Company profile

Ticker
SGU
Exchange
CEO
Jeffrey M. Woosnam
Employees
Incorporated in
Location
Fiscal year end
Former names
Star Gas Partners LP, Star Group LP
SEC CIK
IRS number
61437793

SGU stock data

(
)

Calendar

5 Dec 19
26 Jan 20
30 Sep 20

News

Company financial data Financial data

Quarter (USD) Sep 19 Jun 19 Mar 19 Dec 18
Revenue 235.89M 283.38M 699.58M 535.03M
Net income -33.91M -23.1M 72.33M 2.32M
Net profit margin -14.37% -8.15% 10.34% 0.43%
Operating income -43.78M -29.93M 105M 6.06M
Net change in cash -818K -10.66M -7.42M 9.26M
Cash on hand 4.9M 5.72M 16.37M 23.79M
Cost of revenue
Annual (USD) Sep 19 Sep 18 Sep 17 Sep 16
Revenue 1.75B 1.68B 1.32B 1.16B
Net income 17.64M 55.51M 26.9M 44.93M
Net profit margin 1.01% 3.31% 2.03% 3.87%
Operating income 37.35M 66.07M 55.33M 87.4M
Net change in cash -9.63M -37.93M -86.73M 38.68M
Cash on hand 4.9M 14.53M 52.46M 139.19M
Cost of revenue 239.67M 229.01M

Financial data from Star earnings reports

13F holders
Current Prev Q Change
Total holders 68 72 -5.6%
Opened positions 5 23 -78.3%
Closed positions 9 6 +50.0%
Increased positions 20 16 +25.0%
Reduced positions 23 13 +76.9%
13F shares
Current Prev Q Change
Total value 192.47M 212.58M -9.5%
Total shares 20.34M 21.3M -4.5%
Total puts 0 0 NaN%
Total calls 10 11.4K -99.9%
Total put/call ratio 0.0 0.0 NaN%
Largest owners
Shares Value Change
FMR 3.51M $33.2M +2.0%
Bandera Partners 2.94M $27.81M -0.7%
Moab Capital Partners 2.05M $19.46M 0.0%
Oakcliff Capital Partners 1.65M $15.67M 0.0%
Locust Wood Capital Advisers 1.4M $13.3M -1.7%
Brown Advisory 1.34M $12.7M -3.3%
Lubar & Co. 1.25M $11.88M 0.0%
Renaissance Technologies 1.08M $10.19M +9.8%
Cat Rock Capital Management 695.87K $6.59M -63.3%
CET Central Securities 643.9K $6.1M +15.0%
Largest transactions
Shares Bought/sold Change
Cat Rock Capital Management 695.87K -1.2M -63.3%
Renaissance Technologies 1.08M +96.02K +9.8%
CET Central Securities 643.9K +83.81K +15.0%
APG Asset Management 133.98K +72.45K +117.7%
FMR 3.51M +67.93K +2.0%
MS Morgan Stanley 312.5K -56.94K -15.4%
Geode Capital Management 41.12K -56.19K -57.7%
Arrowstreet Capital, Limited Partnership 265.07K +54.51K +25.9%
Acadian Asset Management 313.76K +52.98K +20.3%
Brown Advisory 1.34M -45.95K -3.3%

Financial report summary

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Risks
  • Our operating results will be adversely affected if we continue to experience significant net customer attrition in our home heating oil and propane customer base.
  • Because of the highly competitive nature of our business, we may not be able to retain existing customers or acquire new customers, which would have an adverse impact on our business, operating results and financial condition.
  • Energy efficiency and new technology may reduce the demand for our products and adversely affect our operating results.
  • If we do not make acquisitions on economically acceptable terms, our future growth will be limited.
  • High product prices can lead to customer conservation and attrition, resulting in reduced demand for our products.
  • Increases in wholesale product costs may have adverse effects on our business, financial condition, results of operations, or liquidity.
  • Our hedging strategy may adversely affect our liquidity.
  • Sudden and sharp oil price increases that cannot be passed on to customers may adversely affect our operating results.
  • Significant declines in the wholesale price of home heating oil may cause price-protected customers to renegotiate or terminate their arrangements which may adversely impact our gross profit and operating results.
  • Our risk management policies cannot eliminate all commodity risk, basis risk, or the impact of adverse market conditions which can adversely affect our financial condition, results of operations and cash available for distribution to our unitholders. In addition, any noncompliance with our risk management policies could result in significant financial losses.
  • Our obligation to fund multi-employer pension plans to which we contribute may have an adverse impact on us.
  • We rely on the continued solvency of our derivatives, insurance and weather hedge counterparties.
  • Our operating results are subject to seasonal fluctuations.
  • Economic conditions could adversely affect our results of operations and financial condition.
  • We are subject to operating and litigation risks that could adversely affect our operating results whether or not covered by insurance.
  • Our captive insurance company may not bring the benefits we expect.
  • Our results of operations and financial condition may be adversely affected by governmental regulation and associated environmental and regulatory costs.
  • Our operations would be adversely affected if service at our third-party terminals or on the common carrier pipelines used is interrupted.
  • The risk of global terrorism and political unrest may adversely affect the economy and the price and availability of the products that we sell and have a material adverse effect on our business, financial condition and results of operations.
  • The impact of hurricanes and other natural disasters could cause disruptions in supply and could also reduce the demand for the products that we sell, which would have a material adverse effect on our business, financial condition and results of operations.
  • We depend on the use of information technology systems that could fail or be the target of cyber-attacks.
  • If we fail to maintain an effective system of internal controls, then we may not be able to accurately report our financial results or prevent fraud. As a result, current and potential unitholders could lose confidence in our financial reporting, which would harm our business and the trading price of our common units.
  • A substantial portion of our workforce is unionized, and we may face labor actions that could disrupt our operations or lead to higher labor costs and adversely affect our business.
  • Our substantial debt and other financial obligations could impair our financial condition and our ability to obtain additional financing and have a material adverse effect on us if we fail to meet our financial and other obligations.
  • We are not required to accumulate cash for the purpose of meeting our future obligations to our lenders, which may limit the cash available to service the final payment due on the term loan outstanding under our Credit Agreement.
  • Restrictive covenants in our Credit Agreement may reduce our operating flexibility.
  • Under our Credit Agreement, the occurrence of a “change of control” is considered a default. We may be unable to repay borrowings under our Credit Agreement if the indebtedness outstanding thereunder is accelerated following a change of control.
Management Discussion
  • For fiscal 2019, the retail volume of home heating oil and propane sold decreased by 11.7 million gallons, or 3.3%, to 345.5 million gallons, compared to 357.2 million gallons for fiscal 2018. For those locations where we had existing operations during both periods, which we sometimes refer to as the “base business” (i.e., excluding acquisitions), temperatures (measured on a heating degree day basis) for fiscal 2019 were 0.8% colder than fiscal 2018 but 3.9% warmer than normal, as reported by NOAA. For fiscal 2019, net customer attrition for the base business was 5.4%. The impact of fuel conservation, along with any period-to-period differences in delivery scheduling, the timing of accounts added or lost during the fiscal years, equipment efficiency, and other volume variances not otherwise described, are included in the chart below under the heading “Other.”  An analysis of the change in the retail volume of home heating oil and propane, which is based on management’s estimates, sampling, and other mathematical calculations and certain assumptions, is found below:
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