Suburban Propane Partners (NYSE:SPH) PT Raised to $18.00

Suburban Propane Partners (NYSE:SPH) had its price objective hoisted by equities researchers at Raymond James from $16.00 to $18.00 in a report issued on Tuesday, reports. The brokerage currently has an “outperform” rating on the energy company’s stock. Raymond James’ target price would indicate a potential upside of 7.59% from the company’s previous close.

SPH has been the topic of a number of other reports. Wells Fargo & Company lifted their price target on shares of Suburban Propane Partners from $16.00 to $18.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 22nd. Zacks Investment Research raised shares of Suburban Propane Partners from a “hold” rating to a “strong-buy” rating and set a $16.00 price objective on the stock in a research report on Wednesday, August 12th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $18.00.

NYSE SPH opened at $16.73 on Tuesday. The firm has a market cap of $1.04 billion, a price-to-earnings ratio of 20.91 and a beta of 0.84. The company has a 50 day moving average of $15.05 and a 200-day moving average of $14.28. The company has a current ratio of 0.61, a quick ratio of 0.41 and a debt-to-equity ratio of 2.90. Suburban Propane Partners has a 1-year low of $8.64 and a 1-year high of $24.45.

Suburban Propane Partners (NYSE:SPH) last issued its quarterly earnings results on Thursday, August 6th. The energy company reported ($0.25) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.57) by $0.32. Suburban Propane Partners had a net margin of 4.57% and a return on equity of 11.66%. The business had revenue of $206.91 million during the quarter, compared to analyst estimates of $187.34 million. On average, analysts forecast that Suburban Propane Partners will post 0.8 earnings per share for the current year.

In other news, VP Michael A. Schueler sold 6,000 shares of the business’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $13.29, for a total transaction of $79,740.00. Following the transaction, the vice president now directly owns 29,496 shares in the company, valued at approximately $392,001.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.75% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in SPH. Ameritas Investment Company LLC bought a new stake in Suburban Propane Partners in the 1st quarter valued at about $31,000. Global Trust Asset Management LLC bought a new stake in Suburban Propane Partners in the 2nd quarter valued at about $34,000. Marshall Wace LLP bought a new stake in Suburban Propane Partners in the 1st quarter valued at about $112,000. Steward Partners Investment Advisory LLC boosted its holdings in Suburban Propane Partners by 34.3% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 10,493 shares of the energy company’s stock valued at $150,000 after purchasing an additional 2,680 shares during the period. Finally, Tower Research Capital LLC TRC bought a new stake in Suburban Propane Partners in the 1st quarter valued at about $230,000. Institutional investors and hedge funds own 27.04% of the company’s stock.

About Suburban Propane Partners

Suburban Propane Partners, L.P., through its subsidiaries, engages in the retail marketing and distribution of propane, fuel oil, and refined fuels. The company operates in 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 to residential, commercial, industrial, and agricultural customers, as well as in the wholesale distribution to industrial end users.

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