Suburban Propane Partners LP (SPH) Straddle

Trading a SPH straddle lets you take a pure volatility position on Suburban Propane Partners LP without committing to a direction. Suburban Propane Partners LP's straddle involves buying (or selling) a call and a put at the same strike and expiration, profiting when the stock moves more (or less) than the combined premium implies. Use our scanner to evaluate SPH straddle pricing in real time and find the moments when expected moves are mispriced.

A long straddle on SPH profits from large moves in either direction and is a classic play into binary events like earnings, product announcements, or macro releases. A short straddle profits when Suburban Propane Partners LP stays range-bound and implied volatility contracts. The breakeven points are simple: strike plus total premium on the upside, strike minus total premium on the downside. Comparing the SPH straddle price to historical realized moves helps you judge whether the market is overpaying or underpaying for volatility.

Suburban Propane Partners, L.P., through its subsidiaries, engages in the retail marketing and distribution of propane, fuel oil, and refined fuels. The company operates in four segments: Propane, Fuel Oil and Refined Fuels, Natural Gas and Electricity, and All Other. The Propane segment is involved in the retail distribution of propane to residential, commercial, industrial, and agricultural customers, as well as in the wholesale distribution to industrial end users. It offers propane primarily for space heating, water heating, cooking, and clothes drying in the residential and commercial markets; for use as a motor fuel in internal combustion engines to power over-the-road vehicles, forklifts, and stationary engines, as well as to fire furnaces, as a cutting gas to the industrial customers, and in other process applications; and for tobacco curing, crop drying, poultry brooding, and weed control in the agricultural markets.

The Fuel Oil and Refined Fuels segment engages in the retail distribution of fuel oil, diesel, kerosene, and gasoline to residential and commercial customers for use primarily as a source of heat in homes and buildings. The Natural Gas and Electricity segment markets natural gas and electricity to residential and commercial customers in the deregulated energy markets in New York and Pennsylvania. The All Other segment sells, installs, and services a range of home comfort equipment, including whole-house heating products, air cleaners, humidifiers, and space heaters. As of September 25, 2021, the company served approximately 1.0 million residential, commercial, industrial, and agricultural customers through 700 locations in 41 states primarily in the east and west coast regions of the United States, as well as portions of the Midwest region of the United States and Alaska. Suburban Energy Services Group LLC serves as a general partner of Suburban Propane Partners, L.P. The company was founded in 1945 and is headquartered in Whippany, New Jersey.

Earnings, product cycles, macro prints — any time volatility itself is the trade, the SPH straddle is the cleanest expression of that view. Our scanner prices every SPH straddle against historical realized moves, flags expirations where the market is overpaying or underpaying for vol, and ranks setups by breakeven width and IV rank. Whether you're long a SPH straddle into a catalyst or short a SPH straddle to harvest decay, the options straddle setups that matter are all in one place.