Raymond James Financial Inc. Cuts Stock Position in Suburban Propane Partners, L.P. $SPH

Raymond James Financial Inc. lessened its holdings in Suburban Propane Partners, L.P. (NYSE:SPH) by 2.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 197,341 shares of the energy company’s stock after selling 4,664 shares during the period. Raymond James Financial Inc.’s holdings in Suburban Propane Partners were worth $4,146,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. HighTower Advisors LLC purchased a new position in shares of Suburban Propane Partners in the 1st quarter valued at $220,000. Commerce Bank purchased a new stake in Suburban Propane Partners during the 1st quarter worth $249,000. Avantax Advisory Services Inc. increased its stake in Suburban Propane Partners by 3.6% during the 1st quarter. Avantax Advisory Services Inc. now owns 23,568 shares of the energy company’s stock worth $495,000 after buying an additional 818 shares during the period. Kestra Private Wealth Services LLC purchased a new stake in Suburban Propane Partners during the 1st quarter worth $217,000. Finally, Whittier Trust Co. of Nevada Inc. purchased a new stake in Suburban Propane Partners during the 1st quarter worth $49,000. Hedge funds and other institutional investors own 30.94% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Wall Street Zen downgraded shares of Suburban Propane Partners from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th.

Suburban Propane Partners Price Performance

SPH opened at $18.43 on Friday. The company has a 50-day moving average of $18.44 and a 200-day moving average of $19.39. The company has a market capitalization of $1.21 billion, a P/E ratio of 12.45 and a beta of 0.21. Suburban Propane Partners, L.P. has a 1-year low of $16.92 and a 1-year high of $22.24. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.46 and a current ratio of 0.70.

Suburban Propane Partners (NYSE:SPH) last released its earnings results on Thursday, August 7th. The energy company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.06). The company had revenue of $260.15 million during the quarter, compared to the consensus estimate of $270.00 million. Suburban Propane Partners had a return on equity of 16.12% and a net margin of 6.79%.

Suburban Propane Partners Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 12th. Stockholders of record on Tuesday, August 5th were given a $0.325 dividend. The ex-dividend date of this dividend was Tuesday, August 5th. This represents a $1.30 annualized dividend and a dividend yield of 7.1%. Suburban Propane Partners’s payout ratio is presently 87.84%.

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.