Sprague Resources (NYSE:SRLP) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Sprague Resources (NYSE:SRLP) from a strong-buy rating to a hold rating in a research note published on Tuesday, 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. “

Separately, ValuEngine cut Sprague Resources from a hold rating to a sell rating in a report on Friday, May 8th.

SRLP opened at $15.18 on Tuesday. The business has a fifty day moving average of $15.10 and a 200 day moving average of $14.59. Sprague Resources has a 52-week low of $9.83 and a 52-week high of $19.10. The company has a quick ratio of 0.82, a current ratio of 0.98 and a debt-to-equity ratio of 3.06. The stock has a market cap of $347.01 million, a P/E ratio of 9.20 and a beta of 1.25.

Sprague Resources (NYSE:SRLP) last posted its quarterly earnings data on Thursday, May 7th. The oil and gas company reported $1.95 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.15 by $0.80. Sprague Resources had a return on equity of 39.05% and a net margin of 1.31%. The company had revenue of $959.88 million during the quarter, compared to analysts’ expectations of $1.09 billion. Equities analysts anticipate that Sprague Resources will post 1.81 EPS for the current fiscal year.

In other news, Director Sprague Resources Holdings Llc bought 723,738 shares of the firm’s stock in a transaction on Friday, June 5th. The stock was acquired at an average cost of $13.85 per share, with a total value of $10,023,771.30. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Morgan Stanley raised its position in Sprague Resources by 113.2% during the 1st quarter. Morgan Stanley now owns 29,511 shares of the oil and gas company’s stock valued at $386,000 after purchasing an additional 15,670 shares in the last quarter. Hartree Partners LP raised its position in Sprague Resources by 989.0% during the 1st quarter. Hartree Partners LP now owns 1,850,000 shares of the oil and gas company’s stock valued at $24,198,000 after purchasing an additional 1,680,123 shares in the last quarter. Finally, Cardan Capital Partners LLC bought a new stake in Sprague Resources during the 1st quarter valued at $135,000. 18.65% of the stock is owned by institutional investors and hedge funds.

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: What is a resistance level?

Get a free copy of the Zacks research report on Sprague Resources (SRLP)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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.