Parkland (TSE:PKI) Cut to Neutral at JPMorgan Chase & Co.

JPMorgan Chase & Co. downgraded shares of Parkland (TSE:PKI) from an overweight rating to a neutral rating in a research note published on Wednesday,BayStreet.CA reports. The brokerage currently has C$41.00 price target on the stock, down from their previous price target of C$54.00.

Other analysts have also issued research reports about the company. Raymond James lowered their target price on Parkland from C$47.00 to C$45.00 and set an “outperform” rating for the company in a report on Thursday, April 17th. Scotiabank lowered their target price on Parkland from C$52.00 to C$44.00 and set an “outperform” rating for the company in a report on Tuesday, May 6th. TD Securities lowered Parkland from a “buy” rating to a “sell” rating and decreased their price objective for the company from C$50.00 to C$44.00 in a report on Tuesday, May 6th. ATB Capital decreased their price objective on Parkland from C$46.00 to C$45.00 and set an “outperform” rating for the company in a report on Thursday, April 17th. Finally, BMO Capital Markets lowered Parkland from a “strong-buy” rating to a “hold” rating in a report on Monday, June 2nd. One research analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of C$44.54.

Parkland Stock Down 1.2%

Parkland stock opened at C$37.76 on Wednesday. The business has a fifty day moving average of C$36.63 and a two-hundred day moving average of C$35.54. The company has a quick ratio of 0.73, a current ratio of 1.39 and a debt-to-equity ratio of 199.87. The firm has a market cap of C$6.58 billion, a P/E ratio of 27.21, a P/E/G ratio of 11.79 and a beta of 1.33. Parkland has a twelve month low of C$30.09 and a twelve month high of C$40.29.

Parkland Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Friday, June 20th will be given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 3.81%. This is a boost from Parkland’s previous quarterly dividend of $0.35. Parkland’s payout ratio is presently 100.88%.

Insider Buying and Selling

In related news, Senior Officer Darren Robert Smart sold 5,000 shares of the stock in a transaction dated Monday, March 17th. The stock was sold at an average price of C$36.76, for a total transaction of C$183,800.00. 20.51% of the stock is owned by company insiders.

About Parkland

Parkland Corp distributes and markets fuels and lubricants. Refined fuels and other petroleum products are among the variety of offerings the company delivers to motorists, businesses, consumers, and wholesalers in the United States and Canada. Parkland operates through several subsidiaries that are either company owned-and retailer-operated, dealer-owned and dealer-operated, or dealer-cosigned and dealer-operated.