Sprague Resources LP (NYSE:SRLP) announced a quarterly dividend on Friday, July 24th, Zacks reports. Shareholders of record on Tuesday, August 4th will be paid a dividend of 0.668 per share by the oil and gas company on Monday, August 10th. This represents a $2.67 dividend on an annualized basis and a yield of 14.52%. The ex-dividend date is Monday, August 3rd.
Sprague Resources has increased its dividend by an average of 23.6% per year over the last three years and has increased its dividend annually for the last 5 consecutive years. Sprague Resources has a dividend payout ratio of 147.5% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Sprague Resources to earn $1.44 per share next year, which means the company may not be able to cover its $2.67 annual dividend with an expected future payout ratio of 185.4%.
Shares of SRLP stock opened at $18.40 on Friday. Sprague Resources has a 52-week low of $9.83 and a 52-week high of $19.10. The company has a debt-to-equity ratio of 3.06, a quick ratio of 0.82 and a current ratio of 0.98. The firm has a market capitalization of $422.47 million, a PE ratio of 11.17 and a beta of 1.25. The stock has a fifty day simple moving average of $15.70 and a two-hundred day simple moving average of $14.51.
Sprague Resources (NYSE:SRLP) last issued its quarterly earnings results on Thursday, May 7th. The oil and gas company reported $1.95 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.15 by $0.80. Sprague Resources had a return on equity of 39.05% and a net margin of 1.31%. The business had revenue of $959.88 million during the quarter, compared to analyst estimates of $1.09 billion. On average, sell-side analysts forecast that Sprague Resources will post 1.94 EPS for the current fiscal year.
In related news, Director Sprague Resources Holdings Llc acquired 723,738 shares of the company’s stock in a transaction on Friday, June 5th. The stock was acquired at an average price of $13.85 per share, with a total value of $10,023,771.30. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink.
SRLP has been the subject of a number of analyst reports. ValuEngine lowered Sprague Resources from a “hold” rating to a “sell” rating in a research note on Friday, May 8th. Zacks Investment Research raised shares of Sprague Resources from a “hold” rating to a “strong-buy” rating and set a $18.00 price objective for the company in a report on Friday, July 24th.
Sprague Resources Company Profile
Sprague Resources LP engages in the purchase, storage, distribution, and sale of refined petroleum products and natural gas in the United States. The company operates through four segments: Refined Products, Natural Gas, Materials Handling, and Other Operations. The Refined Products segment purchases and sells various refined products, such as heating oil, diesel fuel, residual fuel oil, kerosene, jet fuel, gasoline, and asphalt to wholesale, retail, and commercial customers.
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