Superior Plus Corp. Receives “Moderate Buy” Consensus Rating from Analysts

Shares of Superior Plus Corp. (TSE:SPB) have garnered a consensus rating of “Moderate Buy” from eight analysts currently monitoring the company, according to MarketBeat Ratings. The recommendations include two analysts suggesting a hold, five advocating for a buy, and one issuing a strong buy rating. The average price target set by these analysts for the next year stands at C$9.53.

Several brokerages have recently updated their evaluations of Superior Plus. On August 13, 2023, Desjardins lowered its price target from C$10.50 to C$9.75 while maintaining a buy rating. Following this, on August 14, 2023, Raymond James Financial adjusted its price objective from C$10.50 to C$10.00 and retained an outperform rating. In a more recent report dated October 10, 2023, BMO Capital Markets raised its price target from C$8.00 to C$10.00. On the same day, TD Securities increased its price objective from C$8.00 to C$9.00 but issued a hold rating.

Dividend Announcement and Company Profile

In addition to the ratings, Superior Plus announced a quarterly dividend of $0.045 per share, paid on October 15, 2023. Shareholders recorded on this date received their dividends, with the ex-dividend date set for September 29, 2023. This represents an annualized dividend of $0.18 and a yield of 2.3%. However, the company’s payout ratio currently stands at 109.01%, indicating that it is distributing more in dividends than it earns.

Superior Plus Corp. is a prominent North American distributor of propane, compressed natural gas (CNG), renewable energy, and related products and services. The company serves approximately 770,000 customer locations across Canada and the U.S.. Through its core businesses, which include propane distribution and the delivery of CNG, renewable natural gas (RNG), and hydrogen, Superior Plus provides clean-burning fuels to a diverse range of customers, including residential, commercial, utility, agricultural, and industrial sectors that are not connected to a pipeline network.

The consensus rating and recent price adjustments highlight the analysts’ mixed outlook on the company’s performance, reflecting broader market trends and operational factors impacting the energy sector. As the company continues to navigate these challenges, investors will be watching closely for further developments.