CIBC Upgrades Superior Plus (TSE:SPB) to Outperform

CIBC upgraded shares of Superior Plus (TSE:SPB) from a neutral rating to an outperform rating in a research report report published on Friday,BayStreet.CA reports. CIBC currently has C$8.50 price target on the stock, down from their previous price target of C$9.50.

A number of other brokerages have also recently commented on SPB. Scotiabank reduced their target price on shares of Superior Plus from C$12.00 to C$9.00 in a report on Monday, August 19th. TD Securities lowered their target price on Superior Plus from C$9.00 to C$7.50 and set a “buy” rating on the stock in a report on Friday. Cormark cut their price target on Superior Plus from C$12.00 to C$10.00 in a research note on Monday, July 29th. Desjardins lowered their price objective on shares of Superior Plus from C$10.50 to C$9.50 and set a “buy” rating on the stock in a research note on Wednesday, October 16th. Finally, BMO Capital Markets cut their target price on shares of Superior Plus from C$10.00 to C$9.00 in a research report on Tuesday, October 22nd. Five research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Superior Plus currently has an average rating of “Moderate Buy” and a consensus target price of C$9.91.

Superior Plus Trading Up 1.7 %

TSE SPB opened at C$6.48 on Friday. Superior Plus has a one year low of C$5.15 and a one year high of C$10.36. The firm has a 50 day simple moving average of C$7.31 and a 200-day simple moving average of C$8.26. The company has a debt-to-equity ratio of 133.90, a quick ratio of 0.46 and a current ratio of 0.75. The firm has a market cap of C$1.61 billion, a price-to-earnings ratio of -129.60 and a beta of 0.76.

Superior Plus (TSE:SPB) last announced its quarterly earnings results on Tuesday, August 13th. The company reported C($0.27) EPS for the quarter, missing the consensus estimate of C($0.19) by C($0.08). Superior Plus had a negative net margin of 0.10% and a positive return on equity of 1.17%. The company had revenue of C$578.62 million during the quarter, compared to analysts’ expectations of C$710.53 million.

Superior Plus Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.045 per share. The ex-dividend date is Tuesday, December 31st. This represents a $0.18 annualized dividend and a dividend yield of 2.78%. Superior Plus’s dividend payout ratio is currently -1,440.00%.

Insider Transactions at Superior Plus

In other news, Director Patrick Edward Gottschalk acquired 100,000 shares of Superior Plus stock in a transaction that occurred on Friday, November 8th. The shares were acquired at an average price of C$6.32 per share, with a total value of C$632,150.40. Insiders own 0.54% of the company’s stock.

About Superior Plus

Superior Plus Corp. distributes and markets propane, compressed natural gas and renewable energy in both the United States and Canada. The company operates through The United States Retail Propane Distribution (U.S. Propane), Canadian Retail Propane Distribution (Canadian Propane), and North American Wholesale Propane Distribution (Wholesale Propane), and Certarus segments.