Suburban Propane Partners LP (NYSE:SPH) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.
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. “
Other research analysts have also issued reports about the stock. Argus restated a “hold” rating on shares of Suburban Propane Partners in a research note on Monday, July 11th. Janney Montgomery Scott began coverage on shares of Suburban Propane Partners in a research note on Wednesday, July 20th. They set a “neutral” rating and a $30.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company. Suburban Propane Partners has a consensus rating of “Hold” and a consensus price target of $34.29.
Shares of Suburban Propane Partners (NYSE:SPH) opened at 32.23 on Wednesday. The stock has a 50 day moving average price of $32.99 and a 200 day moving average price of $32.65. The firm has a market capitalization of $1.96 billion, a P/E ratio of 280.26 and a beta of 0.69. Suburban Propane Partners has a 12 month low of $20.93 and a 12 month high of $37.10.
Suburban Propane Partners (NYSE:SPH) last posted its quarterly earnings data on Thursday, August 4th. The company reported ($0.49) EPS for the quarter, beating the consensus estimate of ($0.63) by $0.14. The company earned $205.10 million during the quarter, compared to the consensus estimate of $218.29 million. The company’s revenue was down 6.9% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.67) earnings per share. On average, analysts expect that Suburban Propane Partners will post $0.42 earnings per share for the current year.
Several hedge funds and other institutional investors have recently made changes to their positions in SPH. Cohen & Steers Inc. raised its position in shares of Suburban Propane Partners by 13,893.8% in the second quarter. Cohen & Steers Inc. now owns 31,179,168 shares of the company’s stock worth $1,529,026,000 after buying an additional 30,956,361 shares during the last quarter. Energy Income Partners LLC raised its position in shares of Suburban Propane Partners by 41.0% in the first quarter. Energy Income Partners LLC now owns 2,041,030 shares of the company’s stock worth $61,006,000 after buying an additional 593,851 shares during the last quarter. Harvest Fund Advisors LLC acquired a new position in shares of Suburban Propane Partners during the first quarter worth about $11,961,000. Royal Bank of Canada raised its position in shares of Suburban Propane Partners by 7.7% in the second quarter. Royal Bank of Canada now owns 1,269,849 shares of the company’s stock worth $42,412,000 after buying an additional 91,208 shares during the last quarter. Finally, Janney Montgomery Scott LLC raised its position in shares of Suburban Propane Partners by 104.0% in the second quarter. Janney Montgomery Scott LLC now owns 109,804 shares of the company’s stock worth $3,668,000 after buying an additional 55,984 shares during the last quarter.
About Suburban Propane Partners
Suburban Propane Partners, L.P. (the Partnership) is a marketer and distributor of a range of products meeting the energy needs of the customers. The Company is specialized in the distribution of propane, fuel oil and refined fuels, as well as the marketing of natural gas and electricity in deregulated markets.