Sprague Resources LP

Report azionario NYSE:SRLP

Capitalizzazione di mercato: 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 Gestione

Criteri Gestione verificati 2/4

Informazioni chiave

Dave Glendon

Amministratore delegato

US$1.5m

Compenso totale

Percentuale dello stipendio del CEO25.79%
Mandato del CEO11.3yrs
Proprietà del CEO0.5%
Durata media del management7.5yrs
Durata media del Consiglio di amministrazione1.4yrs

Aggiornamenti recenti sulla gestione

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.

Analisi delle retribuzioni degli amministratori delegati

Come è cambiata la remunerazione di Dave Glendon rispetto agli utili di Sprague Resources?
DataCompenso totaleStipendioUtili della società
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

Compensazione vs Mercato: La retribuzione totale di Dave ($USD 1.48M ) è inferiore alla media delle aziende di dimensioni simili nel mercato US ($USD 2.43M ).

Compensazione vs guadagni: La retribuzione di Dave è aumentata nonostante l'azienda non sia redditizia.

AMMINISTRATORE DELEGATO

Dave Glendon (56 yo)

11.3yrs
Mandato
US$1,475,431
Compensazione

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...

Gruppo dirigente

NomePosizioneMandatoCompensazioneProprietà
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$473.58kNessun dato
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$621.52kNessun dato
Thomas Carey
Vice President of Operation - Sprague Resources GP LLC2.3yrsNessun datoNessun dato
Paul Scoff
VP, General Counsel11.3yrsNessun dato0.036%
$ 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 dataNessun datoNessun dato
7.5yrs
Durata media
58yo
Età media

Gestione esperta: Il team dirigenziale di SRLP è esperto e expertise (durata media dell'incarico 7.5 anni).

Membri del Consiglio di amministrazione

NomePosizioneMandatoCompensazioneProprietà
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 LLC1.4yrsNessun dato0.19%
$ 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 LLC1.4yrsNessun datoNessun dato
Stephen Hendel
Chairman of Sprague Resources GP LLC1.4yrsNessun datoNessun dato
Jonathan Merison
Director of Sprague Resources GP LLC1.4yrsNessun datoNessun dato
Jason Lemme
Director1.1yrsNessun datoNessun dato
1.4yrs
Durata media
62yo
Età media

Consiglio di amministrazione esperto: Il consiglio di amministrazione di SRLP non è considerato esperto (durata media del mandato 1.4 anni), il che suggerisce un nuovo consiglio.

Analisi aziendale e situazione dei dati finanziari

DatiUltimo aggiornamento (ora UTC)
Analisi dell'azienda2022/11/01 04:23
Prezzo dell'azione a fine giornata2022/10/31 00:00
Utili2022/06/30
Utili annuali2021/12/31

Fonti dei dati

I dati utilizzati nella nostra analisi aziendale provengono da S&P Global Market Intelligence LLC. I seguenti dati sono utilizzati nel nostro modello di analisi per generare questo report. I dati sono normalizzati, il che può comportare un ritardo nella disponibilità della fonte.

PacchettoDatiTempisticaEsempio Fonte USA *
Dati finanziari della società10 anni
  • Conto economico
  • Rendiconto finanziario
  • Bilancio
Stime di consenso degli analisti+3 anni
  • Previsioni finanziarie
  • Obiettivi di prezzo degli analisti
Prezzi di mercato30 anni
  • Prezzi delle azioni
  • Dividendi, scissioni e azioni
Proprietà10 anni
  • Top azionisti
  • Insider trading
Gestione10 anni
  • Team di leadership
  • Consiglio di amministrazione
Sviluppi principali10 anni
  • Annunci aziendali

* Esempio per i titoli statunitensi, per i titoli non statunitensi si utilizzano forme e fonti normative equivalenti.

Se non specificato, tutti i dati finanziari si basano su un periodo annuale ma vengono aggiornati trimestralmente. Si tratta dei cosiddetti dati TTM (Trailing Twelve Month) o LTM (Last Twelve Month). Per saperne di più.

Modello di analisi e Snowflake

I dettagli del modello di analisi utilizzato per generare questo report sono disponibili sulla nostra pagina GitHub; abbiamo anche delle guide su come utilizzare i nostri report e dei tutorial su YouTube.

Scoprite il team di livello mondiale che ha progettato e realizzato il modello di analisi Simply Wall St.

Metriche di settore e industriali

Le nostre metriche di settore e di sezione sono calcolate ogni 6 ore da Simply Wall St; i dettagli del nostro processo sono disponibili su Github.

Fonti analitiche

Sprague Resources LP è coperta da 5 analisti. di questi analisti ha fornito le stime di fatturato o di utile utilizzate come input per il nostro report. Le stime degli analisti vengono aggiornate nel corso della giornata.

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