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APU, FGP, SPH, and SGU: Analyzing Prospects for the Propane MLPs

PART:
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Part 9
APU, FGP, SPH, and SGU: Analyzing Prospects for the Propane MLPs PART 9 OF 10

SGU, SPH, FGP: Are Institutional Investors Bullish?

Institutional activity in SGU

Yorktown Partners LLC is the largest institutional investor in Star Gas Partners (SGU), holding 13.5% of SGU’s outstanding shares. Activist investor Bandera Partners LLC owns 4.4% of SGU’s outstanding shares.

Fidelity Management & Research Company, the third-largest institutional investor in SGU, owns ~4.4% of SGU’s outstanding shares. Yorktown Partners added 7.5 million SGU shares to its position, according to its latest filing.

The top ten institutional investors in Star Gas Partners own nearly 38.9% of its outstanding shares. The top ten institutional investors in SGU added net 10.8 million SGU shares to their positions, according to the latest filings.

SGU, SPH, FGP: Are Institutional Investors Bullish?

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Institutional activity in APU

UGI Corporation is the largest institutional investor in AmeriGas Partners (APU) and holds 25.6% of APU’s outstanding shares. Oppenheimer Funds and Energy Income Partners LLC are the other two largest institutional investors in AmeriGas Partners.

According to the latest filings, Oppenheimer Funds and Energy Income Partners LLC own 4.7% and 2.4%, respectively, of APU’s outstanding shares. Oppenheimer Funds reduced its APU position by nearly 0.7 million shares, according to a filing dated June 30, 2017.

The top ten institutional investors in APU own nearly 40.6% of its outstanding shares. The top ten institutional investors in APU together reduced net 0.7 million APU shares in their positions, according to the latest filings.

The table above shows the recent position changes in the top five institutional investors in AmeriGas Partners, Star Gas Partners, Ferrellgas Partners (FGP), and Suburban Propane Partners (SPH).

Institutional activity in FGP

Ferrell Cos. holds 23.4% of Ferrellgas Partners’ outstanding shares. James E. Ferrell and Julio Emerson Rios II are the other two largest institutional investors in Ferrellgas Partners. According to the latest filings, Ferrell and Rios own 4.9% and 1.1%, respectively, of FGP’s outstanding shares.

The top ten institutional investors in FGP own nearly 33.7% of its outstanding shares. The top ten investors collectively added net 1.5 million shares to their positions.

Institutional activity in SPH

The top ten institutional investors in Suburban Propane Partners (SPH) own nearly 22.8% of its outstanding shares. The top ten investors in SPH together added net 0.7 million SPH shares to their positions.

OppenheimerFunds, OFI SteelPath, and City National Rochdale are the top three institutional investors in SPH, holding 7.7%, 6.2%, and 2.0%, respectively, of SPH’s outstanding shares.

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