One of the country’s leading propane suppliers has been handed a share upgrade by equities analysts Zacks Investment Research, localizeduas.com reports.
Zacks elevated Suburban Propane Partners, L.P. shares from “underperform” to “neutral” in a research note to investors last week. The share upgrade reflects a stronger financial performance by the national energy company, which has been operating since 1928, and buoyant outlook for the future.
Headquartered in Whippany, New Jersey, Suburban Propane Partners, L.P. is a nationwide marketer and distributer of propane, fuel oil and refined fuels.
Suburban also markets natural gas and electricity in deregulated markets. It installs and services a range of home comfort equipment in the areas of heating ventilations and serves about 800,000 residential, commercial, industrial and agricultural customers in 300 locations across 30 states in the east and west coast regions of the US, including Alaska.
Suburban Propane Partners, L.P. sold about 317.9 million gallons of propane and 43.2 million gallons of fuel oil and refined fuels to retail customers last year. It employs nearly 2600 full-time employees, according to the company’s website.
It. last announced its quarterly results on August 4th. The company reported $0.19 earnings per share for the previous quarter. Its quarterly revenue was up 9.3 percent on a year-over-year basis. Analysts predict that Suburban Propane Partners, L.P. will post significantly improved $1.24 earnings per share next quarter.
Shares of Suburban Propane Partners, L.P. were selling for $47.15 on Thursday. The company has market capital of $1.670 billion.
“The driving vision that fueled Suburban Propane’s growth has always been customer satisfaction,” a statement on the company’s website says. “We view every customer contact as an opportunity to listen and learn from the people we service. When we say ‘Our business is customer satisfaction,’ we mean it. We’re focused on it. And we deliver it every day.”