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SPH Suburban Propane Partners

Suburban Propane Partners LP engages in the business of liquefied petroleum gas business. It operates through the following business segments: Propane; Fuel Oil and Refined Fuels; Natural Gas and Electricity; and All Other. The Propane segment engages in natural gas processing and petroleum refining. It also used in residential and commercial applications, industrial applications and agriculture. The Fuel Oil and Refined Fuels segment refers to the marketing and distribution of fuel oil, kerosene, diesel fuel and gasoline primarily to the northeast region of the United States. The Natural Gas and Electricity segment pertains to the generation, transmission, and distribution of natural gas and electricity among residential and small commercial customers. The All Other segment include the sale, installation and service of whole-house heating products, air cleaners, humidifiers, and space heaters to the customer who uses propane, fuel oil, natural gas and electricity businesses. The company was founded by Mark Anton in 1928 and is headquartered in Whippany, NJ.

Company profile

Ticker
SPH
Exchange
CEO
Michael Stivala
Employees
Incorporated
Location
Fiscal year end
SEC CIK
IRS number
223410353

SPH stock data

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Calendar

6 May 21
13 Jun 21
25 Sep 21
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
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Diluted EPS
Annual (USD)
Sep 20 Sep 19 Sep 18 Sep 17
Revenue
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Financial data from company earnings reports.

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 Apr 21 Douglas Dagan Common Units (representing limited partnership interests) Grant Aquire A No No 0 16,549 0 16,549
15 Mar 21 Koepke Bryon Lee Common Units (representing limited partnership interests) Payment of exercise Dispose F No No 15.1 2,052 30.99K 48,622
11 Feb 21 Harold R Logan JR Common Units (representing limited partnership interests) Sell Dispose S No No 15.14 1,500 22.71K 24,599
11 Feb 21 Harold R Logan JR Common Units (representing limited partnership interests) Sell Dispose S No No 15.15 1,500 22.73K 26,099
15 Nov 20 John Hoyt Stookey Common Units (representing limited partnership interests) Grant Aquire A No No 0 1,000 0 42,146

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

28.3% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 132 144 -8.3%
Opened positions 14 29 -51.7%
Closed positions 26 19 +36.8%
Increased positions 48 28 +71.4%
Reduced positions 24 42 -42.9%
13F shares
Current Prev Q Change
Total value 368.71M 265.86M +38.7%
Total shares 17.71M 17.9M -1.1%
Total puts 158.6K 146.2K +8.5%
Total calls 458K 403.6K +13.5%
Total put/call ratio 0.3 0.4 -4.4%
Largest owners
Shares Value Change
IVZ Invesco 7.01M $103.83M -22.0%
MS Morgan Stanley 1.9M $28.14M +51.2%
UBS UBS Group AG - Registered Shares 1.41M $20.87M +37.9%
GS Goldman Sachs 1.09M $16.16M +0.1%
State Of Michigan Retirement System 610K $9.04M 0.0%
Clearbridge Advisors 559.52K $8.29M -1.6%
Natixis 534K $7.91M +551.2%
Hotchkis & Wiley Capital Management 475.92K $7.05M +6.2%
BCS Barclays 465.79K $6.9M +0.0%
Energy Income Partners 461.53K $6.84M +38.4%
Largest transactions
Shares Bought/sold Change
IVZ Invesco 7.01M -1.98M -22.0%
MS Morgan Stanley 1.9M +642.92K +51.2%
Natixis 534K +452K +551.2%
UBS UBS Group AG - Registered Shares 1.41M +387.06K +37.9%
Arrowstreet Capital, Limited Partnership 0 -307.34K EXIT
BMO Bank of Montreal 245.64K +232.5K +1769.8%
Energy Income Partners 461.53K +128.03K +38.4%
A. D. Beadell Investment Counsel 0 -93.25K EXIT
Aristides Capital 78K +78K NEW
Citadel Advisors 92.11K +75.48K +453.8%

Financial report summary

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Management Discussion
  • Net income for the second quarter of fiscal 2021 was $127.2 million, or $2.03 per Common Unit, compared to net income of $77.4 million, or $1.24 per Common Unit, in the prior year second quarter. Adjusted EBITDA (as defined and reconciled below) increased $41.4 million, or 31.7%, to $172.0 million for the second quarter of fiscal 2021, compared to $130.6 million in the prior year second quarter.
  • Retail propane gallons sold in the second quarter of fiscal 2021 of 169.1 million gallons increased 16.5%, compared to the prior year second quarter, primarily due to an increase in weather-related customer demand, improving economic conditions and organic customer base growth.  Average temperatures across all of our service territories for the second quarter of fiscal 2021 were comparable to the ten-year average and 9% cooler than the prior year second quarter, yet 7% warmer than normal (as measured by the thirty-year average of heating degree days utilized by the National Oceanic and Atmospheric Administration (“NOAA”)).  A sustained and widespread cooler weather pattern throughout most of the second quarter, particularly during the month of February where average temperatures were 3% colder than normal and 16% cooler than February 2020, contributed to an increase in heat-related demand and volumes sold.
  • Revenues in the second quarter of fiscal 2021 of $537.2 million increased $136.2 million, or 34.0%, compared to the prior year second quarter, primarily due to higher volumes sold, coupled with higher retail selling prices associated with higher wholesale product costs.  Average posted propane prices (basis Mont Belvieu, Texas) were 142.8% higher than the prior year second quarter.  Cost of products sold for the second quarter of fiscal 2021 of $231.6 million increased $81.5 million, or 54.3%, compared to the prior year, primarily due to higher volumes sold and higher wholesale product costs.  Cost of products sold included a $1.6 million unrealized non-cash gain attributable to the mark-to-market adjustment for derivative instruments used in risk management activities, compared to a $4.7 million unrealized non-cash loss in the prior year second quarter.  These unrealized gains and losses were excluded from Adjusted EBITDA for both periods in the table below.
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New words: aforementioned, auto, characterized, domestic, ease, easing, forced, NOAA, pattern, pillar, repay, shifting
Removed: Aid, AMT, bad, corporation, curtailed, deal, deductibility, enacted, enactment, expensing, experiencing, explained, light, payroll, recession, refundable, Relief, security, seeking, stemming, suspended