Suburban Propane Partners (NYSE:SPH) Downgraded by Wells Fargo & Company

Wells Fargo & Company downgraded shares of Suburban Propane Partners (NYSE:SPH) from an equal weight rating to an underweight rating in a report issued on Friday, Marketbeat.com reports. The firm currently has $17.00 price target on the energy company’s stock.

SPH has been the subject of a number of other research reports. StockNews.com lowered Suburban Propane Partners from a buy rating to a hold rating in a report on Tuesday, August 13th. Argus upped their target price on Suburban Propane Partners from $24.00 to $25.00 and gave the stock a buy rating in a report on Monday, June 10th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $19.67.

Suburban Propane Partners Stock Down 1.0 %

Shares of NYSE:SPH opened at $17.50 on Friday. The company has a debt-to-equity ratio of 1.98, a current ratio of 0.65 and a quick ratio of 0.45. The business has a 50 day simple moving average of $18.23 and a two-hundred day simple moving average of $19.37. Suburban Propane Partners has a 1 year low of $14.45 and a 1 year high of $22.33. The firm has a market capitalization of $1.12 billion, a PE ratio of 10.36 and a beta of 0.44.

Suburban Propane Partners (NYSE:SPH) last released its earnings results on Thursday, August 8th. The energy company reported ($0.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.10). The business had revenue of $254.61 million during the quarter. Suburban Propane Partners had a return on equity of 16.69% and a net margin of 7.28%.

Suburban Propane Partners Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 13th. Shareholders of record on Tuesday, August 6th were paid a $0.325 dividend. The ex-dividend date was Tuesday, August 6th. This represents a $1.30 annualized dividend and a yield of 7.43%. Suburban Propane Partners’s dividend payout ratio (DPR) is presently 76.92%.

Hedge Funds Weigh In On Suburban Propane Partners

Several institutional investors and hedge funds have recently bought and sold shares of the company. Janney Montgomery Scott LLC grew its stake in Suburban Propane Partners by 1.3% during the 1st quarter. Janney Montgomery Scott LLC now owns 47,810 shares of the energy company’s stock worth $977,000 after buying an additional 624 shares during the last quarter. CWM LLC raised its position in shares of Suburban Propane Partners by 52.1% in the 2nd quarter. CWM LLC now owns 2,144 shares of the energy company’s stock valued at $41,000 after purchasing an additional 734 shares during the last quarter. Geneos Wealth Management Inc. boosted its stake in Suburban Propane Partners by 64.5% in the 1st quarter. Geneos Wealth Management Inc. now owns 2,550 shares of the energy company’s stock worth $52,000 after purchasing an additional 1,000 shares in the last quarter. Private Advisor Group LLC grew its position in Suburban Propane Partners by 2.2% during the 4th quarter. Private Advisor Group LLC now owns 54,639 shares of the energy company’s stock worth $970,000 after purchasing an additional 1,200 shares during the last quarter. Finally, Avantax Advisory Services Inc. increased its stake in Suburban Propane Partners by 28.6% during the 1st quarter. Avantax Advisory Services Inc. now owns 22,995 shares of the energy company’s stock valued at $470,000 after purchasing an additional 5,113 shares in the last quarter. 30.94% of the stock is owned by hedge funds and other institutional investors.

About Suburban Propane Partners

Suburban Propane Partners, L.P., through its subsidiaries, engages in the retail marketing and distribution of propane, renewable propane, fuel oil, and refined fuels in the United States. The company operates through four segments: Propane, Fuel Oil and Refined Fuels, Natural Gas and Electricity, and All Other.