Sprague Resources LP (NYSE:SRLP) Sees Large Drop in Short Interest

Sprague Resources LP (NYSE:SRLP) was the recipient of a large drop in short interest in the month of January. As of January 31st, there was short interest totalling 8,100 shares, a drop of 23.6% from the January 15th total of 10,600 shares. Based on an average daily volume of 40,400 shares, the short-interest ratio is currently 0.2 days. Approximately 0.1% of the shares of the stock are sold short.

Several analysts have recently commented on the stock. Zacks Investment Research upgraded shares of Sprague Resources from a “sell” rating to a “hold” rating in a research report on Thursday. ValuEngine upgraded shares of Sprague Resources from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd.

Several hedge funds have recently made changes to their positions in the company. California Public Employees Retirement System increased its holdings in Sprague Resources by 4.0% in the 3rd quarter. California Public Employees Retirement System now owns 47,381 shares of the oil and gas company’s stock valued at $839,000 after acquiring an additional 1,837 shares during the last quarter. Beaton Management Co. Inc. grew its stake in shares of Sprague Resources by 6.4% in the 3rd quarter. Beaton Management Co. Inc. now owns 21,700 shares of the oil and gas company’s stock worth $384,000 after buying an additional 1,300 shares in the last quarter. Russell Investments Group Ltd. grew its stake in shares of Sprague Resources by 895.2% in the 4th quarter. Russell Investments Group Ltd. now owns 56,331 shares of the oil and gas company’s stock worth $953,000 after buying an additional 50,671 shares in the last quarter. Tower Research Capital LLC TRC purchased a new position in shares of Sprague Resources in the 4th quarter worth $46,000. Finally, Hartree Partners LP grew its stake in shares of Sprague Resources by 75.5% in the 4th quarter. Hartree Partners LP now owns 169,877 shares of the oil and gas company’s stock worth $2,874,000 after buying an additional 73,095 shares in the last quarter. Hedge funds and other institutional investors own 15.79% of the company’s stock.

Shares of SRLP stock traded down $0.34 on Friday, hitting $14.85. 59,300 shares of the stock traded hands, compared to its average volume of 48,567. The firm has a market cap of $344.63 million, a price-to-earnings ratio of 6.81 and a beta of 1.52. Sprague Resources has a 52 week low of $14.67 and a 52 week high of $20.54. The firm has a 50 day simple moving average of $16.60 and a two-hundred day simple moving average of $16.87. The company has a debt-to-equity ratio of 5.69, a current ratio of 1.61 and a quick ratio of 1.01.

The company also recently disclosed a quarterly dividend, which was paid on Monday, February 10th. Stockholders of record on Tuesday, February 4th were given a dividend of $0.668 per share. This represents a $2.67 annualized dividend and a dividend yield of 17.99%. This is an increase from Sprague Resources’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend was Monday, February 3rd. Sprague Resources’s dividend payout ratio (DPR) is presently 84.49%.

Sprague Resources Company Profile

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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