Short Interest in Sprague Resources LP (NYSE:SRLP) Declines By 23.9%

Sprague Resources LP (NYSE:SRLP) was the target of a significant drop in short interest in the month of June. As of June 15th, there was short interest totalling 24,500 shares, a drop of 23.9% from the May 15th total of 32,200 shares. Approximately 0.3% of the shares of the stock are sold short. Based on an average trading volume of 45,600 shares, the days-to-cover ratio is currently 0.5 days.

Several analysts have recently weighed in on the stock. Zacks Investment Research downgraded shares of CGI from a “buy” rating to a “hold” rating in a research note on Wednesday, June 19th. Raymond James assumed coverage on shares of Solar Capital in a research note on Tuesday, April 16th. They set an “outperform” rating and a $22.50 price target for the company. Finally, ValuEngine raised shares of YY from a “sell” rating to a “hold” rating in a research note on Friday, June 7th.

A number of hedge funds have recently added to or reduced their stakes in the business. First Trust Advisors LP raised its holdings in shares of Sprague Resources by 14.3% in the 4th quarter. First Trust Advisors LP now owns 304,197 shares of the oil and gas company’s stock valued at $4,408,000 after purchasing an additional 38,079 shares in the last quarter. Securian Asset Management Inc raised its holdings in shares of Sprague Resources by 3.4% in the 1st quarter. Securian Asset Management Inc now owns 64,543 shares of the oil and gas company’s stock valued at $1,193,000 after purchasing an additional 2,100 shares in the last quarter. Raymond James & Associates raised its holdings in shares of Sprague Resources by 10.3% in the 4th quarter. Raymond James & Associates now owns 29,886 shares of the oil and gas company’s stock valued at $433,000 after purchasing an additional 2,792 shares in the last quarter. Barclays PLC raised its holdings in shares of Sprague Resources by 100.6% in the 4th quarter. Barclays PLC now owns 16,315 shares of the oil and gas company’s stock valued at $236,000 after purchasing an additional 8,181 shares in the last quarter. Finally, Fort Washington Investment Advisors Inc. OH raised its holdings in shares of Sprague Resources by 4.0% in the 1st quarter. Fort Washington Investment Advisors Inc. OH now owns 15,494 shares of the oil and gas company’s stock valued at $286,000 after purchasing an additional 600 shares in the last quarter. Institutional investors own 17.38% of the company’s stock.

NYSE:SRLP traded up $0.08 during mid-day trading on Thursday, hitting $18.76. The company’s stock had a trading volume of 6,012 shares, compared to its average volume of 52,532. Sprague Resources has a 1 year low of $13.76 and a 1 year high of $28.00. The company has a current ratio of 1.64, a quick ratio of 1.04 and a debt-to-equity ratio of 3.76. The company has a market capitalization of $422.40 million, a PE ratio of 5.94 and a beta of 1.46. The business’s fifty day moving average price is $17.85.

Sprague Resources (NYSE:SRLP) last issued its quarterly earnings data on Wednesday, May 8th. The oil and gas company reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.37 by $0.03. Sprague Resources had a net margin of 0.94% and a return on equity of 24.31%. The business had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.53 billion. On average, equities research analysts predict that Sprague Resources will post 1.61 EPS for the current fiscal year.

Sprague Resources Company Profile

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.

Featured Story: Should You Consider an Index Fund?

Receive News & Ratings for Sprague Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sprague Resources and related companies with MarketBeat.com's FREE daily email newsletter.