Sprague Resources (NYSE:SRLP) Receives New Coverage from Analysts at StockNews.com

Investment analysts at StockNews.com started coverage on shares of Sprague Resources (NYSE:SRLPGet Rating) in a research note issued to investors on Friday. The brokerage set a “buy” rating on the oil and gas company’s stock.

Separately, TheStreet upgraded shares of Sprague Resources from a “d+” rating to a “c-” rating in a report on Monday, September 19th.

Sprague Resources Stock Up 0.1 %

Shares of SRLP stock opened at $20.00 on Friday. The company has a market capitalization of $524.76 million, a P/E ratio of -5.26 and a beta of 0.37. Sprague Resources has a 12-month low of $12.31 and a 12-month high of $20.40. The firm has a 50-day moving average price of $19.96 and a 200 day moving average price of $18.98.

Insider Buying and Selling at Sprague Resources

In related news, major shareholder Sprague Hp Holdings Llc acquired 6,689,383 shares of the company’s stock in a transaction on Tuesday, November 1st. The shares were acquired at an average cost of $20.00 per share, for a total transaction of $133,787,660.00. Following the purchase, the insider now owns 19,548,849 shares in the company, valued at $390,976,980. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of SRLP. BNP Paribas Arbitrage SNC lifted its position in Sprague Resources by 7,431.4% in the third quarter. BNP Paribas Arbitrage SNC now owns 28,092 shares of the oil and gas company’s stock valued at $557,000 after purchasing an additional 27,719 shares during the last quarter. First Trust Capital Management L.P. lifted its holdings in shares of Sprague Resources by 57.3% during the third quarter. First Trust Capital Management L.P. now owns 245,040 shares of the oil and gas company’s stock valued at $4,862,000 after purchasing an additional 89,259 shares in the last quarter. Commonwealth Equity Services LLC lifted its holdings in Sprague Resources by 6.5% in the third quarter. Commonwealth Equity Services LLC now owns 14,643 shares of the oil and gas company’s stock valued at $290,000 after acquiring an additional 890 shares during the period. Royal Bank of Canada bought a new position in shares of Sprague Resources in the third quarter worth about $25,000. Finally, Blackstone Inc. bought a new position in shares of Sprague Resources in the third quarter worth about $266,000. Hedge funds and other institutional investors own 92.66% of the company’s stock.

About Sprague Resources

(Get Rating)

Sprague Resources LP engages in the purchase, storage, distribution and sale of refined products and natural gas. It operates through the following segments: Refined Products, Natural Gas, Materials Handling, and Other Operations. The Refined Products segment offers refined products, such as heating oil, diesel, residual fuel oil, kerosene, jet fuel and gasoline.

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