Sprague Resources LP (NYSE:SRLP) Raises Dividend to $0.67 Per Share

Sprague Resources LP (NYSE:SRLP) announced a quarterly dividend on Friday, April 23rd, investing.com reports. Stockholders of record on Tuesday, May 4th will be paid a dividend of 0.6675 per share by the oil and gas company on Monday, May 10th. This represents a $2.67 annualized dividend and a dividend yield of 10.62%. The ex-dividend date is Monday, May 3rd. This is a positive change from Sprague Resources’s previous quarterly dividend of $0.65.

Sprague Resources has increased its dividend by 11.3% over the last three years and has increased its dividend every year for the last 1 years. Sprague Resources has a dividend payout ratio of 182.9% 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 $1.46 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 182.9%.

Shares of SRLP stock opened at $25.13 on Friday. The stock’s fifty day moving average is $22.61 and its 200-day moving average is $19.94. The company has a debt-to-equity ratio of 5.50, a quick ratio of 0.57 and a current ratio of 1.00. The stock has a market capitalization of $576.63 million, a PE ratio of 16.53 and a beta of 0.96. Sprague Resources has a 52 week low of $12.83 and a 52 week high of $25.13.

Sprague Resources (NYSE:SRLP) last issued its quarterly earnings results on Thursday, March 4th. The oil and gas company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.22). Sprague Resources had a net margin of 1.44% and a return on equity of 43.45%. The firm had revenue of $627.43 million for the quarter, compared to analyst estimates of $680.13 million. As a group, analysts forecast that Sprague Resources will post 1.34 earnings per share for the current fiscal year.

Several equities analysts have recently issued reports on SRLP shares. Zacks Investment Research lowered Sprague Resources from a “hold” rating to a “strong sell” rating in a research note on Tuesday, March 9th. TheStreet lowered Sprague Resources from a “b-” rating to a “c” rating in a research note on Monday, April 5th.

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 and Canada. 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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