Ferrellgas Partners PT Raised to $24.00 (FGP)
Investment analysts at Barclays hoisted their price objective on shares of Ferrellgas Partners (NYSE:FGP) from $21.00 to $24.00 in a note issued to investors on Tuesday. The firm currently has an “underweight” rating on the stock. Barclays’ target price suggests a potential downside of 9.26% from the stock’s previous close.
Shares of Ferrellgas Partners (NYSE:FGP) traded up 1.97% during mid-day trading on Tuesday, hitting $26.97. The stock had a trading volume of 195,618 shares. Ferrellgas Partners has a 52 week low of $20.68 and a 52 week high of $27.86. The stock has a 50-day moving average of $25.94 and a 200-day moving average of $24.3. The company has a market cap of $2.136 billion and a P/E ratio of 41.01.
Ferrellgas Partners (NYSE:FGP) last posted its quarterly earnings results on Monday, June 9th. The company reported $0.57 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.66 by $0.09. The company had revenue of $722.10 million for the quarter, compared to the consensus estimate of $746.88 million. During the same quarter in the prior year, the company posted $0.56 earnings per share. The company’s quarterly revenue was up 19.8% on a year-over-year basis. Analysts expect that Ferrellgas Partners will post $1.05 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, June 13th. Investors of record on Friday, June 6th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 7.56%. The ex-dividend date of this dividend is Wednesday, June 4th.
Other equities research analysts have also recently issued reports about the stock. Analysts at JPMorgan Chase & Co. reiterated an “underweight” rating on shares of Ferrellgas Partners in a research note on Monday, June 2nd. They now have a $20.00 price target on the stock, up previously from $18.00. Analysts at TheStreet upgraded shares of Ferrellgas Partners from a “hold” rating to a “buy” rating in a research note on Tuesday, May 13th.
Ferrellgas Partners, L.P. (NYSE:FGP) is a distributor of propane and related equipment and supplies to customers primarily in the United States and conduct its business as a single reportable operating segment.
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