Suburban Propane Partners (NYSE:SPH) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research cut shares of Suburban Propane Partners (NYSE:SPH) from a buy rating to a hold rating in a research note issued to investors on Friday, Zacks.com reports.

According to Zacks, “Suburban Propane Partners, L.P., a publicly traded Delaware limited partnership is engaged, through subsidiaries, in the retail and wholesale marketing of propane and related appliances and services. The Partnership believes it is the third largest retail marketer of propane in the United States, Suburban Propane Partners serves active residential, commercial, industrial and agricultural customers from customer service centers in over 40 states. The Partnership’s operations are concentrated in the east and west coast regions of the United States. “

A number of other equities analysts also recently commented on the company. TheStreet upgraded Voya Financial from a c+ rating to a b- rating in a report on Friday, April 5th. ValuEngine upgraded ZEALAND PHARMA/S from a sell rating to a hold rating in a report on Friday, March 15th.

NYSE:SPH opened at $23.68 on Friday. The stock has a 50 day moving average price of $23.64. Suburban Propane Partners has a 52 week low of $18.63 and a 52 week high of $24.63. The firm has a market capitalization of $1.47 billion, a P/E ratio of 19.10, a P/E/G ratio of 4.91 and a beta of 0.87. The company has a quick ratio of 1.02, a current ratio of 1.30 and a debt-to-equity ratio of 2.18.

Suburban Propane Partners (NYSE:SPH) last released its quarterly earnings data on Thursday, May 9th. The energy company reported $1.94 EPS for the quarter, topping analysts’ consensus estimates of $1.86 by $0.08. Suburban Propane Partners had a return on equity of 15.24% and a net margin of 6.18%. The firm had revenue of $504.38 million for the quarter, compared to the consensus estimate of $556.16 million. On average, equities analysts predict that Suburban Propane Partners will post 1.21 earnings per share for the current year.

In other Suburban Propane Partners news, insider Douglas Brinkworth sold 9,000 shares of the stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $24.25, for a total transaction of $218,250.00. Following the transaction, the insider now owns 83,108 shares in the company, valued at $2,015,369. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Daniel S. Bloomstein sold 3,000 shares of the stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $24.30, for a total value of $72,900.00. Following the transaction, the vice president now owns 24,778 shares in the company, valued at approximately $602,105.40. The disclosure for this sale can be found here. Insiders sold 32,218 shares of company stock worth $767,675 in the last 90 days. 0.75% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in SPH. OppenheimerFunds Inc. boosted its position in shares of Suburban Propane Partners by 20.0% in the first quarter. OppenheimerFunds Inc. now owns 7,015,333 shares of the energy company’s stock valued at $157,214,000 after acquiring an additional 1,171,533 shares during the period. Clearbridge Investments LLC lifted its position in Suburban Propane Partners by 12.6% in the first quarter. Clearbridge Investments LLC now owns 812,827 shares of the energy company’s stock worth $18,215,000 after purchasing an additional 90,800 shares during the period. Energy Income Partners LLC lifted its position in Suburban Propane Partners by 6.3% in the fourth quarter. Energy Income Partners LLC now owns 400,198 shares of the energy company’s stock worth $7,712,000 after purchasing an additional 23,574 shares during the period. Jane Street Group LLC bought a new position in Suburban Propane Partners in the fourth quarter worth $2,802,000. Finally, Raymond James Financial Services Advisors Inc. lifted its position in Suburban Propane Partners by 19.4% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 137,756 shares of the energy company’s stock worth $3,087,000 after purchasing an additional 22,337 shares during the period. Institutional investors own 31.10% of the company’s stock.

Suburban Propane Partners Company Profile

Suburban Propane Partners, L.P., through its subsidiaries, engages in the retail marketing and distribution of propane, fuel oil, and refined fuels. The company operates in four segments: Propane, Fuel Oil and Refined Fuels, Natural Gas and Electricity, and All Other. The Propane segment is involved in the retail distribution of propane to residential, commercial, industrial, and agricultural customers, as well as in the wholesale distribution to industrial end users.

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