Smith Asset Management Co. LLC Takes $995,000 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 bought a new position in shares of Suburban Propane Partners, L.P. (NYSE:SPH - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 47,358 shares of the energy company's stock, valued at approximately $995,000. Smith Asset Management Co. LLC owned approximately 0.07% of Suburban Propane Partners as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Avantax Advisory Services Inc. lifted its holdings in shares of Suburban Propane Partners by 3.6% during the first 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 in the last quarter. Farther Finance Advisors LLC raised its stake in 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 in the last quarter. Summit Financial LLC raised its stake in Suburban Propane Partners by 2.0% in the first quarter. Summit Financial LLC now owns 54,049 shares of the energy company's stock valued at $1,136,000 after purchasing an additional 1,044 shares in the last quarter. Janney Montgomery Scott LLC raised its stake in Suburban Propane Partners by 2.7% in the first quarter. Janney Montgomery Scott LLC now owns 50,472 shares of the energy company's stock valued at $1,060,000 after purchasing an additional 1,338 shares in the last quarter. Finally, Wealthstar Advisors LLC raised its stake in Suburban Propane Partners by 5.9% in the first quarter. Wealthstar Advisors LLC now owns 34,136 shares of the energy company's stock valued at $717,000 after purchasing an additional 1,903 shares in the last quarter. Institutional investors and hedge funds own 30.94% of the company's stock.

Suburban Propane Partners Price Performance

NYSE SPH traded down $0.18 during trading on Friday, hitting $18.45. 111,311 shares of the company's stock were exchanged, compared to its average volume of 88,853. The company has a current ratio of 0.70, a quick ratio of 0.46 and a debt-to-equity ratio of 1.90. The company has a market cap of $1.21 billion, a PE ratio of 12.47 and a beta of 0.21. Suburban Propane Partners, L.P. has a fifty-two week low of $16.92 and a fifty-two week high of $22.24. The stock's 50 day moving average price is $18.45 and its two-hundred day moving average price is $19.27.

Suburban Propane Partners (NYSE:SPH - Get Free Report) last issued its earnings results on Thursday, August 7th. The energy company reported ($0.23) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.06). The business had revenue of $260.15 million for the quarter, compared to analyst estimates 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 announced a quarterly dividend, which was paid on Tuesday, August 12th. Shareholders of record on Tuesday, August 5th were paid a dividend of $0.325 per share. The ex-dividend date of this dividend was Tuesday, August 5th. This represents a $1.30 annualized dividend and a yield of 7.0%. Suburban Propane Partners's payout ratio is presently 87.84%.

Analyst Ratings Changes

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

Suburban Propane Partners Company Profile

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.