Sprague Resources (NYSE:SRLP) Coverage Initiated at StockNews.com

Stock analysts at StockNews.com began coverage on shares of Sprague Resources (NYSE:SRLPGet Rating) in a research note issued to investors on Wednesday. The firm set a “buy” rating on the oil and gas company’s stock.

Separately, TheStreet raised shares of Sprague Resources from a “d+” rating to a “c-” rating in a research report on Monday, September 19th.

Sprague Resources Price Performance

Shares of Sprague Resources stock opened at $20.00 on Wednesday. Sprague Resources has a 1 year low of $12.31 and a 1 year high of $20.40. The firm’s 50-day moving average is $19.93 and its two-hundred day moving average is $18.74. The stock has a market cap of $524.76 million, a price-to-earnings ratio of -5.26 and a beta of 0.37.

Insiders Place Their Bets

In related news, major shareholder Sprague Hp Holdings Llc purchased 6,689,383 shares of Sprague Resources stock in a transaction dated Tuesday, November 1st. The shares were acquired at an average price of $20.00 per share, for a total transaction of $133,787,660.00. Following the acquisition, the insider now directly owns 19,548,849 shares in the company, valued at $390,976,980. The purchase was disclosed in a filing with the SEC, which is available through this link.

Institutional Investors Weigh In On Sprague Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Hartree Partners LP purchased a new stake in shares of Sprague Resources during the second quarter worth approximately $69,737,000. JPMorgan Chase & Co. raised its position in Sprague Resources by 150,480.0% in the first quarter. JPMorgan Chase & Co. now owns 225,870 shares of the oil and gas company’s stock worth $3,734,000 after acquiring an additional 225,720 shares in the last quarter. Arena Investors LP purchased a new position in Sprague Resources in the third quarter worth $3,517,000. Goldman Sachs Group Inc. acquired a new stake in Sprague Resources in the second quarter valued at $2,541,000. Finally, United Capital Financial Advisers LLC boosted its stake in shares of Sprague Resources by 100.0% during the second quarter. United Capital Financial Advisers LLC now owns 29,908 shares of the oil and gas company’s stock valued at $568,000 after acquiring an additional 14,954 shares during the last quarter. Hedge funds and other institutional investors own 92.66% of the company’s stock.

About Sprague Resources

(Get Rating)

Sprague Resources LP engages in the purchase, storage, distribution and sale of refined products and natural gas. It operates through the following segments: Refined Products, Natural Gas, Materials Handling, and Other Operations. The Refined Products segment offers refined products, such as heating oil, diesel, residual fuel oil, kerosene, jet fuel and gasoline.

Further Reading

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