SPH is considered oversold at the closing price <38. But, on the other hand they have stretched themselves where the going distribution may not be sustainable. Also, S&P has lowered their rating down one notch to BB-.
IMO what it means is that short term they have a tough road ahead. Longer term they may be fine assuming the weather does no tricks next winter. I think they decided on the IPO as a cash cushion expecting the worst after the NRGY purchase.