Royal Bank of Canada reduced its stake in shares of Suburban Propane Partners, L.P. (NYSE:SPH) by 20.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,224,636 shares of the energy company’s stock after selling 316,365 shares during the quarter. Royal Bank of Canada owned approximately 2.00% of Suburban Propane Partners, L.P. worth $29,134,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of SPH. Bruderman Asset Management LLC purchased a new stake in shares of Suburban Propane Partners, L.P. during the second quarter valued at $121,000. Camarda Financial Advisors LLC raised its holdings in shares of Suburban Propane Partners, L.P. by 33.1% in the second quarter. Camarda Financial Advisors LLC now owns 5,282 shares of the energy company’s stock valued at $126,000 after acquiring an additional 1,314 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in shares of Suburban Propane Partners, L.P. in the first quarter valued at about $189,000. PNC Financial Services Group Inc. raised its holdings in shares of Suburban Propane Partners, L.P. by 56.7% in the first quarter. PNC Financial Services Group Inc. now owns 7,673 shares of the energy company’s stock valued at $207,000 after acquiring an additional 2,777 shares in the last quarter. Finally, Pinnacle Financial Partners Inc. bought a new stake in shares of Suburban Propane Partners, L.P. in the second quarter valued at about $250,000. 25.57% of the stock is owned by hedge funds and other institutional investors.
In related news, Director Harold R. Logan, Jr. sold 2,127 shares of the stock in a transaction on Monday, September 18th. The stock was sold at an average price of $24.20, for a total transaction of $51,473.40. Following the completion of the sale, the director now directly owns 24,074 shares in the company, valued at $582,590.80. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.64% of the stock is currently owned by company insiders.
A number of equities analysts have commented on the stock. Citigroup Inc. upgraded shares of 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 report on Thursday, July 27th. Zacks Investment Research upgraded shares of Suburban Propane Partners, L.P. from a “hold” rating to a “buy” rating and set a $29.00 target price for the company in a report on Saturday, September 30th. Stifel Nicolaus reiterated a “hold” rating and issued a $25.00 target price on shares of Suburban Propane Partners, L.P. in a report on Friday, August 18th. Finally, BidaskClub upgraded shares of Suburban Propane Partners, L.P. from a “sell” rating to a “hold” rating in a report on Tuesday, July 25th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $29.00.
Suburban Propane Partners, L.P. (NYSE:SPH) last released its earnings results on Thursday, August 3rd. The energy company reported ($0.48) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.59) by $0.11. Suburban Propane Partners, L.P. had a return on equity of 4.09% and a net margin of 2.46%. The company had revenue of $222.90 million during the quarter, compared to analyst estimates of $221.93 million. During the same quarter in the prior year, the company earned ($0.49) earnings per share. The company’s revenue for the quarter was up 8.7% on a year-over-year basis.
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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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