Sprague Resources LP

Informe acción NYSE:SRLP

Capitalización de mercado: 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 Dirección

Dirección controles de criterios 2/4

Información clave

Dave Glendon

Chief Executive Officer (CEO)

US$1.5m

Compensación total

Porcentaje del salario del CEO25.79%
Permanencia del CEO11.3yrs
Participación del CEO0.5%
Permanencia media de la dirección7.5yrs
Promedio de permanencia en la Junta Directiva1.4yrs

Actualizaciones recientes de la dirección

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.

Análisis de compensación del CEO

¿Cómo ha cambiado la remuneración de Dave Glendon en comparación con los beneficios de Sprague Resources?
FechaCompensación totalSalarioIngresos de la empresa
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

Compensación vs. Mercado: La compensación total de Dave($USD1.48M) está por debajo de la media de empresas de tamaño similar en el mercado US ($USD2.43M).

Compensación vs. Ingresos: La compensación de Dave ha aumentado mientras la empresa no es rentable.

CEO

Dave Glendon (56 yo)

11.3yrs
Permanencia
US$1,475,431
Compensación

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...

Equipo directivo

NombrePosiciónPermanenciaCompensaciónPropiedad
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$473.58ksin datos
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$621.52ksin datos
Thomas Carey
Vice President of Operation - Sprague Resources GP LLC2.3yrssin datossin datos
Paul Scoff
VP, General Counsel11.3yrssin datos0.036%
$ 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 datasin datossin datos
7.5yrs
Permanencia media
58yo
Promedio de edad

Equipo directivo experimentado: El equipo directivo de SRLP es experimentado (7.5 años antigüedad media).

Miembros de la Junta

NombrePosiciónPermanenciaCompensaciónPropiedad
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 LLC1.4yrssin datos0.19%
$ 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 LLC1.4yrssin datossin datos
Stephen Hendel
Chairman of Sprague Resources GP LLC1.4yrssin datossin datos
Jonathan Merison
Director of Sprague Resources GP LLC1.4yrssin datossin datos
Jason Lemme
Director1.1yrssin datossin datos
1.4yrs
Permanencia media
62yo
Promedio de edad

Junta con experiencia: La junta directiva de SRLP no se considera experimentada (1.4 años de permanencia promedio), lo que sugiere una nueva junta directiva.

Análisis de la empresa y estado de los datos financieros

DatosÚltima actualización (huso horario UTC)
Análisis de la empresa2022/11/01 00:51
Precio de las acciones al final del día2022/10/31 00:00
Beneficios2022/06/30
Ingresos anuales2021/12/31

Fuentes de datos

Los datos utilizados en nuestro análisis de empresas proceden de S&P Global Market Intelligence LLC. Los siguientes datos se utilizan en nuestro modelo de análisis para generar este informe. Los datos están normalizados, lo que puede introducir un retraso desde que la fuente está disponible.

PaqueteDatosMarco temporalEjemplo Fuente EE.UU. *
Finanzas de la empresa10 años
  • Cuenta de resultados
  • Estado de tesorería
  • Balance
Estimaciones del consenso de analistas+3 años
  • Previsiones financieras
  • Objetivos de precios de los analistas
Precios de mercado30 años
  • Precios de las acciones
  • Dividendos, escisiones y acciones
Propiedad10 años
  • Accionistas principales
  • Información privilegiada
Gestión10 años
  • Equipo directivo
  • Consejo de Administración
Principales avances10 años
  • Anuncios de empresas

* Ejemplo para valores de EE.UU., para no EE.UU. se utilizan formularios y fuentes normativas equivalentes.

A menos que se especifique lo contrario, todos los datos financieros se basan en un periodo anual, pero se actualizan trimestralmente. Esto se conoce como datos de los últimos doce meses (TTM) o de los últimos doce meses (LTM). Más información.

Modelo de análisis y copo de nieve

Los detalles del modelo de análisis utilizado para generar este informe están disponibles en nuestra página de Github, también tenemos guías sobre cómo utilizar nuestros informes y tutoriales en Youtube.

Conozca al equipo de talla mundial que diseñó y construyó el modelo de análisis Simply Wall St.

Métricas industriales y sectoriales

Simply Wall St calcula cada 6 horas nuestras métricas sectoriales y de sección. Los detalles de nuestro proceso están disponibles en Github.

Fuentes analistas

Sprague Resources LP está cubierta por 5 analistas. de esos analistas presentaron las estimaciones de ingresos o ganancias utilizadas como datos para nuestro informe. Las estimaciones de los analistas se actualizan a lo largo del día.

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