Smith Asset Management Co. LLC Purchases New Position in Suburban Propane Partners, L.P. $SPH

Key Points

• Smith Asset Management Co. LLC acquired 47,358 shares of Suburban Propane Partners, L.P. for approximately $995,000, marking the firm's new investment in the company.
• The stock received a downgrade from Wall Street Zen, which changed its rating from "buy" to "hold" on August 9th.
• Suburban Propane Partners recently declared a quarterly dividend of $0.325 per share, resulting in an annualized dividend yield of 7.1% with a payout ratio of 87.84%.

Smith Asset Management Co. LLC purchased a new stake in Suburban Propane Partners, L.P. (NYSE:SPH - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 47,358 shares of the energy company's stock, valued at approximately $995,000. Smith Asset Management Co. LLC owned 0.07% of Suburban Propane Partners as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently modified their holdings of SPH. Farther Finance Advisors LLC boosted its holdings in shares of Suburban Propane Partners by 275.5% in the first quarter. Farther Finance Advisors LLC now owns 1,363 shares of the energy company's stock valued at $29,000 after purchasing an additional 1,000 shares during the period. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Suburban Propane Partners in the first quarter valued at approximately $49,000. Wood Tarver Financial Group LLC purchased a new stake in shares of Suburban Propane Partners in the fourth quarter valued at approximately $120,000. Vivaldi Capital Management LP purchased a new stake in shares of Suburban Propane Partners in the fourth quarter valued at approximately $176,000. Finally, Secure Asset Management LLC purchased a new stake in shares of Suburban Propane Partners in the first quarter valued at approximately $205,000. Hedge funds and other institutional investors own 30.94% of the company's stock.

Wall Street Analysts Forecast Growth

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 Stock Performance

Shares of NYSE:SPH opened at $18.32 on Tuesday. The company has a market capitalization of $1.20 billion, a price-to-earnings ratio of 12.38 and a beta of 0.21. Suburban Propane Partners, L.P. has a 52 week low of $16.92 and a 52 week high of $22.24. The company has a quick ratio of 0.46, a current ratio of 0.70 and a debt-to-equity ratio of 1.90. The firm has a 50 day moving average of $18.44 and a 200 day moving average of $19.32.

Suburban Propane Partners (NYSE:SPH - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The energy company reported ($0.23) EPS for the quarter, missing analysts' consensus estimates of ($0.17) by ($0.06). The business 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 Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 12th. Stockholders of record on Tuesday, August 5th were given a dividend of $0.325 per share. The ex-dividend date of this dividend was Tuesday, August 5th. This represents a $1.30 dividend on an annualized basis and a dividend yield of 7.1%. Suburban Propane Partners's dividend 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.