Zacks Investment Research Lowers Suburban Propane Partners, L.P. (SPH) to Hold

Zacks Investment Research lowered shares of Suburban Propane Partners, L.P. (NYSE:SPH) from a strong-buy rating to a hold rating in a research report sent to investors on Tuesday.

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. “

SPH has been the topic of a number of other reports. Stifel Nicolaus restated a hold rating and issued a $25.00 price target on shares of Suburban Propane Partners, L.P. in a research note on Friday, July 14th. BidaskClub cut Suburban Propane Partners, L.P. from a hold rating to a sell rating in a research note on Wednesday, July 12th. Finally, Citigroup Inc. upgraded Suburban Propane Partners, L.P. from a neutral rating to a buy rating and cut their price target for the company from $32.00 to $27.00 in a research note on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company’s stock. Suburban Propane Partners, L.P. has a consensus rating of Hold and a consensus price target of $29.00.

Suburban Propane Partners, L.P. (NYSE:SPH) last posted its quarterly earnings results on Thursday, August 3rd. The energy company reported ($0.48) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.59) by $0.11. Suburban Propane Partners, L.P. had a return on equity of 4.09% and a net margin of 2.46%. The company had revenue of $222.90 million for the quarter, compared to analysts’ expectations of $221.93 million. During the same period last year, the firm earned ($0.49) earnings per share. Suburban Propane Partners, L.P.’s quarterly revenue was up 8.7% on a year-over-year basis.

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In other Suburban Propane Partners, L.P. news, Director Harold R. Logan, Jr. sold 2,127 shares of Suburban Propane Partners, L.P. stock in a transaction that occurred on Monday, September 18th. The stock was sold at an average price of $24.20, for a total value of $51,473.40. Following the sale, the director now owns 24,074 shares of the company’s stock, valued at approximately $582,590.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.64% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Corbenic Partners LLC boosted its holdings in Suburban Propane Partners, L.P. by 0.3% in the 2nd quarter. Corbenic Partners LLC now owns 7,527 shares of the energy company’s stock valued at $179,000 after purchasing an additional 21 shares in the last quarter. HighTower Advisors LLC boosted its holdings in Suburban Propane Partners, L.P. by 1.5% in the 1st quarter. HighTower Advisors LLC now owns 16,369 shares of the energy company’s stock valued at $443,000 after purchasing an additional 247 shares in the last quarter. First Heartland Consultants Inc. boosted its holdings in Suburban Propane Partners, L.P. by 3.2% in the 2nd quarter. First Heartland Consultants Inc. now owns 15,939 shares of the energy company’s stock valued at $379,000 after purchasing an additional 500 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its holdings in Suburban Propane Partners, L.P. by 1.4% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 38,761 shares of the energy company’s stock valued at $922,000 after purchasing an additional 533 shares in the last quarter. Finally, Investment Centers of America Inc. boosted its holdings in Suburban Propane Partners, L.P. by 5.1% in the 1st quarter. Investment Centers of America Inc. now owns 11,520 shares of the energy company’s stock valued at $312,000 after purchasing an additional 563 shares in the last quarter. 25.57% of the stock is currently owned by institutional investors.

About Suburban Propane Partners, L.P.

Suburban Propane Partners, L.P. is a marketer and distributor of a range of products. The Company specializes in the distribution of propane, fuel oil and refined fuels, as well as the marketing of natural gas and electricity in deregulated markets. The Company’s segments include Propane, Fuel Oil and Refined Fuels, Natural Gas and Electricity, and All Other.

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