Ferrellgas Partners, L.P. (FGP) Downgraded by Zacks Investment Research to “Strong Sell”
According to Zacks, “Current rate of returns from the unit price of Ferrellgas Partners were significantly lower than that of the broader industry in the last 12 months. The loss of a major customer and milder temperatures at the start of the winter hampered Ferrellgas’ prospects. In addition, persistent pricing pressure in the commodity market resulted in project delays and cancellations, adversely impacting its long-term growth prospect. Estimates have been going down ahead of the partnership’s first-quarter fiscal 2017 earnings release. Ferrellgas Partners is working to drive growth through organic and inorganic strategies. The partnership is planning to lower its leverage ratio by trimming cash distribution. It is also focused on cost containment efforts, which are likely to partially offset the impact of erratic weather conditions.”
Other equities research analysts also recently issued research reports about the stock. RBC Capital Markets downgraded shares of Ferrellgas Partners, L.P. from a sector perform rating to an underperform rating and cut their target price for the stock from $17.00 to $13.00 in a research report on Thursday, September 15th. Citigroup Inc. cut their target price 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 reaffirmed a neutral rating and issued a $20.00 target price on shares of Ferrellgas Partners, L.P. in a research report on Monday, August 22nd. Piper Jaffray Cos. began coverage on shares of Ferrellgas Partners, L.P. in a research report on Monday, August 22nd. They issued a neutral rating for the company. Finally, Royal Bank Of Canada cut their target price on shares of Ferrellgas Partners, L.P. from $13.00 to $11.00 and set an underperform rating for the company in a research report on Thursday, September 29th. Eight equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. The company presently has a consensus rating of Sell and an average price target of $15.57.
Shares of Ferrellgas Partners, L.P. (NYSE:FGP) opened at 5.90 on Tuesday. The stock’s market cap is $573.20 million. The company has a 50 day moving average price of $8.76 and a 200-day moving average price of $15.86. Ferrellgas Partners, L.P. has a 12 month low of $5.74 and a 12 month high of $21.00.
Ferrellgas Partners, L.P. (NYSE:FGP) last announced its quarterly earnings data 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 company had revenue of $409.50 million for the quarter, compared to the consensus estimate of $461.99 million. During the same period in the prior year, the firm posted ($0.64) EPS. The firm’s revenue was up 7.1% compared to the same quarter last year. On average, equities research analysts predict that Ferrellgas Partners, L.P. will post $0.15 earnings per share for the current year.
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The business also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Thursday, December 8th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 6.78%. The ex-dividend date is Tuesday, December 6th.
In related news, Director David L. Starling purchased 10,300 shares of the firm’s stock in a transaction on Tuesday, October 4th. The shares were acquired at an average price of $9.50 per share, for a total transaction of $97,850.00. Following the purchase, the director now directly owns 8,640 shares in the company, valued at $82,080. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Stephen M. Clifford purchased 4,000 shares of the firm’s stock in a transaction on Thursday, October 6th. The stock was bought at an average price of $10.84 per share, for a total transaction of $43,360.00. Following the purchase, the director now owns 7,000 shares in the company, valued at $75,880. The disclosure for this purchase can be found here.
Hedge funds have recently made changes to their positions in the company. Cetera Advisors LLC boosted its stake in shares of Ferrellgas Partners, L.P. by 1.4% in the third quarter. Cetera Advisors LLC now owns 10,536 shares of the company’s stock valued at $124,000 after buying an additional 149 shares during the last quarter. UMB Bank N A MO boosted its stake in shares of Ferrellgas Partners, L.P. by 3.9% in the third quarter. UMB Bank N A MO now owns 10,735 shares of the company’s stock valued at $125,000 after buying an additional 400 shares in the last quarter. Stock Yards Bank & Trust Co. acquired a new stake in shares of Ferrellgas Partners, L.P. during the third quarter valued at about $135,000. Sigma Planning Corp acquired a new stake in shares of Ferrellgas Partners, L.P. during the third quarter valued at about $137,000. Finally, Nwam LLC acquired a new stake in shares of Ferrellgas Partners, L.P. during the third quarter valued at about $142,000.
About Ferrellgas Partners, L.P.
Ferrellgas Partners, L.P. is engaged in the retail distribution of propane and related equipment sales, and midstream operations, which include crude oil logistics. The Company’s segments include propane and related equipment sales, midstream operations-crude oil logistics, and corporate and other. The propane and related equipment sales segment consists of the distribution of propane and related equipment and supplies.
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