In a recent transaction, Terence J. Connors, a director at Suburban Propane Partners LP (NYSE:SPH), sold a portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Connors sold 1,500 common units of Suburban Propane, representing limited partnership interests, at a price of $19.62 per share. This transaction, which took place on December 3, 2024, amounted to a total of $29,430. The sale occurred with the stock trading near its 52-week high of $22.33, in a year that has seen the shares deliver a total return of nearly 22%. InvestingPro analysis indicates the stock is currently trading above its Fair Value.
Following this sale, Connors holds 62,195 shares directly. The transaction was executed by Bryon Koepke, acting under a power of attorney. Suburban Propane, headquartered in Whippany, New Jersey, operates in the retail sector, specializing in the distribution of propane and related products. With a market capitalization of $1.25 billion, the company maintains a notable 6.61% dividend yield and has sustained dividend payments for 29 consecutive years. InvestingPro subscribers can access additional insights through comprehensive Pro Research Reports, which provide deep-dive analysis of the company's financial health and market position.
In other recent news, Suburban Propane Partners reported mixed fiscal year 2024 results. The company saw a decline in propane volumes sold and adjusted EBITDA due to warmer weather, with net income falling to $107.7 million from the previous year's $138.4 million, and EBITDA dropping to $250 million from $275 million. However, the company made significant strategic acquisitions, adding over 14,000 new customers, and advanced its renewable natural gas operations.
These are recent developments that have seen the company face challenges but remain committed to long-term growth and strategic investments. Despite the decrease in net income and EBITDA, Suburban Propane Partners has demonstrated operational resilience, with a minimal increase in operating expenses. The company is also planning to have additional renewable natural gas facilities operational by late 2025.
While the company faced a challenging fiscal year, it continues to strive for growth in both the propane and renewable energy sectors. It is expected that the company's capital expenditures for fiscal 2025 will range from $40 million to $45 million for propane and $35 million to $45 million for renewable natural gas projects. This demonstrates the company's commitment to maintain financial discipline while expanding its operations.
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