Levin Capital Strategies L.P. Cuts Stock Position in Suburban Propane Partners, L.P. (NYSE:SPH)

Key Points

• Levin Capital Strategies L.P. reduced its holdings in Suburban Propane Partners by 19.4% in Q1, now owning approximately $3.29 million worth of the company's stock.
• Suburban Propane Partners reported Q1 earnings of $2.10 per share, missing estimates, although revenue of $587.66 million exceeded expectations.
• The company will pay a quarterly dividend of $0.325 per share on August 12, representing a 6.8% dividend yield with a payout ratio of 90.28%.

Levin Capital Strategies L.P. cut its stake in Suburban Propane Partners, L.P. (NYSE:SPH - Free Report) by 19.4% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 156,608 shares of the energy company's stock after selling 37,578 shares during the period. Levin Capital Strategies L.P. owned 0.24% of Suburban Propane Partners worth $3,290,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Alps Advisors Inc. lifted its stake in Suburban Propane Partners by 16.7% during the 1st quarter. Alps Advisors Inc. now owns 14,142,616 shares of the energy company's stock valued at $297,136,000 after acquiring an additional 2,018,820 shares during the period. Farther Finance Advisors LLC lifted its stake in Suburban Propane Partners by 275.5% during the 1st quarter. Farther Finance Advisors LLC now owns 1,363 shares of the energy company's stock valued at $29,000 after acquiring an additional 1,000 shares during the period. JPMorgan Chase & Co. lifted its stake in Suburban Propane Partners by 6.2% during the 4th quarter. JPMorgan Chase & Co. now owns 684,155 shares of the energy company's stock valued at $11,767,000 after acquiring an additional 40,239 shares during the period. Cetera Investment Advisers lifted its stake in Suburban Propane Partners by 5.0% during the 4th quarter. Cetera Investment Advisers now owns 61,977 shares of the energy company's stock valued at $1,066,000 after acquiring an additional 2,941 shares during the period. Finally, Kestra Private Wealth Services LLC acquired a new stake in Suburban Propane Partners during the 1st quarter valued at approximately $217,000. 30.94% of the stock is currently owned by institutional investors and hedge funds.

Suburban Propane Partners Stock Performance

NYSE SPH traded up $0.46 on Friday, hitting $17.93. 251,352 shares of the company's stock traded hands, compared to its average volume of 120,609. The company has a current ratio of 1.06, a quick ratio of 0.81 and a debt-to-equity ratio of 1.93. The firm has a market capitalization of $1.16 billion, a PE ratio of 12.11 and a beta of 0.19. The firm's 50-day moving average price is $18.48 and its two-hundred day moving average price is $19.71. Suburban Propane Partners, L.P. has a 1-year low of $16.42 and a 1-year high of $22.24.

Suburban Propane Partners (NYSE:SPH - Get Free Report) last posted 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 firm had revenue of $260.15 million for the quarter, compared to analysts' expectations of $270.00 million. Suburban Propane Partners had a net margin of 6.79% and a return on equity of 16.52%.

Suburban Propane Partners Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 12th. Stockholders of record on Tuesday, August 5th will be issued a dividend of $0.325 per share. This represents a $1.30 annualized dividend and a dividend yield of 7.3%. The ex-dividend date of this dividend is Tuesday, August 5th. Suburban Propane Partners's payout ratio is 87.84%.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen cut shares of Suburban Propane Partners from a "buy" rating to a "hold" rating in a research note on Saturday.

Insider Buying and Selling at Suburban Propane Partners

In other news, Director Harold R. Logan, Jr. sold 6,900 shares of Suburban Propane Partners stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $19.14, for a total transaction of $132,066.00. Following the completion of the transaction, the director directly owned 39,227 shares of the company's stock, valued at $750,804.78. The trade was a 14.96% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.30% of the stock is currently owned by company insiders.

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.