Zacks Investment Research cut shares of Ferrellgas Partners (NYSE:FGP) from a buy rating to a hold rating in a research report sent to investors on Monday morning.
According to Zacks, “Ferrellgas 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. Year to date the partnership units have lost more than the industry it belongs to. 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 firms have also recently commented on FGP. Royal Bank Of Canada reaffirmed a hold rating and set a $6.00 target price on shares of Ferrellgas Partners in a research note on Wednesday, September 27th. BidaskClub raised Ferrellgas Partners from a strong sell rating to a sell rating in a research note on Thursday, August 10th. Three investment analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. The stock has a consensus rating of Hold and an average price target of $5.44.
Ferrellgas Partners (NYSE:FGP) opened at $4.46 on Monday. Ferrellgas Partners has a 52 week low of $4.22 and a 52 week high of $8.83. The company has a debt-to-equity ratio of -2.63, a quick ratio of 0.60 and a current ratio of 0.87.
Ferrellgas Partners (NYSE:FGP) last released its earnings results on Thursday, September 28th. The oil and gas company reported ($0.57) EPS for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.09). The firm had revenue of $433.38 million during the quarter, compared to analysts’ expectations of $431.74 million. The business’s revenue was up 5.8% on a year-over-year basis. During the same quarter last year, the company posted ($6.68) earnings per share. equities analysts predict that Ferrellgas Partners will post 0.19 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 8th will be paid a $0.10 dividend. The ex-dividend date is Thursday, December 7th. This represents a $0.40 annualized dividend and a yield of 8.97%. Ferrellgas Partners’s dividend payout ratio (DPR) is currently -72.73%.
In other news, VP Trenton D. Hampton acquired 6,000 shares of the company’s stock in a transaction that occurred on Monday, October 16th. The shares were bought at an average price of $4.98 per share, with a total value of $29,880.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.48% of the stock is owned by corporate insiders.
Large investors have recently made changes to their positions in the stock. Morgan Stanley grew its stake in Ferrellgas Partners by 13.2% in the first quarter. Morgan Stanley now owns 346,912 shares of the oil and gas company’s stock worth $2,082,000 after purchasing an additional 40,533 shares in the last quarter. Virtu KCG Holdings LLC grew its stake in Ferrellgas Partners by 410.3% in the second quarter. Virtu KCG Holdings LLC now owns 89,811 shares of the oil and gas company’s stock worth $411,000 after purchasing an additional 72,211 shares in the last quarter. Bank of America Corp DE grew its stake in Ferrellgas Partners by 38.6% in the first quarter. Bank of America Corp DE now owns 170,559 shares of the oil and gas company’s stock worth $1,024,000 after purchasing an additional 47,533 shares in the last quarter. KCG Holdings Inc. bought a new position in Ferrellgas Partners in the first quarter worth approximately $106,000. Finally, Alliancebernstein L.P. grew its stake in Ferrellgas Partners 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 in the last quarter. 6.43% of the stock is currently owned by institutional investors.
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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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