Zacks Investment Research upgraded shares of Suburban Propane Partners LP (NYSE:SPH) from a hold rating to a strong-buy rating in a research report report published on Tuesday. They currently have $38.00 price objective on the stock.
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. “
Several other research analysts have also issued reports on SPH. Argus reiterated a hold rating on shares of Suburban Propane Partners in a report on Monday, July 11th. Janney Montgomery Scott started coverage on Suburban Propane Partners in a report on Wednesday, July 20th. They issued a neutral rating and a $30.00 price target on the stock. Finally, Stifel Nicolaus upgraded Suburban Propane Partners from a hold rating to a buy rating and increased their price target for the stock from $34.00 to $36.00 in a report on Thursday, October 13th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. Suburban Propane Partners has a consensus rating of Hold and a consensus price target of $34.43.
Suburban Propane Partners (NYSE:SPH) traded up 0.09% on Tuesday, hitting $33.74. The company had a trading volume of 23,413 shares. The stock has a 50 day moving average of $32.99 and a 200-day moving average of $32.77. The stock has a market capitalization of $2.05 billion, a PE ratio of 293.39 and a beta of 0.69. Suburban Propane Partners has a one year low of $20.93 and a one year high of $37.10.
Suburban Propane Partners (NYSE:SPH) last announced its quarterly earnings results on Thursday, August 4th. The company reported ($0.49) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.63) by $0.14. The firm earned $205.10 million during the quarter, compared to the consensus estimate of $218.29 million. The firm’s revenue was down 6.9% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.67) EPS. Equities analysts anticipate that Suburban Propane Partners will post $0.42 EPS for the current year.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Energy Income Partners LLC raised its position in 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 in the last quarter. Global X Management Co. LLC raised its position in Suburban Propane Partners by 10.2% in the second quarter. Global X Management Co. LLC now owns 249,684 shares of the company’s stock worth $8,339,000 after buying an additional 23,017 shares in the last quarter. BB&T Securities LLC raised its position in Suburban Propane Partners by 3.0% in the second quarter. BB&T Securities LLC now owns 26,894 shares of the company’s stock worth $898,000 after buying an additional 786 shares in the last quarter. Janney Montgomery Scott LLC raised its position in Suburban Propane Partners by 102.0% in the second quarter. Janney Montgomery Scott LLC now owns 108,730 shares of the company’s stock worth $3,143,000 after buying an additional 54,910 shares in the last quarter. Finally, State Street Corp raised its position in Suburban Propane Partners by 4.1% in the first quarter. State Street Corp now owns 54,876 shares of the company’s stock worth $1,640,000 after buying an additional 2,147 shares in 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.
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