Superior Plus (TSE:SPB) Stock Gets Downgrade from Canadian Imperial Bank of Commerce

Key Points

• CIBC downgraded Superior Plus from “strong buy” to “hold.” The broader analyst consensus is also “hold,” with one Buy and 11 Hold ratings and an average target price of C$7.62.
• Several firms cut their price targets, including BMO and Desjardins to C$6.50 and ATB Cormark to C$7.00; Scotia raised its target to C$9.00. Shares opened at C$5.42, below the consensus target.
• Superior Plus reported quarterly revenue of C$541.12 million and a loss of C$0.53 per share, compared with a loss of C$0.47 per share a year earlier.

Superior Plus (TSE:SPB - Get Free Report) was downgraded by investment analysts at Canadian Imperial Bank of Commerce from a "strong-buy" rating to a "hold" rating in a research note issued to investors on Wednesday, Zacks reports.

SPB has been the topic of several other research reports. BMO Capital Markets dropped their price target on shares of Superior Plus from C$8.50 to C$6.50 and set a "market perform" rating on the stock in a research note on Thursday. TD raised Superior Plus from a "sell" rating to a "hold" rating and set a C$5.50 price target on the stock in a research report on Thursday. Scotia increased their price objective on shares of Superior Plus from C$8.50 to C$9.00 and gave the stock a "sector perform" rating in a research note on Monday, August 10th. ATB Cormark Capital Markets cut their price target on Superior Plus from C$9.00 to C$7.00 and set a "sector perform" rating on the stock in a report on Thursday. Finally, Desjardins reduced their price objective on Superior Plus from C$8.25 to C$6.50 and set a "hold" rating for the company in a research report on Thursday. One investment analyst has rated the stock with a Buy rating and eleven have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of C$7.62.

Superior Plus Stock Performance

TSE:SPB opened at C$5.42 on Wednesday. The company has a current ratio of 0.88, a quick ratio of 0.46 and a debt-to-equity ratio of 218.38. The firm has a market capitalization of C$1.16 billion, a price-to-earnings ratio of 30.11 and a beta of 0.31. The firm's fifty day simple moving average is C$6.80 and its 200 day simple moving average is C$7.28. Superior Plus has a twelve month low of C$5.11 and a twelve month high of C$8.86.

Superior Plus (TSE:SPB - Get Free Report) last announced its quarterly earnings results on Tuesday, November 10th. The company reported C($0.53) earnings per share (EPS) for the quarter. Superior Plus had a net margin of 1.88% and a return on equity of 5.33%. The company had revenue of C$541.12 million during the quarter. During the same period in the prior year, the company posted ($0.47) EPS.

Key Superior Plus News

These are some of the SPB news items that stood out recently:

• Positive Sentiment: TD upgraded Superior Plus from “sell” to “hold,” setting a C$5.50 target—only modestly above the cited C$5.42 share price. TD analyst rating
• Neutral Sentiment: Superior Plus reported that its Q3 net loss narrowed. However, the earnings report cited a loss of C$0.53 per share, compared with C$0.47 a year earlier, tempering the improvement. Superior Plus Q3 net loss narrows
• Negative Sentiment: Several analysts lowered their targets, signaling reduced expectations: BMO and Desjardins cut theirs to C$6.50, while ATB Cormark and Raymond James lowered theirs to C$7.00. National Bank Financial initiated a C$6.50 target. The new targets remain above the cited share price, but the downward revisions could weigh on sentiment. Analyst target changes

About Superior Plus

Superior is a North American distributor and marketer of propane, compressed natural gas ('CNG'), hydrogen and related products and services, and transports renewable natural gas ('RNG') from production facilities to natural gas distribution networks. The company is headquartered in Toronto, Ontario, and trades on the Toronto Stock Exchange ('TSX') under the symbol SPB. Superior has approximately 4,400 employees located in Canada and the United States.

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