Ferrellgas Partners, L.P. (FGP) Raised to Buy at Zacks Investment Research
Ferrellgas Partners, L.P. (NYSE:FGP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Monday. The brokerage currently has a $5.75 price target on the oil and gas company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 13.64% from the company’s current price.
According to Zacks, “In last three months, Ferrellgas Partners’ units have gained more than the industry it belongs to. The partnership is working to drive growth through organic initiatives and acquisitions. It is also focused on cost containment efforts, which are likely to partially offset the impact of erratic weather conditions. The company also benefits from its strong propane distribution network. The fiscal 2017 weather in Ferrellgas’ Partners service territories were 18% warmer than normal, which adversely impacted the financial performance. The persistent pricing pressure in the commodity market resulted in project delays and cancellations, adversely impacting partnership’s long-term growth prospects. Loss of a major customer account is also adversely impacting the performance of the partnership.”
A number of other research analysts have also recently issued reports on FGP. UBS AG reaffirmed a “sell” rating and issued a $5.00 price target (down from $5.50) on shares of Ferrellgas Partners, L.P. in a report on Monday, June 12th. Royal Bank Of Canada reiterated a “hold” rating and issued a $6.00 price objective on shares of Ferrellgas Partners, L.P. in a research report on Wednesday, September 27th. BidaskClub upgraded Ferrellgas Partners, L.P. from a “strong sell” rating to a “sell” rating in a research report on Thursday, August 10th. Finally, ValuEngine upgraded Ferrellgas Partners, L.P. from a “strong sell” rating to a “sell” rating in a research report on Friday, July 7th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. Ferrellgas Partners, L.P. presently has an average rating of “Hold” and an average target price of $8.18.
Shares of Ferrellgas Partners, L.P. (FGP) traded down 2.134% during trading on Monday, reaching $4.952. 186,221 shares of the company were exchanged. The stock has a 50-day moving average of $5.05 and a 200 day moving average of $5.24. The stock’s market capitalization is $481.10 million. Ferrellgas Partners, L.P. has a 52-week low of $4.22 and a 52-week high of $10.98.
Ferrellgas Partners, L.P. (NYSE:FGP) last released its quarterly earnings results on Thursday, September 28th. The oil and gas company reported ($0.57) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.48) by ($0.09). The company had revenue of $433.38 million during the quarter, compared to analyst estimates of $431.74 million. During the same period last year, the company earned ($6.68) earnings per share. The firm’s revenue was up 5.8% compared to the same quarter last year. On average, equities analysts anticipate that Ferrellgas Partners, L.P. will post $0.15 earnings per share for the current fiscal year.
A number of hedge funds have recently made changes to their positions in the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in Ferrellgas Partners, L.P. by 1.2% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 155,570 shares of the oil and gas company’s stock worth $713,000 after purchasing an additional 1,873 shares during the period. Cambridge Investment Research Advisors Inc. increased its position in Ferrellgas Partners, L.P. by 2.5% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 89,372 shares of the oil and gas company’s stock worth $409,000 after purchasing an additional 2,162 shares during the period. Alliancebernstein L.P. increased its position in Ferrellgas Partners, L.P. by 40.6% in the first quarter. Alliancebernstein L.P. now owns 18,208 shares of the oil and gas company’s stock worth $109,000 after purchasing an additional 5,257 shares during the period. Royal Bank of Canada increased its position in Ferrellgas Partners, L.P. by 7.8% in the second quarter. Royal Bank of Canada now owns 131,811 shares of the oil and gas company’s stock worth $604,000 after purchasing an additional 9,545 shares during the period. Finally, KCG Holdings Inc. acquired a new stake in Ferrellgas Partners, L.P. in the first quarter worth about $106,000. Hedge funds and other institutional investors own 6.91% of the company’s stock.
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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