Suburban Propane Partners (NYSE:SPH) Shares Gap Up After Dividend Announcement

Shares of Suburban Propane Partners, L.P. (NYSE:SPH - Get Free Report) gapped up prior to trading on Thursday following a dividend announcement from the company. The stock had previously closed at $19.10, but opened at $19.84. Suburban Propane Partners shares last traded at $19.41, with a volume of 60,937 shares.

The newly announced dividend which will be paid on Tuesday, February 11th. Investors of record on Tuesday, February 4th will be given a $0.325 dividend. The ex-dividend date is Tuesday, February 4th. This represents a $1.30 dividend on an annualized basis and a yield of 6.64%. Suburban Propane Partners's payout ratio is 114.04%.

Suburban Propane Partners Stock Up 2.1 %

The company has a quick ratio of 0.33, a current ratio of 0.51 and a debt-to-equity ratio of 2.21. The company has a 50-day simple moving average of $18.36 and a two-hundred day simple moving average of $18.22. The stock has a market cap of $1.26 billion, a P/E ratio of 17.16 and a beta of 0.48.

Insiders Place Their Bets

In other news, VP Craig Palleschi sold 2,800 shares of the firm's stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $17.72, for a total value of $49,616.00. Following the transaction, the vice president now owns 21,898 shares of the company's stock, valued at $388,032.56. This trade represents a 11.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP A Davin Dambrosio sold 6,500 shares of Suburban Propane Partners stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $18.90, for a total value of $122,850.00. Following the sale, the vice president now directly owns 76,176 shares in the company, valued at $1,439,726.40. This trade represents a 7.86 % decrease in their position. The disclosure for this sale can be found here. 1.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Suburban Propane Partners

A number of institutional investors and hedge funds have recently modified their holdings of SPH. B. Riley Wealth Advisors Inc. purchased a new stake in shares of Suburban Propane Partners in the 2nd quarter worth $193,000. Simplicity Wealth LLC increased its position in Suburban Propane Partners by 4.2% during the 3rd quarter. Simplicity Wealth LLC now owns 22,963 shares of the energy company's stock valued at $412,000 after buying an additional 936 shares in the last quarter. Greenup Street Wealth Management LLC increased its holdings in shares of Suburban Propane Partners by 8.1% in the third quarter. Greenup Street Wealth Management LLC now owns 22,425 shares of the energy company's stock valued at $402,000 after purchasing an additional 1,675 shares during the period. Janney Montgomery Scott LLC increased its holdings in shares of Suburban Propane Partners by 3.8% in the third quarter. Janney Montgomery Scott LLC now owns 50,029 shares of the energy company's stock valued at $898,000 after purchasing an additional 1,818 shares during the period. Finally, Oppenheimer & Co. Inc. increased its holdings in shares of Suburban Propane Partners by 7.9% in the third quarter. Oppenheimer & Co. Inc. now owns 10,961 shares of the energy company's stock valued at $197,000 after purchasing an additional 800 shares during the period. Hedge funds and other institutional investors own 30.94% of the company's stock.

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.