Ferrellgas Partners, L.P. (FGP) Bond Prices Fall 2%
An issue of Ferrellgas Partners, L.P. (NYSE:FGP) bonds fell 2% against their face value during trading on Monday. The debt issue has a 6.5% coupon and will mature on May 1, 2021. The debt is now trading at $92.00 and was trading at $91.75 one week ago. Price moves in a company’s bonds in credit markets sometimes predict parallel moves in its stock price.
A number of equities analysts have commented on the stock. RBC Capital Markets downgraded shares of Ferrellgas Partners, L.P. from a “sector perform” rating to an “underperform” rating and cut their price objective for the stock from $17.00 to $13.00 in a research report on Thursday, September 15th. Zacks Investment Research downgraded shares of Ferrellgas Partners, L.P. from a “hold” rating to a “strong sell” rating in a research report on Monday, June 13th. Citigroup Inc. cut their price objective on shares of Ferrellgas Partners, L.P. from $14.00 to $11.00 and set a “sell” rating for the company in a research report on Thursday, September 29th. Simmons restated a “neutral” rating and set a $20.00 price objective on shares of Ferrellgas Partners, L.P. in a research report on Monday, August 22nd. Finally, Piper Jaffray Cos. assumed coverage on shares of Ferrellgas Partners, L.P. in a research report on Monday, August 22nd. They set a “neutral” rating for the company. Eight investment analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. The stock has an average rating of “Sell” and a consensus target price of $16.00.
Ferrellgas Partners, L.P. (NYSE:FGP) opened at 10.61 on Tuesday. The stock’s 50 day moving average is $16.67 and its 200-day moving average is $18.19. Ferrellgas Partners, L.P. has a 1-year low of $9.12 and a 1-year high of $21.00. The firm’s market capitalization is $1.03 billion.
Ferrellgas Partners, L.P. (NYSE:FGP) last released its quarterly earnings results on Wednesday, September 28th. The company reported ($6.68) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.42) by $6.26. The firm had revenue of $409.50 million for the quarter, compared to analyst estimates of $461.99 million. The company’s quarterly revenue was up 7.1% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.64) earnings per share. Equities research analysts forecast that Ferrellgas Partners, L.P. will post $0.26 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 14th. Shareholders of record on Wednesday, September 7th were issued a $0.5125 dividend. This represents a $2.05 dividend on an annualized basis and a yield of 19.32%. The ex-dividend date of this dividend was Friday, September 2nd.
In other Ferrellgas Partners, L.P. news, Director David L. Starling acquired 10,300 shares of the firm’s stock in a transaction on Tuesday, October 4th. The stock was purchased at an average price of $9.50 per share, with a total value of $97,850.00. Following the completion of the acquisition, the director now directly owns 8,640 shares in the company, valued at approximately $82,080. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Stephen M. Clifford acquired 4,000 shares of the firm’s stock in a transaction on Thursday, October 6th. The stock was acquired at an average cost of $10.84 per share, with a total value of $43,360.00. Following the acquisition, the director now owns 7,000 shares of the company’s stock, valued at $75,880. The disclosure for this purchase can be found here.
A number of institutional investors have recently added to or reduced their stakes in the company. UMB Bank N A MO increased its position in Ferrellgas Partners, L.P. by 3.0% in the second quarter. UMB Bank N A MO now owns 10,335 shares of the company’s stock worth $191,000 after buying an additional 300 shares in the last quarter. Alliancebernstein L.P. increased its position in Ferrellgas Partners, L.P. by 2.5% in the second quarter. Alliancebernstein L.P. now owns 11,419 shares of the company’s stock worth $211,000 after buying an additional 279 shares in the last quarter. Jag Capital Management LLC acquired a new position in Ferrellgas Partners, L.P. during the second quarter worth approximately $215,000. Stifel Financial Corp increased its position in Ferrellgas Partners, L.P. by 0.8% in the second quarter. Stifel Financial Corp now owns 12,603 shares of the company’s stock worth $233,000 after buying an additional 95 shares in the last quarter. Finally, Financial Advisory Service Inc. increased its position in Ferrellgas Partners, L.P. by 2.0% in the second quarter. Financial Advisory Service Inc. now owns 13,841 shares of the company’s stock worth $256,000 after buying an additional 271 shares in the last quarter.
Ferrellgas Partners, L.P. Company Profile
Ferrellgas Partners, L.P. is engaged in the retail distribution of propane and related equipment sales, and midstream operations, which include crude oil logistics segment and water solutions segment. The Company’s two direct subsidiaries include Ferrellgas Partners Finance Corp. and the operating partnership.
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