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SGU

STAR GROUP, L.P.
7 filings tracked
energyoil gas distributionSMALL ($300M-2B)

Company Intelligence Hub

Filing history, signal momentum, and bull/bear evolution

Chronological Filing Evolution (Click to filter / toggle)

Thesis (Bull Case Evolution)

Star Group has demonstrated significant operational resilience in the first half of fiscal 2026, reporting a 21.3% increase in net income to $144.1 million.…

Bullish Outlook

Antithesis (Bear Case / Structural Risks)

Despite the headline growth, Star Group's operational efficiency is under pressure as extreme weather drives a surge in direct costs.…

Risk Factors

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Synthesis (Verdict & Resolution)

The fiscal 2026 10-Q presents a company at a crossroads between short-term weather-driven profitability and long-term structural erosion. While Star Group's ability to monetize a severe winter is evident in the 15% jump in Adjusted EBITDA, the quality of these earnings is questioned by the accompanying surge in working capital requirements and operational losses in the service segment. The company's reliance on derivative credits to bolster net income adds a layer of non-cash volatility to the results. Ultimately, the investment thesis hinges on whether Star Group can maintain its pricing power as price-protected customers face significantly higher renewal rates. While the aggressive unit repurchases provide a tailwind for per-unit value, the underlying business must prove it can grow organically in the face of energy transitions. Investors should weigh the immediate appeal of high distributions against the risks of tightening liquidity and a shrinking customer base.

Selected Quarter

Core Takeaway

SGU is successfully monetizing extreme weather through volume and margin growth, but is seeing a significant drain on cash due to rising receivables and operational costs.

Investor Lens

The trade-off between immediate distribution yields and the long-term risk of structural customer decline and debt leverage.

Watch Next

Renewal rates for price-protected customers as they face wholesale prices $2.10/gal higher than last year.

View Full SEC Report

Signal Momentum Chart

Quarterly net bull/bear signal ratio. Click nodes to select a quarter.

BULLISH (+1.0)NEUTRAL (0.0)BEARISH (-1.0)+0.48Q2 '26 (10-Q)

Signal Timeline

Active Filters:Quarter: Q2 '26 (10-Q)
bullishMay 6

Net income surged 21.3% to $144.1 million for the six months ended March 31, 2026.

earnings beat
80%
bullishMay 6

Home heating oil and propane per-gallon margins increased 6.6% to $1.83.

margin expansion
60%
bullishMay 6

Repurchased and retired approximately 400,000 common units in the first half of fiscal 2026.

buyback
50%
neutralMay 6

Maintained compliance with financial covenants while utilizing a $400M revolving facility.

debt restructure
40%
bullishMay 6

Net income surged 21.3% to $144.1 million for the six months ended March 31, 2026.

earnings beat
80%
bullishMay 6

Home heating oil and propane per-gallon margins increased 6.6% to $1.83.

margin expansion
60%
bullishMay 6

Repurchased and retired approximately 400,000 common units in the first half of fiscal 2026.

buyback
50%
neutralMay 6

Maintained compliance with financial covenants while utilizing a $400M revolving facility.

debt restructure
40%
bullishMay 6

Net income surged 21.3% to $144.1 million for the six months ended March 31, 2026.

earnings beat
80%
bullishMay 6

Home heating oil and propane per-gallon margins increased 6.6% to $1.83.

margin expansion
60%
bullishMay 6

Repurchased and retired approximately 400,000 common units in the first half of fiscal 2026.

buyback
50%
neutralMay 6

Maintained compliance with financial covenants while utilizing a $400M revolving facility.

debt restructure
40%
bullishMay 6

Net income surged 21.3% to $144.1 million for the six months ended March 31, 2026.

earnings beat
80%
bullishMay 6

Home heating oil and propane per-gallon margins increased 6.6% to $1.83.

margin expansion
60%
bullishMay 6

Repurchased and retired approximately 400,000 common units in the first half of fiscal 2026.

buyback
50%
neutralMay 6

Maintained compliance with financial covenants while utilizing a $400M revolving facility.

debt restructure
40%
bullishMay 6

Net income surged 21.3% to $144.1 million for the six months ended March 31, 2026.

earnings beat
80%
bullishMay 6

Home heating oil and propane per-gallon margins increased 6.6% to $1.83.

margin expansion
60%
bullishMay 6

Repurchased and retired approximately 400,000 common units in the first half of fiscal 2026.

buyback
50%
neutralMay 6

Maintained compliance with financial covenants while utilizing a $400M revolving facility.

debt restructure
40%
bullishMay 6

Net income surged 21.3% to $144.1 million for the six months ended March 31, 2026.

earnings beat
80%
bullishMay 6

Home heating oil and propane per-gallon margins increased 6.6% to $1.83.

margin expansion
60%
bullishMay 6

Repurchased and retired approximately 400,000 common units in the first half of fiscal 2026.

buyback
50%
neutralMay 6

Maintained compliance with financial covenants while utilizing a $400M revolving facility.

debt restructure
40%
bullishMay 6

Net income surged 21.3% to $144.1 million for the six months ended March 31, 2026.

earnings beat
80%
bullishMay 6

Home heating oil and propane per-gallon margins increased 6.6% to $1.83.

margin expansion
60%
bullishMay 6

Repurchased and retired approximately 400,000 common units in the first half of fiscal 2026.

buyback
50%
neutralMay 6

Maintained compliance with financial covenants while utilizing a $400M revolving facility.

debt restructure
40%

Filing History

10-QMay 6, 2026
Expand Sequence

The fiscal 2026 10-Q presents a company at a crossroads between short-term weather-driven profitability and long-term structural erosion. While Star Group's ability to monetize a severe winter is evident in the 15% jump in Adjusted EBITDA, the quality of these earnings is questioned by the accompanying surge in working capital requirements and operational losses in the service segment. The company's reliance on derivative credits to bolster net income adds a layer of non-cash volatility to the results. Ultimately, the investment thesis hinges on whether Star Group can maintain its pricing power as price-protected customers face significantly higher renewal rates. While the aggressive unit repurchases provide a tailwind for per-unit value, the underlying business must prove it can grow organically in the face of energy transitions. Investors should weigh the immediate appeal of high distributions against the risks of tightening liquidity and a shrinking customer base.

Disclaimer: The synthesis provided is generated by AI models and should not be construed as investment advice. Analysis is based solely on regulatory data present at the time of publication. Consult a financial advisor for specific investment strategies.