Superior Plus (TSE:SPB) Shares Down 21.1% on Analyst Downgrade

Superior Plus Corp. (TSE:SPB)’s share price dropped 21.1% during trading on Saturday after CIBC lowered their price target on the stock from C$9.00 to C$8.50. The company traded as low as C$6.06 and last traded at C$6.29. Approximately 5,946,604 shares traded hands during trading, an increase of 655% from the average daily volume of 787,353 shares. The stock had previously closed at C$7.97.

Other analysts have also recently issued research reports about the stock. TD Securities boosted their price target on Superior Plus from C$8.00 to C$9.00 and gave the company a “hold” rating in a research note on Thursday, October 9th. Raymond James Financial cut their target price on shares of Superior Plus from C$10.50 to C$10.00 and set an “outperform” rating on the stock in a research note on Thursday, August 14th. BMO Capital Markets raised their price target on shares of Superior Plus from C$8.00 to C$10.00 in a report on Friday, October 10th. Finally, Desjardins dropped their price objective on shares of Superior Plus from C$10.50 to C$9.75 and set a “buy” rating on the stock in a report on Wednesday, August 13th. Five equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of C$9.41.

Superior Plus Price Performance

The firm has a market cap of C$1.40 billion, a PE ratio of 29.95 and a beta of 0.18. The firm’s fifty day simple moving average is C$7.83 and its two-hundred day simple moving average is C$7.62. The company has a quick ratio of 0.46, a current ratio of 0.67 and a debt-to-equity ratio of 193.35.

Superior Plus (TSE:SPB) last released its earnings results on Thursday, November 13th. The company reported C($0.47) earnings per share for the quarter. The company had revenue of C$470.64 million for the quarter. Superior Plus had a net margin of 1.80% and a return on equity of 4.21%.

Superior Plus Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Wednesday, October 15th were given a dividend of $0.045 per share. The ex-dividend date of this dividend was Monday, September 29th. This represents a $0.18 dividend on an annualized basis and a dividend yield of 2.9%. Superior Plus’s dividend payout ratio is presently 109.01%.

About Superior Plus

Superior is a leading North American distributor of propane, compressed natural gas, renewable energy and related products and services, servicing approximately 770,000 customer locations in the U.S. and Canada. Through its primary businesses, propane distribution and CNG, RNG and hydrogen distribution, Superior safely delivers clean burning fuels to residential, commercial, utility, agricultural and industrial customers not connected to a pipeline.