Does This Provide a Reason to Sell Sprague Resources LP (SRLP)? The Stock Has Formed Bearish Double Bottom Pattern

March 19, 2018 - By Adrian Erickson

Investors sentiment decreased to 0.89 in 2017 Q3. Its down 0.57, from 1.46 in 2017Q2. It is negative, as 11 investors sold Sprague Resources LP shares while 8 reduced holdings. 6 funds opened positions while 11 raised stakes. 5.00 million shares or 9.58% less from 5.53 million shares in 2017Q2 were reported.
Van Eck Associate Corp holds 0.01% or 93,012 shares in its portfolio. Janney Montgomery Scott Limited Liability Com holds 0.02% or 66,360 shares. Spirit Of America Management Corp stated it has 220,282 shares or 0.57% of all its holdings. Doheny Asset Management Ca has invested 1.51% in Sprague Resources LP (NYSE:SRLP). Renaissance Technology Ltd Com accumulated 29,000 shares. Gsa Llp reported 0.04% in Sprague Resources LP (NYSE:SRLP). Fort Washington Advsr Oh owns 14,394 shares for 0.01% of their portfolio. Fincl Bank Of America Corporation De has invested 0% in Sprague Resources LP (NYSE:SRLP). Cypress Cap Mgmt Lc (Wy) holds 0.01% or 400 shares. First Republic Inv Mgmt accumulated 8,395 shares or 0% of the stock. Deutsche Bancorp Ag accumulated 29,000 shares or 0% of the stock. Cohen & Steers accumulated 177,650 shares. 45,321 are held by California Public Employees Retirement Sys. Advantus Cap Management accumulated 0.04% or 62,340 shares. Manufacturers Life The holds 80 shares.

The chart of Sprague Resources LP (SRLP) shows a double bottom with $24.15 target or 8.00 % below today’s $26.25 share price. The 9 months chart pattern indicates high risk for the $592.01 million company. It was reported on Mar, 19 by If the $24.15 price target is reached, the company will be worth $47.36 million less. Double bottoms are rare but powerful chart patterns.

The stock increased 2.14% or $0.55 during the last trading session, reaching $26.25. About 547,935 shares traded or 1375.80% up from the average. Sprague Resources LP (NYSE:SRLP) has risen 13.18% since March 19, 2017 and is uptrending. It has underperformed by 3.52% the S&P500.

Sprague Resources LP (NYSE:SRLP) Ratings Coverage

Among 6 analysts covering Sprague Resources (NYSE:SRLP), 4 have Buy rating, 0 Sell and 2 Hold. Therefore 67% are positive. Sprague Resources had 9 analyst reports since August 10, 2015 according to SRatingsIntel. The stock has “Buy” rating by FBR Capital on Wednesday, March 14. The firm earned “Outperform” rating on Friday, September 9 by FBR Capital. As per Tuesday, December 19, the company rating was maintained by B. Riley & Co. J.P. Morgan initiated it with “Hold” rating and $27.0 target in Tuesday, November 21 report. The stock of Sprague Resources LP (NYSE:SRLP) earned “Buy” rating by Janney Capital on Monday, March 20. The stock has “Outperform” rating by Raymond James on Monday, January 4.

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