Ferrellgas Partners (NYSE:FGP) Sees Unusually-High Trading Volume

Ferrellgas Partners, L.P. (NYSE:FGP) shares saw unusually-high trading volume on Monday . Approximately 861,766 shares changed hands during mid-day trading, an increase of 199% from the previous session’s volume of 287,814 shares.The stock last traded at $1.10 and had previously closed at $0.98.

FGP has been the subject of a number of research reports. ValuEngine upgraded Ferrellgas Partners from a “hold” rating to a “buy” rating in a research report on Monday. Zacks Investment Research upgraded Ferrellgas Partners from a “hold” rating to a “strong-buy” rating and set a $1.00 price objective for the company in a research report on Monday, August 19th.

The stock has a 50-day moving average of $0.79 and a 200 day moving average of $1.08. The stock has a market capitalization of $100.06 million, a price-to-earnings ratio of -2.35 and a beta of 2.52.

Hedge funds have recently made changes to their positions in the stock. Regal Investment Advisors LLC acquired a new stake in Ferrellgas Partners in the first quarter worth about $32,000. Nicolet Advisory Services LLC acquired a new stake in Ferrellgas Partners in the first quarter worth about $39,000. Creative Planning increased its position in Ferrellgas Partners by 104.3% in the second quarter. Creative Planning now owns 56,005 shares of the oil and gas company’s stock worth $53,000 after purchasing an additional 28,586 shares during the period. JPMorgan Chase & Co. grew its position in shares of Ferrellgas Partners by 8,924.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 64,252 shares of the oil and gas company’s stock worth $62,000 after buying an additional 63,540 shares during the period. Finally, Morgan Stanley grew its position in shares of Ferrellgas Partners by 35.4% during the 2nd quarter. Morgan Stanley now owns 987,137 shares of the oil and gas company’s stock worth $943,000 after buying an additional 257,906 shares during the period. Hedge funds and other institutional investors own 4.49% of the company’s stock.

About Ferrellgas Partners (NYSE:FGP)

Ferrellgas Partners, L.P. distributes and sells propane and related equipment and supplies. The company transports propane to propane distribution locations, tanks on customers' premises, or to portable propane tanks delivered to retailers. It conducts its portable tank exchange operations under the Blue Rhino brand name through a network of independent and partnership-owned distribution outlets.

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