Superior Plus (TSE:SPB) Stock Price Down 21.1% Following Analyst Downgrade

Superior Plus Corp. (TSE:SPB) shares dropped 21.1% during mid-day trading on Saturday after CIBC lowered their price target on the stock from C$9.00 to C$8.50. The company traded as low as C$6.06 and last traded at C$6.29. Approximately 5,946,604 shares were traded during trading, an increase of 655% from the average daily volume of 787,353 shares. The stock had previously closed at C$7.97.

Several other analysts have also weighed in on SPB. TD Securities raised their price objective on shares of Superior Plus from C$8.00 to C$9.00 and gave the stock a “hold” rating in a report on Thursday, October 9th. Desjardins cut their price target on shares of Superior Plus from C$10.50 to C$9.75 and set a “buy” rating for the company in a research note on Wednesday, August 13th. Raymond James Financial lowered their price objective on Superior Plus from C$10.50 to C$10.00 and set an “outperform” rating on the stock in a research note on Thursday, August 14th. Finally, BMO Capital Markets increased their target price on Superior Plus from C$8.00 to C$10.00 in a report on Friday, October 10th. Five investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of C$9.41.

Superior Plus Stock Down 21.1%

The business has a fifty day moving average of C$7.83 and a 200 day moving average of C$7.63. The company has a quick ratio of 0.46, a current ratio of 0.67 and a debt-to-equity ratio of 193.35. The firm has a market cap of C$1.40 billion, a P/E ratio of 29.95 and a beta of 0.18.

Superior Plus (TSE:SPB) last issued its earnings results on Thursday, November 13th. The company reported C($0.47) EPS for the quarter. Superior Plus had a net margin of 1.80% and a return on equity of 4.21%. The firm had revenue of C$470.64 million during the quarter.

Superior Plus Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Wednesday, October 15th were given a $0.045 dividend. This represents a $0.18 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Monday, September 29th. Superior Plus’s payout ratio is currently 109.01%.

About Superior Plus

Superior is a leading North American distributor of propane, compressed natural gas, renewable energy and related products and services, servicing approximately 770,000 customer locations in the U.S. and Canada. Through its primary businesses, propane distribution and CNG, RNG and hydrogen distribution, Superior safely delivers clean burning fuels to residential, commercial, utility, agricultural and industrial customers not connected to a pipeline.