Suburban Propane Partners LP (SPH) Bonds Rise 1.5% During Trading

An issue of Suburban Propane Partners LP (NYSE:SPH) bonds rose 1.5% against their face value during trading on Monday. The high-yield issue of debt has a 5.5% coupon and is set to mature on June 1, 2024. The debt is now trading at $98.50 and was trading at $99.45 last week. Price moves in a company’s bonds in credit markets sometimes anticipate parallel moves in its share price.

Several research firms have recently weighed in on SPH. Zacks Investment Research lowered shares of Suburban Propane Partners from a “hold” rating to a “sell” rating in a report on Wednesday, February 15th. Stifel Nicolaus lowered shares of Suburban Propane Partners from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $34.00 to $29.00 in a report on Tuesday, February 14th. Two equities research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $31.80.

Suburban Propane Partners LP (NYSE:SPH) traded up 1.44% during mid-day trading on Monday, hitting $26.11. 395,214 shares of the stock traded hands. Suburban Propane Partners LP has a 52 week low of $24.00 and a 52 week high of $37.10. The firm has a market cap of $1.59 billion, a P/E ratio of 43.44 and a beta of 0.88. The firm’s 50-day moving average price is $27.26 and its 200-day moving average price is $30.24.

Suburban Propane Partners (NYSE:SPH) last announced its quarterly earnings results on Thursday, February 2nd. The company reported $0.56 EPS for the quarter, missing the Zacks’ consensus estimate of $0.68 by $0.12. Suburban Propane Partners had a net margin of 3.37% and a return on equity of 4.69%. The company earned $317.30 million during the quarter, compared to analyst estimates of $355.85 million. During the same quarter last year, the company posted $0.20 EPS. The firm’s quarterly revenue was up 15.0% on a year-over-year basis. On average, equities analysts forecast that Suburban Propane Partners LP will post $1.38 earnings per share for the current fiscal year.

In related news, Director William M. Landuyt purchased 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 15th. The shares were acquired at an average price of $24.38 per share, for a total transaction of $97,520.00. Following the purchase, the director now owns 20,560 shares in the company, valued at $501,252.80. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Harold R. Logan, Jr. sold 3,500 shares of the company’s stock in a transaction dated Wednesday, March 1st. The shares were sold at an average price of $26.18, for a total transaction of $91,630.00. Following the completion of the transaction, the director now owns 27,574 shares in the company, valued at approximately $721,887.32. The disclosure for this sale can be found here. 0.64% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in SPH. US Bancorp DE raised its position in shares of Suburban Propane Partners by 13.0% in the third quarter. US Bancorp DE now owns 7,088 shares of the company’s stock worth $236,000 after buying an additional 816 shares during the period. PNC Financial Services Group Inc. raised its position in shares of Suburban Propane Partners by 24.3% in the third quarter. PNC Financial Services Group Inc. now owns 4,854 shares of the company’s stock worth $162,000 after buying an additional 950 shares during the period. Bank of New York Mellon Corp raised its position in shares of Suburban Propane Partners by 73.7% in the third quarter. Bank of New York Mellon Corp now owns 120,899 shares of the company’s stock worth $4,026,000 after buying an additional 51,305 shares during the period. NEXT Financial Group Inc raised its position in shares of Suburban Propane Partners by 104.5% in the third quarter. NEXT Financial Group Inc now owns 21,366 shares of the company’s stock worth $711,000 after buying an additional 10,916 shares during the period. Finally, Willingdon Wealth Management raised its position in shares of Suburban Propane Partners by 81.0% in the third quarter. Willingdon Wealth Management now owns 56,941 shares of the company’s stock worth $1,896,000 after buying an additional 25,482 shares during the period. Institutional investors and hedge funds own 29.05% of the company’s stock.

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Suburban Propane Partners Company Profile

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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