Star Group, L.P. (NYSE:SGU) Sees Significant Drop in Short Interest

Star Group, L.P. (NYSE:SGU - Get Free Report) experienced a notable decrease in short interest in December. By December 15th, the total short interest stood at 53,900 shares, representing a significant decline of 25.7% compared to the 72,500 shares recorded on November 30th. Considering the average daily trading volume of 20,400 shares, the current days-to-cover ratio is 2.6 days. Only about 0.2% of the total shares of the stock are currently sold short.

Analyst Ratings Adjustment

In other news, StockNews.com updated its rating for Star Group, lowering it from a "strong-buy" to a "buy" on December 6th.

Recent Trading Activity

On Friday, Star Group shares rose by 0.8%, reaching $11.61. The trading volume that day was 11,409 shares, which is below the average volume of 40,316. Star Group holds a market capitalization of $401.45 million and has a price-to-earnings ratio of 20.37. Furthermore, the stock has a beta of 0.46. Its 50-day simple moving average is $11.84, while the 200-day simple moving average is $11.50. Over the past year, the stock has reached a low of $9.64 and a high of $12.93. Star Group's financial metrics show a debt-to-equity ratio of 0.71, a current ratio of 0.75, and a quick ratio of 0.64.

Dividend Declaration

Star Group also announced a quarterly dividend that was paid on November 6th. Shareholders of record as of October 28th received a dividend of $0.1725. This annualizes to a $0.69 payout, representing a yield of 5.94%. Notably, the ex-dividend date was also October 28th, and Star Group's dividend payout ratio stands at 121.05%.

Investments by Hedge Funds

Several hedge funds and institutional investors have recently bought and sold shares of Star Group. American Century Companies Inc. acquired a new position valued at about $124,000 in the second quarter. Acadian Asset Management LLC also purchased shares worth approximately $232,000 during the same quarter. In the third quarter, GSA Capital Partners LLP increased its stake in Star Group by 89.4%, now owning 22,884 shares valued at around $269,000. Victory Capital Management Inc. bought into Star Group for roughly $566,000 during the third quarter. Meanwhile, JPMorgan Chase & Co. raised its stake by 12.0% in the same period and now holds 622,573 shares valued at $7,309,000. Currently, approximately 40.36% of the stock is owned by hedge funds and other institutional investors.

Company Overview

Star Group, L.P. provides home heating oil and propane services alongside other products to both residential and commercial clients in the United States. The company offers a variety of services including the installation, maintenance, and repair of heating and air conditioning systems. As of September 30, 2023, Star Group has about 402,200 residential and commercial customers receiving full-service home heating oil and propane, as well as 52,400 delivery-only customers.

StarGroup, Stocks, Investment