Trading Report: Today, Ferrellgas Partners, L.P. (FGP) Cut to “Strong Sell” at The Zacks Investment Research

Today, Ferrellgas Partners, L.P. (FGP) Cut to “Strong Sell” at The Zacks Investment Research

Ferrellgas Partners, L.P. (NYSE:FGP) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Tuesday.

According to Zacks, “Current rate of returns from the unit price of Ferrellgas Partners were significantly lower than that of the broader industry in the last 12 months. The loss of a major customer and milder temperatures at the start of the winter hampered Ferrellgas’ prospects. In addition, persistent pricing pressure in the commodity market resulted in project delays and cancellations, adversely impacting its long-term growth prospect. Estimates have been going down ahead of the partnership’s first-quarter fiscal 2017 earnings release. Ferrellgas Partners is working to drive growth through organic and inorganic strategies. The partnership is planning to lower its leverage ratio by trimming cash distribution. It is also focused on cost containment efforts, which are likely to partially offset the impact of erratic weather conditions.”

Several other research analysts also recently commented on the company. Citigroup Inc. raised Ferrellgas Partners, L.P. from a “sell” rating to a “neutral” rating and lowered their target price for the stock from $11.00 to $8.00 in a research note on Wednesday, November 2nd. TheStreet cut Ferrellgas Partners, L.P. from a “hold” rating to a “sell” rating in a report on Monday, October 3rd. RBC Capital Markets restated an “underperform” rating and set a $11.00 price target (down from $13.00) on shares of Ferrellgas Partners, L.P. in a report on Friday, September 30th. Royal Bank Of Canada reduced their price target on Ferrellgas Partners, L.P. from $13.00 to $11.00 and set an “underperform” rating on the stock in a report on Thursday, September 29th. Finally, JPMorgan Chase & Co. cut Ferrellgas Partners, L.P. from a “neutral” rating to an “underweight” rating in a report on Wednesday, September 28th. Eight analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. The company currently has a consensus rating of “Sell” and a consensus price target of $15.57.

Shares of Ferrellgas Partners, L.P. (NYSE:FGP) opened at 6.25 on Tuesday. The firm’s market capitalization is $607.20 million. The firm’s 50-day moving average is $8.76 and its 200 day moving average is $15.86. Ferrellgas Partners, L.P. has a one year low of $6.05 and a one year high of $21.00.

Ferrellgas Partners, L.P. (NYSE:FGP) last issued its earnings results on Wednesday, September 28th. The company reported ($6.68) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.42) by $6.26. The business earned $409.50 million during the quarter, compared to analysts’ expectations of $461.99 million. The company’s quarterly revenue was up 7.1% on a year-over-year basis. During the same period last year, the firm posted ($0.64) earnings per share. Equities research analysts predict that Ferrellgas Partners, L.P. will post $0.15 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Thursday, December 8th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 6.40%. The ex-dividend date is Tuesday, December 6th.

In other news, Director David L. Starling bought 10,300 shares of the stock in a transaction dated Tuesday, October 4th. The shares were bought at an average cost of $9.50 per share, with a total value of $97,850.00. Following the completion of the transaction, the director now directly owns 8,640 shares of the company’s stock, valued at $82,080. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Stephen M. Clifford bought 4,000 shares of the stock in a transaction dated Thursday, October 6th. The shares were purchased at an average cost of $10.84 per share, for a total transaction of $43,360.00. Following the completion of the transaction, the director now directly owns 7,000 shares of the company’s stock, valued at $75,880. The disclosure for this purchase can be found here.

Several institutional investors have recently modified their holdings of FGP. Ladenburg Thalmann Financial Services Inc. raised its position in shares of Ferrellgas Partners, L.P. by 6.8% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 29,410 shares of the company’s stock worth $512,000 after buying an additional 1,870 shares during the last quarter. Jag Capital Management LLC purchased a new position in shares of Ferrellgas Partners, L.P. during the second quarter worth $215,000. UMB Bank N A MO raised its position in shares of Ferrellgas Partners, L.P. by 3.0% in the second quarter. UMB Bank N A MO now owns 10,335 shares of the company’s stock worth $191,000 after buying an additional 300 shares during the last quarter. Arrow Investment Advisors LLC raised its position in shares of Ferrellgas Partners, L.P. by 12.0% in the second quarter. Arrow Investment Advisors LLC now owns 38,699 shares of the company’s stock worth $715,000 after buying an additional 4,143 shares during the last quarter. Finally, Concert Wealth Management Inc. raised its position in shares of Ferrellgas Partners, L.P. by 28.0% in the second quarter. Concert Wealth Management Inc. now owns 99,048 shares of the company’s stock worth $1,830,000 after buying an additional 21,647 shares during the last quarter.

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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