SPH vs. UGI: Which Propane Stock Has More Fuel for Growth?
Suburban Propane (SPH) and UGI are propane-focused companies with different strategies. SPH, with 1M customers, is expanding into renewable natural gas (RNG) and expects 750,000-800,000 MMBtu annual RNG injection by fiscal 2027. UGI is diversified with natural gas utilities and midstream assets. SPH's valuation is cheaper (0.82x forward sales vs. UGI's 1.05x) and its earnings growth outlook is stronger (34% vs. UGI's -14.2%). Both face weather-related risks. SPH is down 5% YTD, while UGI is up 2





