPH shares. BidaskClub upgraded shares of Suburban Propane Partners, L.P. from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Zacks Investment Research upgraded shares of Suburban Propane Partners, L.P. from a “sell” rating to a “hold” rating in a research report on Tuesday. Citigroup Inc. upgraded shares of Suburban Propane Partners, L.P. from a “neutral” rating to a “buy” rating and cut their price target for the company from $32.00 to $27.00 in a research report on Thursday, July 27th. Finally, Stifel Nicolaus upped their price target on shares of Suburban Propane Partners, L.P. to $29.00 and gave the company a “hold” rating in a research report on Tuesday, April 18th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $30.80.

About Suburban Propane Partners, L.P.

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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Institutional Ownership by Quarter for Suburban Propane Partners, L.P. (NYSE:SPH)

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