Sprague Resources LP Declares Quarterly Dividend of $0.67 (NYSE:SRLP)

Sprague Resources LP (NYSE:SRLP) declared a quarterly dividend on Friday, July 24th, Zacks reports. Shareholders of record on Tuesday, August 4th will be given a dividend of 0.668 per share by the oil and gas company on Monday, August 10th. This represents a $2.67 annualized dividend and a yield of 14.52%. The ex-dividend date is Monday, August 3rd.

Sprague Resources has increased its dividend payment by an average of 23.6% per year over the last three years and has increased its dividend every year for the last 5 years. Sprague Resources has a dividend payout ratio of 147.5% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Sprague Resources to earn $1.44 per share next year, which means the company may not be able to cover its $2.67 annual dividend with an expected future payout ratio of 185.4%.

NYSE SRLP opened at $18.40 on Friday. The company has a 50 day simple moving average of $15.70 and a 200-day simple moving average of $14.51. The company has a debt-to-equity ratio of 3.06, a current ratio of 0.98 and a quick ratio of 0.82. The firm has a market capitalization of $421.78 million, a price-to-earnings ratio of 11.15 and a beta of 1.25. Sprague Resources has a 52-week low of $9.83 and a 52-week high of $19.10.

Sprague Resources (NYSE:SRLP) last released its quarterly earnings data on Thursday, May 7th. The oil and gas company reported $1.95 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.15 by $0.80. The firm had revenue of $959.88 million for the quarter, compared to analyst estimates of $1.09 billion. Sprague Resources had a net margin of 1.31% and a return on equity of 39.05%. On average, analysts predict that Sprague Resources will post 1.94 EPS for the current year.

Several analysts recently issued reports on the company. ValuEngine cut Sprague Resources from a “hold” rating to a “sell” rating in a research report on Friday, May 8th. Zacks Investment Research upgraded Sprague Resources from a “hold” rating to a “strong-buy” rating and set a $18.00 price target for the company in a report on Friday, July 24th.

In other Sprague Resources news, Director Sprague Resources Holdings Llc purchased 723,738 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were bought at an average price of $13.85 per share, for a total transaction of $10,023,771.30. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

About Sprague Resources

Sprague Resources LP engages in the purchase, storage, distribution, and sale of refined petroleum products and natural gas in the United States. The company operates through four segments: Refined Products, Natural Gas, Materials Handling, and Other Operations. The Refined Products segment purchases and sells various refined products, such as heating oil, diesel fuel, residual fuel oil, kerosene, jet fuel, gasoline, and asphalt to wholesale, retail, and commercial customers.

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Dividend History for Sprague Resources (NYSE:SRLP)

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