CIBC Forecasts Strong Price Appreciation for Superior Plus (TSE:SPB) Stock

Superior Plus (TSE:SPB) had its target price increased by CIBC from C$8.50 to C$9.00 in a research note released on Thursday,BayStreet.CA reports. CIBC currently has an outperform rating on the stock.

Several other research firms have also recently issued reports on SPB. Cibc World Mkts raised shares of Superior Plus to a “strong-buy” rating in a research report on Friday, November 8th. BMO Capital Markets lowered their price target on Superior Plus from C$10.00 to C$9.00 in a report on Tuesday, October 22nd. TD Securities raised their price objective on Superior Plus from C$7.50 to C$9.00 in a report on Thursday, December 5th. Desjardins lowered their target price on Superior Plus from C$10.50 to C$9.50 and set a “buy” rating for the company in a report on Wednesday, October 16th. Finally, Scotiabank cut their price target on Superior Plus from C$12.00 to C$9.00 in a research note on Monday, November 11th. Three analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of C$9.95.

Superior Plus Stock Performance

SPB stock opened at C$6.34 on Thursday. The firm has a market cap of C$1.58 billion, a price-to-earnings ratio of -126.80 and a beta of 0.76. Superior Plus has a twelve month low of C$5.15 and a twelve month high of C$10.36. The company has a quick ratio of 0.46, a current ratio of 0.75 and a debt-to-equity ratio of 133.90. The business’s fifty day simple moving average is C$6.40 and its two-hundred day simple moving average is C$7.44.

Superior Plus Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a $0.045 dividend. This represents a $0.18 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date of this dividend is Tuesday, December 31st. Superior Plus’s dividend payout ratio is currently -1,440.00%.

Insider Buying and Selling

In other Superior Plus news, Director Shawn Bradley Vammen purchased 5,000 shares of Superior Plus stock in a transaction dated Tuesday, November 12th. The shares were acquired at an average cost of C$6.35 per share, with a total value of C$31,750.00. Also, Director Patrick Edward Gottschalk acquired 100,000 shares of the stock in a transaction dated Friday, November 8th. The stock was acquired at an average cost of C$6.32 per share, with a total value of C$632,150.40. 0.54% of the stock is currently owned by company insiders.

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.