Sprague Resources LP (NYSE:SRLP) declared a quarterly dividend on Thursday, April 27th. Shareholders of record on Monday, May 8th will be given a dividend of 0.5925 per share by the oil and gas company on Monday, May 15th. This represents a $2.37 dividend on an annualized basis and a dividend yield of 8.81%. The ex-dividend date of this dividend is Thursday, May 4th. This is a boost from Sprague Resources’s previous quarterly dividend of $0.46.
Sprague Resources has a dividend payout ratio of 65.3% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Sprague Resources to earn $3.26 per share next year, which means the company should continue to be able to cover its $2.37 annual dividend with an expected future payout ratio of 72.7%.
Sprague Resources (NYSE:SRLP) opened at 26.75 on Friday. The stock has a market cap of $603.03 million, a P/E ratio of 13.61 and a beta of 1.45. Sprague Resources has a 12-month low of $22.50 and a 12-month high of $30.35. The firm’s 50 day moving average price is $26.52 and its 200-day moving average price is $26.34.
Sprague Resources (NYSE:SRLP) last issued its quarterly earnings data on Monday, May 8th. The oil and gas company reported $2.94 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.39 by $1.55. Sprague Resources had a net margin of 1.71% and a return on equity of 24.98%. The company had revenue of $917.81 million for the quarter, compared to the consensus estimate of $791.49 million. Equities research analysts anticipate that Sprague Resources will post $3.68 earnings per share for the current fiscal year.
In other news, Director Ben J. Hennelly sold 2,456 shares of the firm’s stock in a transaction on Wednesday, May 17th. The shares were sold at an average price of $26.94, for a total value of $66,164.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.
A hedge fund recently raised its stake in Sprague Resources stock. Renaissance Technologies LLC increased its stake in shares of Sprague Resources LP (NYSE:SRLP) by 11.3% during the first quarter, according to its most recent disclosure with the SEC. The firm owned 48,927 shares of the oil and gas company’s stock after buying an additional 4,963 shares during the period. Renaissance Technologies LLC owned 0.23% of Sprague Resources worth $1,326,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 52.61% of the company’s stock.
SRLP has been the topic of several research reports. Janney Montgomery Scott raised shares of Sprague Resources from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $28.00 to $31.00 in a research report on Monday, March 20th. FBR & Co set a $35.00 target price on shares of Sprague Resources and gave the stock a “buy” rating in a research note on Thursday, March 16th. Finally, Zacks Investment Research upgraded shares of Sprague Resources from a “strong sell” rating to a “hold” rating and set a $29.00 target price for the company in a research note on Tuesday, May 9th.
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About Sprague Resources
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