View ValuationThis company has been acquiredThe company may no longer be operating, as it has been acquired. Find out why through their latest events.See Latest EventsSprague Resources 将来の成長Future 基準チェック /06主要情報n/a収益成長率n/aEPS成長率Oil and Gas 収益成長10.7%収益成長率n/a将来の株主資本利益率n/aアナリストカバレッジNone最終更新日n/a今後の成長に関する最新情報更新なしすべての更新を表示Recent updatesお知らせ • Nov 02Sprague Resources LP Intends to File A Certification on Form 15In connection with the completion of the transactions contemplated by that certain Agreement and Plan of Merger, dated as of June 2, 2022 (Original Merger Agreement and, as amended by Amendment No. 1 to the Agreement and Plan of Merger, dated as of August 31, 2022, the Merger Agreement), by and among Sprague Resources, LP, a Delaware limited partnership (Partnership), Sprague Resources GP LLC, a Delaware limited liability company and the general partner of the Partnership (General Partner), Sparrow HP Holdings, LLC (Parent), a Delaware limited liability company and wholly owned subsidiary of Hartree Partners, LP, and Sparrow HP Merger Sub, LLC, a Delaware limited liability company and wholly owned subsidiary of Parent (Merger Sub). On November 1, 2022, Merger Sub merged with and into the Partnership, with the Partnership surviving as a direct wholly owned subsidiary of Parent and the General Partner (Merger). In connection with the closing of the Merger, the Partnership (i) notified the New York Stock Exchange (the “NYSE”) that the Certificate of Merger relating to the Merger had been filed with the Secretary of State of the State of Delaware and effective as of the Effective Time and (ii) requested that the NYSE file a Notification of Removal from Listing and/or Registration on Form 25 with the SEC to delist and deregister the Common Units under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “ Exchange Act”). The trading of Common Units was suspended before the opening of trading on November 1, 2022. Additionally, the Partnership intends to file a certification on Form 15 (the “Form 15”) under the Exchange Act with the SEC requesting the suspension of the Partnership’s reporting obligations under Sections 13(a) and 15(d) of the Exchange Act.お知らせ • Oct 18+ 1 more updateSprague Resources LP to Report Q3, 2022 Results on Nov 08, 2022Sprague Resources LP announced that they will report Q3, 2022 results Pre-Market on Nov 08, 2022Seeking Alpha • Oct 17Sprague Resources declares $0.4338 dividendSprague 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.お知らせ • Jul 26+ 1 more updateSprague Resources LP Declares Cash Distribution for the Quarter Ended June 30, 2022, Payable on August 10, 2022Sprague Resources LP announced that the Board of Directors of its general partner, Sprague Resources GP LLC declared a cash distribution of $0.4338 per unit ($1.73 per unit on an annualized basis) for the quarter ended June 30, 2022, and is equal to the previous quarter’s distribution. The announced distribution will be paid on August 10, 2022, to unitholders of record as of the close of business on August 5, 2022.Seeking Alpha • Jul 25Sprague Resources declares $0.4338 dividendSprague 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 12Sprague Resources: The Worst Is Still ComingOn 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.お知らせ • Apr 26+ 1 more updateSprague Resources LP to Report Q1, 2022 Results on May 05, 2022Sprague Resources LP announced that they will report Q1, 2022 results Pre-Market on May 05, 2022Seeking Alpha • Mar 07Sprague Resources: Liquidity Crisis Amplifying With A Terrible First Quarter Inbound, Time To SellDespite 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.お知らせ • Jan 12Hartree Partners Submits a Proposal to Acquire Sprague ResourcesOn January 11, 2022, Hartree Partners GP, LLC submitted a proposal to the Board of Directors of Sprague Resources GP LLC to acquire all of the Company’s outstanding common units not already beneficially owned by Hartree Partners in exchange for $16.50 in cash per common unit.Seeking Alpha • Jan 02Sprague Resources: Impending Liquidity Crisis, Distributions Could Be SuspendedThe 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 30Sprague Resources: 12.1% Yield But Risks AboundSprague 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 26Sprague Resources: Distribution Cut Less Than ExpectedSprague 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 20Double-Digit Dividends: 12.46%-Yielding Sprague Resources Looks ExpensiveI’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 06Sprague Resources: Distributions Cut As Warned, Brace For A Near WipeoutSprague 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.お知らせ • May 29Hartree Partners, LP completed the acquisition of a 61.6% stake in Sprague Resources LP (NYSE:SRLP) from Sprague Resources Holdings LLC.Hartree Partners, LP entered into an agreement to acquire a 61.6% stake in Sprague Resources LP (NYSE:SRLP) from Sprague Resources Holdings LLC for $290 million on April 20, 2020. As part of transaction Hartree Partners will acquire 16,058,484 common units of Sprague Resources LP, 100% of the outstanding membership interests of Sprague Resources GP LLC and 100% of the incentive distribution rights of the Sprague Resources LP. As part of the transaction, the aggregate consideration to be paid be $290 million consisting of $264 million attributable to common units, at a price of $16.50 per common unit and $25 million attributable to the membership interest and the incentive distribution rights, collectively. The Sprague Resources will receive $12.5 million in cash as buy sell termination fee if Hartree Partners elects to terminate the transaction. The transaction is expected to close on or before June 15, 2021. David Oelman, Lande Spottswood and John Grand of Vinson & Elkins L.L.P. is acting as legal advisor to Hartree Partners in the transaction. Michael Rosenwasser and Michael Swidler of Baker Botts L.L.P. is acting as legal advisor to Axel Johnson, parent company of Sprague Resources Holdings in the transaction. Intrepid Partners, LLC is acting as exclusive financial advisor to Axel Johnson. Hartree Partners, LP completed the acquisition of a 61.6% stake in Sprague Resources LP (NYSE:SRLP) from Sprague Resources Holdings LLC on May 28, 2021.お知らせ • Mar 06Sprague Resources Non-Compliant with Section 303A.07(A) of the NYSE Listed Company ManualOn February 26, 2021, Ben J. Hennelly resigned his membership in the audit committee and the conflicts committee of the Board of Directors (the “Board”) of the general partner of Sprague Resources LP (the “Partnership”) because he no longer qualifies as independent under the New York Stock Exchange (“NYSE”) listing standards. Mr. Hennelly will remain a director of the Board. Mr. Hennelly’s resignation from the audit committee of the Board leaves the Board’s audit committee with only two directors, each of whom are independent under the NYSE listing standards. In response to the Partnership's prior notice and a written affirmation filed on March 1, 2021 disclosing the Partnership's non-compliance with Section 303A.07(a) of the NYSE Listed Company Manual requiring audit committees to be comprised of at least three independent directors, the NYSE notified the Partnership on March 3, 2021 that it was deficient in meeting the Section 303A.07(a) requirement for three independent members on an audit committee. The Partnership is undertaking a search for a new independent director and expects to announce a replacement as soon as reasonably practicable. Upon appointing a new member of the audit committee that meets the independence requirements of Section 10A-3 of, and Rule 10A-3 under, the Securities Exchange Act of 1934, as amended, and Section 303A.02 of the NYSE Listed Company Manual, the Partnership will regain compliance with the applicable NYSE listing standard.お知らせ • Mar 04Sprague Resources LP Announces Resignation of Ben J. Hennelly as Member of the Audit Committee and the Conflicts CommitteeSprague Resources LP announced resignation of Ben J. Hennelly from his membership in the audit committee and the conflicts committee of the Board of Directors of the general partner of Sprague Resources LP because he no longer qualifies as independent under the New York Stock Exchange listing standards. Mr. Hennelly will remain a director of the Board. The Partnership is undertaking a search for a new independent director and expects to announce a replacement as soon as reasonably practicable.Is New 90 Day High Low • Feb 17New 90-day high: US$22.70The company is up 34% from its price of US$16.99 on 18 November 2020. The American market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 26% over the same period.Is New 90 Day High Low • Jan 30New 90-day high: US$21.91The company is up 36% from its price of US$16.10 on 30 October 2020. The American market is up 19% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Oil and Gas industry, which is up 41% over the same period.お知らせ • Jan 23Sprague Resources LP to Report Q4, 2020 Results on Mar 04, 2021Sprague Resources LP announced that they will report Q4, 2020 results Pre-Market on Mar 04, 2021Is New 90 Day High Low • Jan 04New 90-day high: US$19.99The company is up 28% from its price of US$15.62 on 06 October 2020. The American market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 23% over the same period.Is New 90 Day High Low • Dec 10New 90-day high: US$18.95The company is up 26% from its price of US$15.08 on 10 September 2020. The American market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 19% over the same period.Recent Insider Transactions • Nov 26Board Member recently sold US$69k worth of stockOn the 24th of November, Ben Hennelly sold around 4k shares on-market at roughly US$17.88 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$122k more than they bought in the last 12 months.Is New 90 Day High Low • Nov 18New 90-day high: US$16.99The company is up 9.0% from its price of US$15.62 on 19 August 2020. The American market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is down 3.0% over the same period.Reported Earnings • Nov 11Third quarter 2020 earnings released: EPS US$0.33The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: US$390.5m (down 33% from 3Q 2019). Net income: US$7.60m (up US$17.3m from 3Q 2019). Profit margin: 1.9% (up from net loss in 3Q 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings.Analyst Estimate Surprise Post Earnings • Nov 11Revenue and earnings beat expectationsRevenue exceeded analyst estimates by 19%. Earnings per share (EPS) also surpassed analyst estimates. Over the next year, revenue is expected to shrink by 18% compared to a 8.4% growth forecast for the Oil and Gas industry in the US.Reported Earnings • Nov 07Third quarter 2020 earnings released: EPS US$0.42The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: US$390.5m (down 33% from 3Q 2019). Net income: US$9.67m (up US$19.4m from 3Q 2019). Profit margin: 2.5% (up from net loss in 3Q 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings.Analyst Estimate Surprise Post Earnings • Nov 07Revenue and earnings beat expectationsRevenue exceeded analyst estimates by 19%. Earnings per share (EPS) also surpassed analyst estimates. Over the next year, revenue is expected to shrink by 28% compared to a 8.5% growth forecast for the Oil and Gas industry in the US.お知らせ • Oct 28Sprague Resources LP to Report Q3, 2020 Results on Nov 05, 2020Sprague Resources LP announced that they will report Q3, 2020 results on Nov 05, 2020お知らせ • Jul 25Sprague Resources LP to Report Q2, 2020 Results on Aug 06, 2020Sprague Resources LP announced that they will report Q2, 2020 results on Aug 06, 2020 このセクションでは通常、投資家が会社の利益創出能力を理解する一助となるよう、プロのアナリストのコンセンサス予想に基づく収益と利益の成長予測を提示する。しかし、Sprague Resources は十分な過去のデータを提供しておらず、アナリストの予測もないため、過去のデータを外挿したり、アナリストの予測を使用しても、その将来の収益を確実に算出することはできません。 シンプリー・ウォール・ストリートがカバーする企業の97%は過去の財務データを持っているため、これはかなり稀な状況です。 業績と収益の成長予測NYSE:SRLP - アナリストの将来予測と過去の財務データ ( )USD Millions日付収益収益フリー・キャッシュフロー営業活動によるキャッシュ平均アナリスト数6/30/20224,896-993650N/A3/31/20224,275-100-67-52N/A12/31/20213,498-69-71-57N/A9/30/20212,987-112164177N/A6/30/20212,71211124136N/A3/31/20212,412303142N/A12/31/20202,33626142154N/A9/30/20202,708351628N/A6/30/20202,90018-40-26N/A3/31/20203,20438124139N/A12/31/20193,50225-80-65N/A9/30/20193,583508498N/A6/30/20193,619397891N/A3/31/20193,698318499N/A12/31/20183,77172142159N/A9/30/20183,61923101121N/A6/30/20183,49228239N/A3/31/20183,26435-358N/A12/31/20172,851261057N/A9/30/20172,69038107152N/A6/30/20172,6214494122N/A3/31/20172,58543101121N/A12/31/20162,3908116132N/A9/30/20162,287386277N/A6/30/20162,42256196211N/A3/31/20162,60664N/A282N/A12/31/20153,48278N/A288N/Aもっと見るアナリストによる今後の成長予測収入対貯蓄率: SRLPの予測収益成長が 貯蓄率 ( 2% ) を上回っているかどうかを判断するにはデータが不十分です。収益対市場: SRLPの収益がUS市場よりも速く成長すると予測されるかどうかを判断するにはデータが不十分です高成長収益: SRLPの収益が今後 3 年間で 大幅に 増加すると予想されるかどうかを判断するにはデータが不十分です。収益対市場: SRLPの収益がUS市場よりも速く成長すると予測されるかどうかを判断するにはデータが不十分です。高い収益成長: SRLPの収益が年間20%よりも速く成長すると予測されるかどうかを判断するにはデータが不十分です。一株当たり利益成長率予想将来の株主資本利益率将来のROE: SRLPの 自己資本利益率 が 3 年後に高くなると予測されるかどうかを判断するにはデータが不十分です成長企業の発掘7D1Y7D1Y7D1YEnergy 業界の高成長企業。View Past Performance企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2022/11/01 04:13終値2022/10/31 00:00収益2022/06/30年間収益2021/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレークこのレポートを生成するために使用した分析モデルの詳細は、当社のGitHubページでご覧いただけます。また、レポートの活用方法に関するガイドやYouTubeのチュートリアルも用意しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋Sprague Resources LP これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。5 アナリスト機関Brian ZarahnBarclaysMichael GyureBrean Capital Historical (Janney Montgomery)Robert BalsamoB. Riley Securities, Inc.2 その他のアナリストを表示
お知らせ • Nov 02Sprague Resources LP Intends to File A Certification on Form 15In connection with the completion of the transactions contemplated by that certain Agreement and Plan of Merger, dated as of June 2, 2022 (Original Merger Agreement and, as amended by Amendment No. 1 to the Agreement and Plan of Merger, dated as of August 31, 2022, the Merger Agreement), by and among Sprague Resources, LP, a Delaware limited partnership (Partnership), Sprague Resources GP LLC, a Delaware limited liability company and the general partner of the Partnership (General Partner), Sparrow HP Holdings, LLC (Parent), a Delaware limited liability company and wholly owned subsidiary of Hartree Partners, LP, and Sparrow HP Merger Sub, LLC, a Delaware limited liability company and wholly owned subsidiary of Parent (Merger Sub). On November 1, 2022, Merger Sub merged with and into the Partnership, with the Partnership surviving as a direct wholly owned subsidiary of Parent and the General Partner (Merger). In connection with the closing of the Merger, the Partnership (i) notified the New York Stock Exchange (the “NYSE”) that the Certificate of Merger relating to the Merger had been filed with the Secretary of State of the State of Delaware and effective as of the Effective Time and (ii) requested that the NYSE file a Notification of Removal from Listing and/or Registration on Form 25 with the SEC to delist and deregister the Common Units under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “ Exchange Act”). The trading of Common Units was suspended before the opening of trading on November 1, 2022. Additionally, the Partnership intends to file a certification on Form 15 (the “Form 15”) under the Exchange Act with the SEC requesting the suspension of the Partnership’s reporting obligations under Sections 13(a) and 15(d) of the Exchange Act.
お知らせ • Oct 18+ 1 more updateSprague Resources LP to Report Q3, 2022 Results on Nov 08, 2022Sprague Resources LP announced that they will report Q3, 2022 results Pre-Market on Nov 08, 2022
Seeking Alpha • Oct 17Sprague Resources declares $0.4338 dividendSprague 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.
お知らせ • Jul 26+ 1 more updateSprague Resources LP Declares Cash Distribution for the Quarter Ended June 30, 2022, Payable on August 10, 2022Sprague Resources LP announced that the Board of Directors of its general partner, Sprague Resources GP LLC declared a cash distribution of $0.4338 per unit ($1.73 per unit on an annualized basis) for the quarter ended June 30, 2022, and is equal to the previous quarter’s distribution. The announced distribution will be paid on August 10, 2022, to unitholders of record as of the close of business on August 5, 2022.
Seeking Alpha • Jul 25Sprague Resources declares $0.4338 dividendSprague 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 12Sprague Resources: The Worst Is Still ComingOn 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.
お知らせ • Apr 26+ 1 more updateSprague Resources LP to Report Q1, 2022 Results on May 05, 2022Sprague Resources LP announced that they will report Q1, 2022 results Pre-Market on May 05, 2022
Seeking Alpha • Mar 07Sprague Resources: Liquidity Crisis Amplifying With A Terrible First Quarter Inbound, Time To SellDespite 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.
お知らせ • Jan 12Hartree Partners Submits a Proposal to Acquire Sprague ResourcesOn January 11, 2022, Hartree Partners GP, LLC submitted a proposal to the Board of Directors of Sprague Resources GP LLC to acquire all of the Company’s outstanding common units not already beneficially owned by Hartree Partners in exchange for $16.50 in cash per common unit.
Seeking Alpha • Jan 02Sprague Resources: Impending Liquidity Crisis, Distributions Could Be SuspendedThe 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 30Sprague Resources: 12.1% Yield But Risks AboundSprague 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 26Sprague Resources: Distribution Cut Less Than ExpectedSprague 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 20Double-Digit Dividends: 12.46%-Yielding Sprague Resources Looks ExpensiveI’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 06Sprague Resources: Distributions Cut As Warned, Brace For A Near WipeoutSprague 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.
お知らせ • May 29Hartree Partners, LP completed the acquisition of a 61.6% stake in Sprague Resources LP (NYSE:SRLP) from Sprague Resources Holdings LLC.Hartree Partners, LP entered into an agreement to acquire a 61.6% stake in Sprague Resources LP (NYSE:SRLP) from Sprague Resources Holdings LLC for $290 million on April 20, 2020. As part of transaction Hartree Partners will acquire 16,058,484 common units of Sprague Resources LP, 100% of the outstanding membership interests of Sprague Resources GP LLC and 100% of the incentive distribution rights of the Sprague Resources LP. As part of the transaction, the aggregate consideration to be paid be $290 million consisting of $264 million attributable to common units, at a price of $16.50 per common unit and $25 million attributable to the membership interest and the incentive distribution rights, collectively. The Sprague Resources will receive $12.5 million in cash as buy sell termination fee if Hartree Partners elects to terminate the transaction. The transaction is expected to close on or before June 15, 2021. David Oelman, Lande Spottswood and John Grand of Vinson & Elkins L.L.P. is acting as legal advisor to Hartree Partners in the transaction. Michael Rosenwasser and Michael Swidler of Baker Botts L.L.P. is acting as legal advisor to Axel Johnson, parent company of Sprague Resources Holdings in the transaction. Intrepid Partners, LLC is acting as exclusive financial advisor to Axel Johnson. Hartree Partners, LP completed the acquisition of a 61.6% stake in Sprague Resources LP (NYSE:SRLP) from Sprague Resources Holdings LLC on May 28, 2021.
お知らせ • Mar 06Sprague Resources Non-Compliant with Section 303A.07(A) of the NYSE Listed Company ManualOn February 26, 2021, Ben J. Hennelly resigned his membership in the audit committee and the conflicts committee of the Board of Directors (the “Board”) of the general partner of Sprague Resources LP (the “Partnership”) because he no longer qualifies as independent under the New York Stock Exchange (“NYSE”) listing standards. Mr. Hennelly will remain a director of the Board. Mr. Hennelly’s resignation from the audit committee of the Board leaves the Board’s audit committee with only two directors, each of whom are independent under the NYSE listing standards. In response to the Partnership's prior notice and a written affirmation filed on March 1, 2021 disclosing the Partnership's non-compliance with Section 303A.07(a) of the NYSE Listed Company Manual requiring audit committees to be comprised of at least three independent directors, the NYSE notified the Partnership on March 3, 2021 that it was deficient in meeting the Section 303A.07(a) requirement for three independent members on an audit committee. The Partnership is undertaking a search for a new independent director and expects to announce a replacement as soon as reasonably practicable. Upon appointing a new member of the audit committee that meets the independence requirements of Section 10A-3 of, and Rule 10A-3 under, the Securities Exchange Act of 1934, as amended, and Section 303A.02 of the NYSE Listed Company Manual, the Partnership will regain compliance with the applicable NYSE listing standard.
お知らせ • Mar 04Sprague Resources LP Announces Resignation of Ben J. Hennelly as Member of the Audit Committee and the Conflicts CommitteeSprague Resources LP announced resignation of Ben J. Hennelly from his membership in the audit committee and the conflicts committee of the Board of Directors of the general partner of Sprague Resources LP because he no longer qualifies as independent under the New York Stock Exchange listing standards. Mr. Hennelly will remain a director of the Board. The Partnership is undertaking a search for a new independent director and expects to announce a replacement as soon as reasonably practicable.
Is New 90 Day High Low • Feb 17New 90-day high: US$22.70The company is up 34% from its price of US$16.99 on 18 November 2020. The American market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 26% over the same period.
Is New 90 Day High Low • Jan 30New 90-day high: US$21.91The company is up 36% from its price of US$16.10 on 30 October 2020. The American market is up 19% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Oil and Gas industry, which is up 41% over the same period.
お知らせ • Jan 23Sprague Resources LP to Report Q4, 2020 Results on Mar 04, 2021Sprague Resources LP announced that they will report Q4, 2020 results Pre-Market on Mar 04, 2021
Is New 90 Day High Low • Jan 04New 90-day high: US$19.99The company is up 28% from its price of US$15.62 on 06 October 2020. The American market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 23% over the same period.
Is New 90 Day High Low • Dec 10New 90-day high: US$18.95The company is up 26% from its price of US$15.08 on 10 September 2020. The American market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 19% over the same period.
Recent Insider Transactions • Nov 26Board Member recently sold US$69k worth of stockOn the 24th of November, Ben Hennelly sold around 4k shares on-market at roughly US$17.88 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$122k more than they bought in the last 12 months.
Is New 90 Day High Low • Nov 18New 90-day high: US$16.99The company is up 9.0% from its price of US$15.62 on 19 August 2020. The American market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is down 3.0% over the same period.
Reported Earnings • Nov 11Third quarter 2020 earnings released: EPS US$0.33The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: US$390.5m (down 33% from 3Q 2019). Net income: US$7.60m (up US$17.3m from 3Q 2019). Profit margin: 1.9% (up from net loss in 3Q 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings.
Analyst Estimate Surprise Post Earnings • Nov 11Revenue and earnings beat expectationsRevenue exceeded analyst estimates by 19%. Earnings per share (EPS) also surpassed analyst estimates. Over the next year, revenue is expected to shrink by 18% compared to a 8.4% growth forecast for the Oil and Gas industry in the US.
Reported Earnings • Nov 07Third quarter 2020 earnings released: EPS US$0.42The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: US$390.5m (down 33% from 3Q 2019). Net income: US$9.67m (up US$19.4m from 3Q 2019). Profit margin: 2.5% (up from net loss in 3Q 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings.
Analyst Estimate Surprise Post Earnings • Nov 07Revenue and earnings beat expectationsRevenue exceeded analyst estimates by 19%. Earnings per share (EPS) also surpassed analyst estimates. Over the next year, revenue is expected to shrink by 28% compared to a 8.5% growth forecast for the Oil and Gas industry in the US.
お知らせ • Oct 28Sprague Resources LP to Report Q3, 2020 Results on Nov 05, 2020Sprague Resources LP announced that they will report Q3, 2020 results on Nov 05, 2020
お知らせ • Jul 25Sprague Resources LP to Report Q2, 2020 Results on Aug 06, 2020Sprague Resources LP announced that they will report Q2, 2020 results on Aug 06, 2020