Bank of New York Mellon Corp lowered its stake in shares of Suburban Propane Partners, L.P. (NYSE:SPH) by 66.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 48,958 shares of the energy company’s stock after selling 95,201 shares during the period. Bank of New York Mellon Corp owned approximately 0.08% of Suburban Propane Partners, L.P. worth $1,320,000 as of its most recent filing with the SEC.
Other hedge funds also recently added to or reduced their stakes in the company. Miller Howard Investments Inc. NY bought a new stake in Suburban Propane Partners, L.P. during the first quarter valued at $6,290,000. Renaissance Technologies LLC raised its stake in Suburban Propane Partners, L.P. by 30.5% in the fourth quarter. Renaissance Technologies LLC now owns 142,467 shares of the energy company’s stock valued at $4,283,000 after buying an additional 33,300 shares during the last quarter. Advisors Asset Management Inc. raised its stake in Suburban Propane Partners, L.P. by 407.6% in the first quarter. Advisors Asset Management Inc. now owns 37,929 shares of the energy company’s stock worth $1,023,000 after buying an additional 30,457 shares during the last quarter. Janney Montgomery Scott LLC raised its stake in Suburban Propane Partners, L.P. by 33.1% in the first quarter. Janney Montgomery Scott LLC now owns 88,249 shares of the energy company’s stock worth $2,379,000 after buying an additional 21,927 shares during the last quarter. Finally, Private Capital Management Inc. raised its stake in Suburban Propane Partners, L.P. by 35.1% in the first quarter. Private Capital Management Inc. now owns 17,700 shares of the energy company’s stock worth $477,000 after buying an additional 4,600 shares during the last quarter. Institutional investors own 28.39% of the company’s stock.
Shares of Suburban Propane Partners, L.P. (NYSE SPH) opened at 24.17 on Friday. Suburban Propane Partners, L.P. has a 12 month low of $22.71 and a 12 month high of $34.55. The company’s 50-day moving average price is $24.40 and its 200-day moving average price is $25.86. The company has a market cap of $1.48 billion, a P/E ratio of 51.87 and a beta of 0.64.
Suburban Propane Partners, L.P. (NYSE:SPH) last issued its quarterly earnings results on Thursday, August 3rd. The energy company reported ($0.48) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.59) by $0.11. Suburban Propane Partners, L.P. had a return on equity of 4.00% and a net margin of 2.46%. The company had revenue of $222.90 million for the quarter, compared to the consensus estimate of $221.93 million. During the same quarter in the prior year, the business earned ($0.49) EPS. Suburban Propane Partners, L.P.’s revenue was up 8.7% on a year-over-year basis. Equities analysts forecast that Suburban Propane Partners, L.P. will post $0.61 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 8th. Shareholders of record on Tuesday, August 1st will be issued a dividend of $0.8875 per share. This is an increase from Suburban Propane Partners, L.P.’s previous quarterly dividend of $0.89. The ex-dividend date is Friday, July 28th. This represents a $3.55 annualized dividend and a yield of 14.69%. Suburban Propane Partners, L.P.’s dividend payout ratio is 788.89%.
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A number of analysts have weighed in on the company. Citigroup Inc. upgraded Suburban Propane Partners, L.P. from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $32.00 to $27.00 in a research note on Thursday, July 27th. BidaskClub upgraded Suburban Propane Partners, L.P. from a “sell” rating to a “hold” rating in a research note on Tuesday, July 25th. Zacks Investment Research lowered Suburban Propane Partners, L.P. from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 18th. Stifel Nicolaus restated a “hold” rating and set a $25.00 price target on shares of Suburban Propane Partners, L.P. in a research note on Friday, July 14th. Finally, ValuEngine lowered Suburban Propane Partners, L.P. from a “hold” rating to a “sell” rating in a research note on Friday, June 2nd. Three analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $30.80.
About Suburban Propane Partners, L.P.
Suburban Propane Partners, L.P. is a marketer and distributor of a range of products. The Company specializes in the distribution of propane, fuel oil and refined fuels, as well as the marketing of natural gas and electricity in deregulated markets. The Company’s segments include Propane, Fuel Oil and Refined Fuels, Natural Gas and Electricity, and All Other.
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