Raymond James & Associates trimmed its stake in Suburban Propane Partners, L.P. (NYSE:SPH – Free Report) by 27.6% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 58,526 shares of the energy company’s stock after selling 22,341 shares during the quarter. Raymond James & Associates owned approximately 0.09% of Suburban Propane Partners worth $866,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently bought and sold shares of the stock. Cambridge Investment Research Advisors Inc. grew its stake in Suburban Propane Partners by 1.7% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 40,695 shares of the energy company’s stock valued at $655,000 after purchasing an additional 676 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Suburban Propane Partners by 3.4% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 21,300 shares of the energy company’s stock worth $315,000 after acquiring an additional 700 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Suburban Propane Partners by 2.7% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 29,349 shares of the energy company’s stock worth $450,000 after acquiring an additional 765 shares during the period. Arrow Investment Advisors LLC boosted its stake in shares of Suburban Propane Partners by 10.3% during the 1st quarter. Arrow Investment Advisors LLC now owns 12,194 shares of the energy company’s stock worth $187,000 after acquiring an additional 1,138 shares during the period. Finally, Aspire Private Capital LLC boosted its stake in shares of Suburban Propane Partners by 10.9% during the 2nd quarter. Aspire Private Capital LLC now owns 13,898 shares of the energy company’s stock worth $206,000 after acquiring an additional 1,371 shares during the period. 17.49% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
Several brokerages have recently commented on SPH. StockNews.com began coverage on Suburban Propane Partners in a research note on Thursday, October 5th. They set a “buy” rating for the company. TheStreet upgraded Suburban Propane Partners from a “c+” rating to a “b-” rating in a research note on Thursday, October 26th.
Suburban Propane Partners Stock Performance
SPH opened at $17.76 on Friday. The business has a fifty day simple moving average of $15.70 and a 200 day simple moving average of $15.20. The company has a market capitalization of $1.13 billion, a PE ratio of 12.78 and a beta of 0.59. Suburban Propane Partners, L.P. has a 1 year low of $14.42 and a 1 year high of $17.78. The company has a debt-to-equity ratio of 2.08, a current ratio of 0.68 and a quick ratio of 0.47.
Suburban Propane Partners (NYSE:SPH – Get Free Report) last released its quarterly earnings results on Thursday, August 3rd. The energy company reported ($0.08) earnings per share (EPS) for the quarter. The firm had revenue of $278.63 million during the quarter. Suburban Propane Partners had a net margin of 6.28% and a return on equity of 16.35%.
Suburban Propane Partners Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 14th. Investors of record on Tuesday, November 7th will be paid a $0.325 dividend. The ex-dividend date of this dividend is Monday, November 6th. This represents a $1.30 annualized dividend and a yield of 7.32%. Suburban Propane Partners’s dividend payout ratio (DPR) is presently 93.53%.
Insider Activity at Suburban Propane Partners
In related news, Director Harold R. Logan, Jr. sold 4,400 shares of the business’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $14.55, for a total value of $64,020.00. Following the completion of the sale, the director now directly owns 42,515 shares in the company, valued at approximately $618,593.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.30% of the stock is currently owned by corporate insiders.
Suburban Propane Partners Company Profile
Suburban Propane Partners, L.P., through its subsidiaries, engages in the retail marketing and distribution of propane, renewable propane, fuel oil, and refined fuels. The company operates through four segments: Propane, Fuel Oil and Refined Fuels, Natural Gas and Electricity, and All Other. The Propane segment is involved in the retail distribution of propane for space heating, water heating, cooking, and clothes drying in the residential and commercial markets; for use as a motor fuel in internal combustion engines to power over-the-road vehicles, forklifts, and stationary engines, as well as to fire furnaces as a cutting gas to the industrial customers; and for tobacco curing, crop drying, poultry brooding, and weed control in the agricultural markets.
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