Suburban Propane Partners (NYSE:SPH) Stock Price Down 6.1% – Here’s Why

Suburban Propane Partners, L.P. (NYSE:SPH)’s share price dropped 6.1% on Thursday . The stock traded as low as $17.33 and last traded at $17.61. Approximately 109,273 shares were traded during trading, a decline of 51% from the average daily volume of 221,736 shares. The stock had previously closed at $18.76.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Wells Fargo & Company lowered Suburban Propane Partners from an “equal weight” rating to an “underweight” rating and set a $17.00 price objective for the company. in a research note on Friday, August 30th. StockNews.com cut Suburban Propane Partners from a “buy” rating to a “hold” rating in a research report on Tuesday, August 13th.

Suburban Propane Partners Trading Up 2.9 %

The stock’s 50-day simple moving average is $18.23 and its two-hundred day simple moving average is $18.59. The company has a debt-to-equity ratio of 1.98, a current ratio of 0.65 and a quick ratio of 0.45. The firm has a market capitalization of $1.13 billion, a P/E ratio of 11.73 and a beta of 0.43.

Suburban Propane Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 12th. Shareholders of record on Tuesday, November 5th were paid a $0.325 dividend. The ex-dividend date was Tuesday, November 5th. This represents a $1.30 dividend on an annualized basis and a yield of 7.39%. Suburban Propane Partners’s payout ratio is presently 86.67%.

Insider Buying and Selling at Suburban Propane Partners

In related news, Director Harold R. Logan, Jr. sold 2,500 shares of the stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $17.37, for a total transaction of $43,425.00. Following the completion of the sale, the director now owns 37,015 shares in the company, valued at approximately $642,950.55. This trade represents a 6.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. CWM LLC grew its holdings in Suburban Propane Partners by 52.1% during the 2nd quarter. CWM LLC now owns 2,144 shares of the energy company’s stock valued at $41,000 after buying an additional 734 shares in the last quarter. Oppenheimer & Co. Inc. grew its stake in Suburban Propane Partners by 7.9% during the third quarter. Oppenheimer & Co. Inc. now owns 10,961 shares of the energy company’s stock valued at $197,000 after acquiring an additional 800 shares in the last quarter. Simplicity Wealth LLC grew its stake in Suburban Propane Partners by 4.2% during the third quarter. Simplicity Wealth LLC now owns 22,963 shares of the energy company’s stock valued at $412,000 after acquiring an additional 936 shares in the last quarter. Greenup Street Wealth Management LLC increased its holdings in Suburban Propane Partners by 8.1% in the 3rd quarter. Greenup Street Wealth Management LLC now owns 22,425 shares of the energy company’s stock valued at $402,000 after acquiring an additional 1,675 shares during the last quarter. Finally, Janney Montgomery Scott LLC lifted its stake in Suburban Propane Partners by 3.8% in the 3rd quarter. Janney Montgomery Scott LLC now owns 50,029 shares of the energy company’s stock worth $898,000 after purchasing an additional 1,818 shares in the last quarter. 30.94% of the stock is currently owned by institutional investors.

About Suburban Propane Partners

Suburban Propane Partners, L.P., through its subsidiaries, engages in the retail marketing and distribution of propane, renewable propane, fuel oil, and refined fuels in the United States. The company operates through four segments: Propane, Fuel Oil and Refined Fuels, Natural Gas and Electricity, and All Other.