Ferrellgas Partners, L.P. (FGP) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Ferrellgas Partners, L.P. (NYSE:FGP) from a hold rating to a buy rating in a research report released on Monday morning. The firm currently has $5.75 price objective on the oil and gas company’s stock.

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 brokerages have also issued reports on FGP. BidaskClub raised Ferrellgas Partners, L.P. from a sell rating to a hold rating in a research report on Saturday, August 26th. Royal Bank Of Canada reaffirmed a hold rating and set a $6.00 target price on shares of Ferrellgas Partners, L.P. in a research report on Wednesday, September 27th. UBS AG reaffirmed a sell rating and set a $5.00 target price (down from $5.50) on shares of Ferrellgas Partners, L.P. in a research report on Monday, June 12th. Finally, ValuEngine raised Ferrellgas Partners, L.P. from a strong sell rating to a sell rating in a research report on Friday, July 7th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $8.18.

Ferrellgas Partners, L.P. (FGP) opened at 5.00 on Monday. The stock’s market cap is $485.76 million. Ferrellgas Partners, L.P. has a 12-month low of $4.22 and a 12-month high of $10.74. The stock has a 50 day moving average price of $5.09 and a 200-day moving average price of $5.21.

Ferrellgas Partners, L.P. (NYSE:FGP) last announced its 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 firm had revenue of $433.38 million during the quarter, compared to analyst estimates of $431.74 million. During the same quarter last year, the firm posted ($6.68) earnings per share. The business’s revenue was up 5.8% on a year-over-year basis. On average, equities analysts expect that Ferrellgas Partners, L.P. will post $0.15 earnings per share for the current year.

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The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 14th. Investors of record on Thursday, September 7th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 8.00%. The ex-dividend date was Wednesday, September 6th. Ferrellgas Partners, L.P.’s dividend payout ratio is currently -72.73%.

A number of institutional investors have recently made changes to their positions in FGP. Prescott Group Capital Management L.L.C. increased its holdings in Ferrellgas Partners, L.P. by 125.9% in the second quarter. Prescott Group Capital Management L.L.C. now owns 792,334 shares of the oil and gas company’s stock valued at $3,629,000 after buying an additional 441,511 shares during the last quarter. UBS Group AG increased its holdings in Ferrellgas Partners, L.P. by 50.7% in the first quarter. UBS Group AG now owns 719,179 shares of the oil and gas company’s stock valued at $4,315,000 after buying an additional 241,975 shares during the last quarter. RMB Capital Management LLC increased its holdings in Ferrellgas Partners, L.P. by 77.3% in the first quarter. RMB Capital Management LLC now owns 230,500 shares of the oil and gas company’s stock valued at $1,383,000 after buying an additional 100,500 shares during the last quarter. Wells Fargo & Company MN increased its holdings in Ferrellgas Partners, L.P. by 52.9% in the first quarter. Wells Fargo & Company MN now owns 211,506 shares of the oil and gas company’s stock valued at $1,268,000 after buying an additional 73,177 shares during the last quarter. Finally, Virtu KCG Holdings LLC increased its holdings in Ferrellgas Partners, L.P. by 410.3% in the second quarter. Virtu KCG Holdings LLC now owns 89,811 shares of the oil and gas company’s stock valued at $411,000 after buying an additional 72,211 shares during the last quarter. 6.91% of the stock is owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Ferrellgas Partners, L.P. (NYSE:FGP)

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