Sprague Resources (SRLP) Downgraded to Strong Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of Sprague Resources (NYSE:SRLP) from a hold rating to a strong sell rating in a report issued on Friday morning, Zacks.com reports.

According to Zacks, “Sprague Resources LP operates as suppliers of energy and materials handling services. The Company stores, distributes, and sells refined petroleum products and natural gas. Its products include home heating oil, diesel fuels, residual fuels, gasoline and natural gas. Sprague Resources LP is based in Portsmouth, New Hampshire. “

Other analysts also recently issued research reports about the stock. ValuEngine raised shares of Sprague Resources from a sell rating to a hold rating in a research note on Friday, March 1st. Raymond James downgraded shares of Sprague Resources from an outperform rating to a market perform rating in a research note on Tuesday, April 16th. They noted that the move was a valuation call.

Sprague Resources stock opened at $18.23 on Friday. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 3.70. Sprague Resources has a fifty-two week low of $13.76 and a fifty-two week high of $28.00. The company has a market cap of $414.44 million, a PE ratio of 5.77 and a beta of 1.57.

Sprague Resources (NYSE:SRLP) last posted its quarterly earnings results on Thursday, March 14th. The oil and gas company reported $1.51 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.93 by $0.58. Sprague Resources had a net margin of 2.02% and a return on equity of 49.88%. The firm had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.13 billion. On average, sell-side analysts predict that Sprague Resources will post 1.6 EPS for the current year.

A number of hedge funds have recently modified their holdings of the stock. Barclays PLC increased its holdings in Sprague Resources by 100.6% during the fourth quarter. Barclays PLC now owns 16,315 shares of the oil and gas company’s stock valued at $236,000 after buying an additional 8,181 shares during the period. Tortoise Index Solutions LLC increased its holdings in Sprague Resources by 101.7% during the fourth quarter. Tortoise Index Solutions LLC now owns 3,441 shares of the oil and gas company’s stock valued at $50,000 after buying an additional 1,735 shares during the period. Raymond James & Associates increased its holdings in Sprague Resources by 10.3% during the fourth quarter. Raymond James & Associates now owns 29,886 shares of the oil and gas company’s stock valued at $433,000 after buying an additional 2,792 shares during the period. First Trust Advisors LP increased its holdings in Sprague Resources by 14.3% during the fourth quarter. First Trust Advisors LP now owns 304,197 shares of the oil and gas company’s stock valued at $4,408,000 after buying an additional 38,079 shares during the period. Finally, Fort Washington Investment Advisors Inc. OH increased its holdings in Sprague Resources by 29.6% during the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 14,894 shares of the oil and gas company’s stock valued at $216,000 after buying an additional 3,400 shares during the period. 19.99% of the stock is currently owned by institutional investors.

About Sprague Resources

Sprague Resources LP engages in the purchase, storage, distribution, and sale of refined petroleum products and natural gas in the United States. The company operates through four segments: Refined Products, Natural Gas, Materials Handling, and Other Operations. The Refined Products segment purchases and sells various refined products, such as heating oil, diesel fuel, residual fuel oil, kerosene, jet fuel, gasoline, and asphalt to wholesale, retail, and commercial customers.

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