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- StoneMor Partners L.P. (NYSE: STON) shares have been on a downtrend since the last week of July, and are down 23 percent since July 27.
- Raymond James analyst John W. Ransom upgraded the stock from Outperform to Strong Buy, while reiterating a price target of $32.
- Given expectations of continued dividend increases and of accretive M&A, Ransom considers the stock as an attractive investment proposition.
Analyst John Ransom said that StoneMor Partners is among the largest operators of cemetery properties in the US. The company is the only publicly traded deathcare company structured as a Master Limited Partnership (MLP).
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StoneMor Partners has paid quarterly dividends for 42 consecutive weeks, including during the 2008 financial crisis period, which was “a genuine stress test,” Ransom stated.
In the report Raymond James noted, “[The company] has over $100 million of cash on hand and availability on the credit facility exiting the June quarter pro forma for the recent equity offering, which we believe is enough flexibility for a full year’s distribution assuming no incremental cash flows.”
StoneMor Partners also has $127 million of net liquid assets, excluding the company’s recent offering. Ransom added that the company is expected to continue raising its dividend as well as to pursue “accretive M&A,” after the success of the SCI assets and the Archdiocese of Philadelphia.
StoneMor Partners’ organic growth may be driven by its robust salesforce and “improving demographics and trust fund performance,” the report stated.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.