Ferrellgas Partners (FGP) Lifted to Hold at Zacks Investment Research
Zacks Investment Research upgraded shares of Ferrellgas Partners (NYSE:FGP) from a sell rating to a hold rating in a research note issued to investors on Wednesday morning.
According to Zacks, ” Ferrellgas Partners is working to drive growth through organic initiatives and acquisitions. The company also benefits from its strong propane distribution network and its focus to increase customer base will boost performance.Weather plays an important role in determining the propane sales volume and the partnership is taking strategic initiatives to make its sales less weather dependent. In last three months, loss in value of Ferrellgas Partners units were wider than industry’s decline. Ferrellgas Partners’ margins were impacted by rising costs of commodity price and increased operating expenses as the partnership focuses on increasing its market share.”
A number of other brokerages also recently commented on FGP. Raymond James Financial restated a sell rating on shares of Ferrellgas Partners in a research note on Thursday, December 7th. Citigroup downgraded shares of Ferrellgas Partners from a buy rating to a neutral rating in a research note on Tuesday, January 9th. ValuEngine downgraded shares of Ferrellgas Partners from a sell rating to a strong sell rating in a research note on Sunday, December 31st. Finally, Royal Bank of Canada restated a hold rating and issued a $5.00 target price on shares of Ferrellgas Partners in a research note on Tuesday, January 16th. Four equities research analysts have rated the stock with a sell rating and four have issued a hold rating to the company’s stock. The stock has an average rating of Hold and a consensus target price of $5.19.
Ferrellgas Partners (NYSE:FGP) last issued its earnings results on Thursday, March 8th. The oil and gas company reported $0.49 EPS for the quarter, missing the Zacks’ consensus estimate of $0.61 by ($0.12). The business had revenue of $755.16 million for the quarter, compared to analyst estimates of $703.96 million. Ferrellgas Partners’s quarterly revenue was up 30.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.39 EPS. equities research analysts expect that Ferrellgas Partners will post 0.05 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 16th. Stockholders of record on Friday, March 9th will be paid a dividend of $0.10 per share. The ex-dividend date is Thursday, March 8th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 10.64%. Ferrellgas Partners’s dividend payout ratio is presently -39.60%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. PEAK6 Investments L.P. boosted its stake in shares of Ferrellgas Partners by 283.5% during the third quarter. PEAK6 Investments L.P. now owns 20,639 shares of the oil and gas company’s stock valued at $106,000 after purchasing an additional 15,257 shares in the last quarter. Virtu Financial LLC bought a new position in shares of Ferrellgas Partners during the fourth quarter valued at approximately $113,000. Deutsche Bank AG boosted its stake in shares of Ferrellgas Partners by 82.5% during the fourth quarter. Deutsche Bank AG now owns 105,801 shares of the oil and gas company’s stock valued at $452,000 after purchasing an additional 47,826 shares in the last quarter. Royal Bank of Canada boosted its stake in shares of Ferrellgas Partners by 7.8% during the second quarter. Royal Bank of Canada now owns 131,811 shares of the oil and gas company’s stock valued at $604,000 after purchasing an additional 9,545 shares in the last quarter. Finally, SeaCrest Wealth Management LLC bought a new position in shares of Ferrellgas Partners during the fourth quarter valued at approximately $763,000. Hedge funds and other institutional investors own 5.66% of the company’s stock.
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About Ferrellgas Partners
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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