In a recent transaction, Brinkworth Douglas, the Senior Vice President of Product Supply, Purchasing, and Logistics at Suburban Propane Partners LP (NYSE:SPH), sold 5,971 common units of the company. The shares were sold at a price of $19.50 each, amounting to a total transaction value of $116,434. Following this sale, Douglas holds 161,355 units of Suburban Propane. This transaction was filed with the Securities and Exchange Commission on December 9, 2024, with the transaction date recorded as December 5, 2024.The sale comes as Suburban Propane, with a market capitalization of $1.22 billion, continues to maintain its strong dividend profile, currently yielding 6.89%. The company has notably maintained dividend payments for 29 consecutive years. According to InvestingPro analysis, the stock is currently trading slightly above its Fair Value, with 6 additional key insights available to subscribers through the comprehensive Pro Research Report.
In other recent news, Suburban Propane Partners reported mixed results for the fiscal year 2024. The company saw a decrease in propane volumes sold and adjusted EBITDA, attributed to warmer weather conditions. However, it also reported strategic acquisitions and advancements in renewable natural gas operations. The net income for FY2024 was $107.7 million, a decrease from the previous year's $138.4 million, and adjusted EBITDA fell to $250 million from $275 million. Despite these challenges, the company acquired three propane businesses and over 14,000 new customers, enhancing its market presence. Suburban Propane also advanced its renewable natural gas operations, with plans for additional facilities operational by late 2025. These are among the recent developments as the company continues to focus on long-term growth and strategic investments.
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