Sprague Resources (NYSE:SRLP) Lowered to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Sprague Resources (NYSE:SRLP) from a buy rating to a hold rating in a report issued on Tuesday, Zacks.com reports.

According to Zacks, “Sprague Resources LP operates as suppliers of energy and materials handling services. The Company stores, distributes, and sells refined petroleum products and natural gas. Its products include home heating oil, diesel fuels, residual fuels, gasoline and natural gas. Sprague Resources LP is based in Portsmouth, New Hampshire. “

Separately, ValuEngine upgraded shares of Sprague Resources from a sell rating to a hold rating in a report on Friday, January 3rd.

NYSE:SRLP opened at $16.73 on Tuesday. The stock has a market cap of $376.70 million, a P/E ratio of 5.29 and a beta of 1.49. The firm’s fifty day simple moving average is $16.57 and its 200 day simple moving average is $17.14. Sprague Resources has a twelve month low of $14.67 and a twelve month high of $20.54. The company has a quick ratio of 1.01, a current ratio of 1.61 and a debt-to-equity ratio of 5.69.

Sprague Resources (NYSE:SRLP) last released its quarterly earnings results on Thursday, November 7th. The oil and gas company reported ($0.43) earnings per share for the quarter, beating the consensus estimate of ($0.49) by $0.06. The business had revenue of $582.59 million for the quarter, compared to analysts’ expectations of $478.60 million. Sprague Resources had a net margin of 1.50% and a return on equity of 42.63%. On average, analysts expect that Sprague Resources will post 1.42 EPS for the current fiscal year.

Several hedge funds have recently made changes to their positions in SRLP. Invesco Ltd. bought a new stake in shares of Sprague Resources during the 2nd quarter valued at $29,048,000. Russell Investments Group Ltd. boosted its holdings in shares of Sprague Resources by 8.6% during the 2nd quarter. Russell Investments Group Ltd. now owns 27,690 shares of the oil and gas company’s stock valued at $491,000 after buying an additional 2,190 shares in the last quarter. Beaton Management Co. Inc. boosted its holdings in shares of Sprague Resources by 11.5% during the 2nd quarter. Beaton Management Co. Inc. now owns 20,400 shares of the oil and gas company’s stock valued at $362,000 after buying an additional 2,100 shares in the last quarter. California Public Employees Retirement System boosted its holdings in shares of Sprague Resources by 4.0% during the 3rd quarter. California Public Employees Retirement System now owns 47,381 shares of the oil and gas company’s stock valued at $839,000 after buying an additional 1,837 shares in the last quarter. Finally, HM Payson & Co. bought a new stake in shares of Sprague Resources during the 2nd quarter valued at $27,000. Hedge funds and other institutional investors own 15.91% of the company’s stock.

About Sprague Resources

Sprague Resources LP engages in the purchase, storage, distribution, and sale of refined petroleum products and natural gas in the United States. The company operates through four segments: Refined Products, Natural Gas, Materials Handling, and Other Operations. The Refined Products segment purchases and sells various refined products, such as heating oil, diesel fuel, residual fuel oil, kerosene, jet fuel, gasoline, and asphalt to wholesale, retail, and commercial customers.

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