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Suburban Propane Partners (SPH)

Suburban Propane Partners, L.P. is a publicly-traded master limited partnership listed on the New York Stock Exchange. Headquartered in Whippany, New Jersey, Suburban has been in the customer service business since 1928. The Partnership serves the energy needs of approximately 1.0 million residential, commercial, industrial and agricultural customers through approximately 700 locations in 41 states.

Company profile

Ticker
SPH
Exchange
CEO
Michael Stivala
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
SUBURBAN LP • SUBURBAN SALES & SERVICE, INC. • GAS CONNECTION, LLC • SUBURBAN FRANCHISING, LLC • SUBURBAN ENERGY FINANCE CORP. • SUBURBAN HEATING OIL PARTNERS, LLC • AGWAY ENERGY • SUBURBAN PROPERTY HOLDINGS, LLC ...
IRS number
223410353

SPH stock data

Calendar

4 Aug 22
12 Aug 22
24 Sep 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Sep 21 Sep 20 Sep 19 Sep 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 Apr 22 Douglas Dagan Common Units (representing limited partnership interests) Payment of exercise Dispose F No No 16.32 2,152 35.12K 14,398
15 Mar 22 Koepke Bryon Lee Common Units (representing limited partnership interests) Payment of exercise Dispose F No No 15.08 2,051 30.93K 72,356
3 Dec 21 Michael A Schueler Common Units (representing limited partnership interests) Sell Dispose S No No 14.77 5,000 73.85K 46,133
2 Dec 21 Michael A Schueler Common Units (representing limited partnership interests) Sell Dispose S No No 14.91 5,000 74.55K 51,133
15 Nov 21 Matthew J Chanin Common Units (representing limited partnership interests) Grant Acquire A No No 0 28,691 0 65,694
0.5% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 42 44 -4.5%
Opened positions 5 10 -50.0%
Closed positions 7 4 +75.0%
Increased positions 8 7 +14.3%
Reduced positions 9 7 +28.6%
13F shares Current Prev Q Change
Total value 26.01M 502.45M -94.8%
Total shares 1.62M 6.12M -73.6%
Total puts 18.6K 27.9K -33.3%
Total calls 15.8K 35.3K -55.2%
Total put/call ratio 1.2 0.8 +48.9%
Largest owners Shares Value Change
Bowen Hanes & Co 600K $9.66M 0.0%
GS Goldman Sachs 346.95K $5.59M -0.1%
BNP Paribas Arbitrage 235.3K $3.79M +4041.8%
JPM JPMorgan Chase & Co. 144.21K $2.32M -70.8%
Janney Montgomery Scott 51.33K $826K +23.0%
Jump Financial 36.7K $591K -39.6%
Simplex Trading 35.57K $572K -42.0%
State of Tennessee, Treasury Department 20.1K $324K 0.0%
ATAC Neuberger Berman 18.5K $298K -4.2%
SG Americas Securities 14.95K $241K NEW
Largest transactions Shares Bought/sold Change
IVZ Invesco 0 -4.3M EXIT
JPM JPMorgan Chase & Co. 144.21K -350.34K -70.8%
BNP Paribas Arbitrage 235.3K +229.62K +4041.8%
CMTDF Sumitomo Mitsui Trust 0 -31K EXIT
Simplex Trading 35.57K -25.74K -42.0%
Jump Financial 36.7K -24.03K -39.6%
Sigma Planning 0 -19.67K EXIT
SG Americas Securities 14.95K +14.95K NEW
Oxbow Advisors 11.26K +11.26K NEW
Archer Investment 11K -11K -50.0%

Financial report summary

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Risks
  • Because weather conditions may adversely affect demand for propane, fuel oil and other refined fuels and natural gas, our results of operations and financial condition are vulnerable to warm winters and natural disasters.
  • Sudden increases in our costs to acquire and transport propane, fuel oil and other refined fuels and natural gas due to, among other things, our inability to obtain adequate supplies from our usual suppliers, or our inability to obtain adequate supplies of such products from alternative suppliers, may adversely affect our operating results.
  • High prices for propane, fuel oil and other refined fuels and natural gas can lead to customer conservation, resulting in reduced demand for our product.
  • Because of the highly competitive nature of the retail propane and fuel oil businesses, we may not be able to retain existing customers or acquire or attract new customers, which could have an adverse impact on our operating results and financial condition.
  • Energy efficiency, general economic conditions and technological advances have affected and may continue to affect demand for propane and fuel oil by our retail customers.
  • We may not be able to attract and retain qualified employees or find, develop and retain key employees to support and grow our business, which may adversely affect our business and results of operations.
  • We are dependent on our senior management and other key personnel.
  • The risk of terrorism, political unrest and the current hostilities in the Middle East or other energy producing regions may adversely affect the economy and the price and availability of propane, fuel oil and other refined fuels and natural gas.
  • The ability of AES to acquire and retain retail natural gas and electricity customers is highly competitive, price sensitive and may be impacted by changes in state regulations.
  • Costs associated with lawsuits, investigations or increases in legal reserves that we establish based on our assessment of contingent liabilities could adversely affect our operating results to the extent not covered by insurance.
  • If we are unable to make acquisitions on economically acceptable terms or effectively integrate such acquisitions into our operations, our financial performance may be adversely affected.
  • The adoption of climate change legislation could negatively impact our operations and result in increased operating costs and reduced demand for the products and services we provide.
  • Our use of derivative contracts involves credit and regulatory risk and may expose us to financial loss.
  • We face risks related to our reliance on particular management information systems and communication networks to effectively manage all aspects of our delivery of propane.
  • We face risks related to cybersecurity breaches of our systems and information technology.
  • Our operating results and ability to generate sufficient cash flow to pay principal and interest on our indebtedness, and to pay distributions to Unitholders, may be affected by our ability to continue to control expenses.
  • Disruptions in the capital and credit markets, including the availability and cost of debt and equity issuances for liquidity requirements, may adversely affect our ability to meet long-term commitments and our ability to hedge effectively, any of which could adversely affect our results of operations, cash flows and financial condition.
  • Unitholders have limited voting rights.
  • It may be difficult for a third party to acquire us, even if doing so would be beneficial to our Unitholders.
  • Unitholders may not have limited liability in some circumstances.
  • Unitholders may have liability to repay distributions.
  • Our limited partner interest and Unitholders’ percentage of ownership may be diluted in the future and additional taxable income may be allocated to each Unitholder.
  • The tax treatment of publicly traded partnerships or an investment in our Common Units could be subject to potential legislative, judicial or administrative changes and differing interpretations thereof, possibly on a retroactive basis.
  • If the IRS makes audit adjustments to our income tax returns for tax years beginning after 2017, it (and some states) may collect any resulting taxes (including any applicable penalties and interest) directly from the Partnership, in which case cash available to service debt or to pay distributions to our Unitholders, could be substantially reduced.
  • A Unitholder’s tax liability could exceed cash distributions on its Common Units.
  • Ownership of Common Units may have adverse tax consequences for tax-exempt organizations and foreign investors.
  • The ability of a Unitholder to deduct its share of our losses may be limited.
  • The tax gain or loss on the disposition of Common Units could be different than expected.
  • We treat each purchaser of our Common Units as having the same tax benefits without regard to the actual Common Units purchased. The IRS may challenge this treatment, which could adversely affect the value of the Common Units.
  • We prorate our items of income, gain, loss and deduction between transferors and transferees of our Common Units each month based upon the ownership of our Common Units on the first day of each month, instead of on the basis of the date a particular Common Unit is transferred. The IRS may challenge this treatment, which could change the allocation of items of income, gain, loss and deduction among our Unitholders.
  • Unitholders may have negative tax consequences if we default on our debt or sell assets.
  • There are state, local and other tax considerations for our Unitholders.
  • A Unitholder whose Common Units are loaned to a “short seller” to cover a short sale of Common Units may be considered as having disposed of those Common Units. If so, that Unitholder would no longer be treated for tax purposes as a partner with respect to those Common Units during the period of the loan and may recognize gain or loss from the disposition.
Management Discussion
  • The COVID-19 pandemic has resulted in commodity and stock market volatility, significant government stimulus and uncertainty about economic conditions that will prevail in the months ahead. In response to temporary government restrictions on businesses during much of calendar year 2020, certain of our commercial and industrial customers were forced to temporarily curtail or suspend operations, or otherwise were impacted by lower economic activity as a result of the COVID-19 pandemic. As a result, we experienced a period of lower revenues in certain customer sectors, particularly during the period from March 2020 through December 2020.  Notwithstanding those challenges, we also experienced an increase in usage in our residential and certain other customer segments that benefited from stay-at-home initiatives and the demand for temporary, portable energy solutions.  We took decisive action in the early stages of the pandemic to adapt our business model and modify our operating protocols in order to help protect the health and safety of our employees, while ensuring seamless delivery of our essential services to the customers and communities we serve.  As COVID-19 related business restrictions eased throughout fiscal 2021, customer demand in those sectors most impacted originally by the pandemic started to normalize, although there continues to be a risk of permanent demand destruction if economic conditions deteriorate, or if some businesses are unable to recover.  While we expect that many of these effects will not be permanent, it is impossible to predict their duration.  We have developed, implemented and continue to refine alternative operational plans, inclusive of manpower levels, to address different customer demand scenarios, and we continue to adapt our operational model to shifting demand patterns and the potential impact of the COVID-19 pandemic on future cash flows and access to adequate liquidity as we navigate through fiscal 2022 and beyond.

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