Sprague Resources LP

NYSE:SRLP Lagerbericht

Marktkapitalisierung: US$524.8m

This company has been acquired

The company may no longer be operating, as it has been acquired. Find out why through their latest events.

Sprague Resources Management

Management Kriterienprüfungen 2/4

Wichtige Informationen

Dave Glendon

Geschäftsführender

US$1.5m

Gesamtvergütung

Prozentsatz des Geschäftsführergehalts25.79%
Amtszeit als Geschäftsführer11.3yrs
Eigentum des Geschäftsführers0.5%
Durchschnittliche Amtszeit des Managements7.5yrs
Durchschnittliche Amtszeit der Vorstandsmitglieder1.4yrs

Jüngste Management Updates

Recent updates

Seeking Alpha • Oct 17

Sprague Resources declares $0.4338 dividend

Sprague Resources (NYSE:SRLP) declares $0.4338/share quarterly dividend, in line with previous. Forward yield 8.75% Payable Oct. 31; for shareholders of record Oct. 27; ex-div Oct. 26. See SRLP Dividend Scorecard, Yield Chart, & Dividend Growth.
Seeking Alpha • Jul 25

Sprague Resources declares $0.4338 dividend

Sprague Resources (NYSE:SRLP) declares $0.4338/share quarterly dividend, in line with previous. Forward yield 9.07% Payable Aug. 10; for shareholders of record Aug. 5; ex-div Aug. 4. See SRLP Dividend Scorecard, Yield Chart, & Dividend Growth.
Seeking Alpha • May 12

Sprague Resources: The Worst Is Still Coming

On the surface, it appears that Sprague Resources saw a strong start to 2022, with their adjusted EBITDA for the first quarter seeing a very impressive 45% increase year-on-year. Although when digging deeper, this is not the case, with these results being materially boosted by unrealized gains that provided no tangible benefits. They also saw a relatively large working capital draw that helped ease the pressure upon their very weak liquidity and strained credit facility, but obviously, this is merely temporary. Given the normal seasonality in their financial performance and the downbeat outlook for the remainder of 2022 from management, it seems that a cash burn is very likely. Following this grim outlook, it should not be surprising that I continue believing that my sell rating is appropriate.
Seeking Alpha • Mar 07

Sprague Resources: Liquidity Crisis Amplifying With A Terrible First Quarter Inbound, Time To Sell

Despite economic conditions improving, Sprague Resources was facing a liquidity crisis in late 2021. Whilst they saw a slight reprieve during the fourth quarter of 2021, they still saw negative operating cash flow during the full year. The market has moved back into a deep backwardation structure that threatens to see the cash burn continue into the first quarter of 2022. The balance available on their working capital credit facility is running low and thus without future lender support, they may even face issues remaining a going concern throughout 2022. The potential takeover seems to be anchoring their unit price but since this may not proceed, I believe that downgrading to a sell rating is now appropriate.
Seeking Alpha • Jan 02

Sprague Resources: Impending Liquidity Crisis, Distributions Could Be Suspended

The beaten-down Sprague Resources reduced their distributions by 35% in 2021 but the bigger issue right now is their impending liquidity crisis. Due to the oil and refined products markets being in a backwardation structure, it has seen their underlying operating cash flow turning deep into the negative. Their surface-level results were propped up by a massive working capital draw that stands to drain most of their working capital credit facility when it reverses. Since they have virtually no cash, unless their operating conditions improve significantly and quickly, this would lead to a liquidity crisis and likely see their distributions suspended. This is a very risky situation, but given their depressed unit price, it could rally if operating conditions improve, and thus, I still believe that my neutral rating is appropriate.
Seeking Alpha • Nov 30

Sprague Resources: 12.1% Yield But Risks Abound

Sprague Resources cut its distribution recently. The company reported its third quarter results that came in below expectations. We go over the current problems the company is facing and how it impacts the sustainability of the distribution.
Seeking Alpha • Oct 26

Sprague Resources: Distribution Cut Less Than Expected

Sprague Resources cut its distribution by 35%. This was below the low end of our estimated range. We go over what likely influenced this decision and what investors should be on the lookout for in the next 2 quarters.
Seeking Alpha • Oct 20

Double-Digit Dividends: 12.46%-Yielding Sprague Resources Looks Expensive

I’ve launched a new series focused on long and short opportunities in the double-digit dividend yield market and this is my sixth bearish idea. Sprague Resources plans to cut its quarterly distribution to fund growth capital projects and strengthen its balance sheet. The partnership’s forward EV/EBITDA multiple is between 9.9x and 11.3x and Hartree paid only $16.50 per unit in May. I think the unit price could be headed to $16.50 once the quarterly distribution gets cut.
Seeking Alpha • Aug 06

Sprague Resources: Distributions Cut As Warned, Brace For A Near Wipeout

Sprague Resources has announced that an impending distribution reduction, which I have been consistently warning, was a very real risk. They intend to transition to a more sustainable financial model that focuses on internally generated cash flow to pursue new growth investments. This will obviously push down their free cash flow significantly, which I estimate will entail at least a 50% reduction to their distributions. A significant issue pushing their hand is actually the financial distress caused by their credit facility borrowing base being repeatedly reduced and thus threatening their solvency. This could easily see a near wipeout for their distributions, and thus, until more is known, I believe that maintaining my neutral rating is appropriate.

Analyse der Geschäftsführervergütung

Wie hat sich die Vergütung von Dave Glendon im Vergleich zu den Einnahmen von Sprague Resources verändert?
DatumGesamtvergütungGehaltUnternehmensgewinne
Jun 30 2022n/an/a

-US$99m

Mar 31 2022n/an/a

-US$100m

Dec 31 2021US$1mUS$380k

-US$69m

Sep 30 2021n/an/a

-US$112m

Jun 30 2021n/an/a

US$11m

Mar 31 2021n/an/a

US$30m

Dec 31 2020US$1mUS$381k

US$26m

Sep 30 2020n/an/a

US$35m

Jun 30 2020n/an/a

US$18m

Mar 31 2020n/an/a

US$38m

Dec 31 2019US$898kUS$371k

US$25m

Sep 30 2019n/an/a

US$50m

Jun 30 2019n/an/a

US$39m

Mar 31 2019n/an/a

US$31m

Dec 31 2018US$860kUS$370k

US$72m

Sep 30 2018n/an/a

US$23m

Jun 30 2018n/an/a

US$28m

Mar 31 2018n/an/a

US$35m

Dec 31 2017US$1mUS$364k

US$26m

Sep 30 2017n/an/a

US$38m

Jun 30 2017n/an/a

US$44m

Mar 31 2017n/an/a

US$43m

Dec 31 2016US$1mUS$356k

US$8m

Sep 30 2016n/an/a

US$38m

Jun 30 2016n/an/a

US$56m

Mar 31 2016n/an/a

US$64m

Dec 31 2015US$2mUS$350k

US$78m

Vergütung im Vergleich zum Markt: DaveDie Gesamtvergütung ($USD1.48M) liegt unter dem Durchschnitt von Unternehmen ähnlicher Größe auf dem Markt US ($USD2.43M).

Entschädigung vs. Einkommen: DaveDie Bezüge der Mitarbeiter sind gestiegen, während das Unternehmen unrentabel ist.

Geschäftsführer

Dave Glendon (56 yo)

11.3yrs
Amtszeit
US$1,475,431
Vergütung

Mr. David C. Glendon, also known as Dave, has been the Chief Executive Officer, Chief Operating Officer since January 01, 2019 and President of Sprague Resources GP LLC, General Partner of Sprague Resource...

Führungsteam

NamePositionAmtszeitVergütungEigentümerschaft
David Glendon
President11.3yrsUS$1.48m0.47%
$ 2.5m
David Long
CFO & Principal Accounting Officer of Sprague Resources GP LLC3.8yrsUS$587.23k0.11%
$ 601.0k
Ben Hennelly
Chief Information Officer & VP of Sprague Resources GP LLC1.3yrsUS$473.58kkeine Daten
Steven Scammon
VP & Chief Risk Officer of Sprague Resources GP LLC11.3yrsUS$602.82k0.15%
$ 778.2k
Brian Weego
Vice President of Natural Gas - Sprague Resources GP LLC11.3yrsUS$621.52kkeine Daten
Thomas Carey
Vice President of Operation - Sprague Resources GP LLC2.3yrskeine Datenkeine Daten
Paul Scoff
VP, General Counsel11.3yrskeine Daten0.036%
$ 187.6k
Joseph Smith
Vice President of Corporate Development & IT - Sprague Resources GP LLC3.7yrsUS$1.09m0.16%
$ 846.9k
Barbara Arkwell
Managing Director of Human Resources of Sprague Resources GP LLCno datakeine Datenkeine Daten
7.5yrs
Durchschnittliche Betriebszugehörigkeit
58yo
Durchschnittliches Alter

Erfahrenes Management: Das Managementteam von SRLP ist erfahren und erfahren (durchschnittliche Amtszeit von 7.5 Jahren).

Vorstandsmitglieder

NamePositionAmtszeitVergütungEigentümerschaft
David Glendon
President11.3yrsUS$1.48m0.47%
$ 2.5m
C. Harper
Independent Director of Sprague Resources GP LLC9yrsUS$137.50k0.10%
$ 532.3k
Scott Levy
Director of Sprague Resources GP LLC1.4yrskeine Daten0.19%
$ 982.7k
John Shapiro
Independent Director of Sprague Resources GP LLC1.3yrsUS$117.50k0.011%
$ 55.3k
Beth Bowman
Independent Director of Sprague Resources GP LLC8yrsUS$137.50k0.068%
$ 354.4k
Stephen Semlitz
Director of Sprague Resources GP LLC1.4yrskeine Datenkeine Daten
Stephen Hendel
Chairman of Sprague Resources GP LLC1.4yrskeine Datenkeine Daten
Jonathan Merison
Director of Sprague Resources GP LLC1.4yrskeine Datenkeine Daten
Jason Lemme
Director1.1yrskeine Datenkeine Daten
1.4yrs
Durchschnittliche Betriebszugehörigkeit
62yo
Durchschnittliches Alter

Erfahrener Vorstand: SRLPDie Vorstandsmitglieder gelten nicht als erfahren ( 1.4 Jahre durchschnittliche Amtszeit), was auf einen neuen Vorstand hindeutet.

Unternehmensanalyse und Finanzdaten Status

DatenZuletzt aktualisiert (UTC-Zeit)
Unternehmensanalyse2022/11/01 04:23
Aktienkurs zum Tagesende2022/10/31 00:00
Gewinne2022/06/30
Jährliche Einnahmen2021/12/31

Datenquellen

Die in unserer Unternehmensanalyse verwendeten Daten stammen von S&P Global Market Intelligence LLC. Die folgenden Daten werden in unserem Analysemodell verwendet, um diesen Bericht zu erstellen. Die Daten sind normalisiert, was zu einer Verzögerung bei der Verfügbarkeit der Quelle führen kann.

PaketDatenZeitrahmenBeispiel US-Quelle *
Finanzdaten des Unternehmens10 Jahre
  • Gewinn- und Verlustrechnung
  • Kapitalflussrechnung
  • Bilanz
Konsensschätzungen der Analysten+3 Jahre
  • Finanzielle Vorausschau
  • Kursziele der Analysten
Marktpreise30 Jahre
  • Aktienkurse
  • Dividenden, Splits und Aktionen
Eigentümerschaft10 Jahre
  • Top-Aktionäre
  • Insiderhandel
Verwaltung10 Jahre
  • Das Führungsteam
  • Direktorium
Wichtige Entwicklungen10 Jahre
  • Ankündigungen des Unternehmens

* Beispiel für US-Wertpapiere, für nicht-US-amerikanische Wertpapiere werden gleichwertige regulatorische Formulare und Quellen verwendet.

Sofern nicht anders angegeben, beziehen sich alle Finanzdaten auf einen Jahreszeitraum, werden aber vierteljährlich aktualisiert. Dies wird als Trailing Twelve Month (TTM) oder Last Twelve Month (LTM) Daten bezeichnet. Erfahren Sie mehr.

Analysemodell und Schneeflocke

Details zum Analysemodell, mit dem dieser Bericht erstellt wurde, finden Sie auf unserer Github-Seite; außerdem bieten wir Leitfäden zur Nutzung unserer Berichte und Tutorials auf Youtube an.

Erfahren Sie mehr über das Weltklasse-Team, das das Simply Wall St-Analysemodell entworfen und entwickelt hat.

Metriken für Industrie und Sektor

Unsere Branchen- und Sektionskennzahlen werden alle 6 Stunden von Simply Wall St berechnet. Details zu unserem Verfahren finden Sie auf Github.

Analysten-Quellen

Sprague Resources LP wird von 5 Analysten beobachtet. dieser Analysten hat die Umsatz- oder Gewinnschätzungen übermittelt, die als Grundlage für unseren Bericht dienen. Die von den Analysten übermittelten Daten werden im Laufe des Tages aktualisiert.

AnalystEinrichtung
Brian ZarahnBarclays
Michael GyureBrean Capital Historical (Janney Montgomery)
Robert BalsamoB. Riley Securities, Inc.