Ferrellgas Partners, L.P. Upgraded by Zacks to Outperform (FGP)
Ferrellgas Partners, L.P. (NYSE:FGP) was upgraded by Zacks from a “neutral” rating to an “outperform” rating in a report issued on Thursday. The firm currently has a $32.00 price target on the stock. Zacks‘s price objective would suggest a potential upside of 21.90% from the stock’s previous close.
Zacks’ analyst wrote, “We are upgrading our recommendation on Ferrellgas Partners L.P. to Outperform from Neutral, primarily on the back of systematic acquisitions program backed by its stable liquidity position and improvement in operational efficiency. The partnership acquires assets whose operations overlap its existing operation, providing economies of scale, significant cost savings and as a result are immediately accretive to earnings. In fiscal year 2014, Ferrellgas completed six acquisitions. We believe the partnership’s acquisition-centric growth strategy will likely boost its future results. In addition, Ferrellgas is currently diversifying its operations by entering into the salt water disposal services through strategic acquisitions. This initiative will enable the partnership to expand its revenue streams. Ferrellgas’ steady effort towards maximizing unitholders’ wealth through payment of cash distribution at regular intervals is appreciable.”
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, L.P. in a research note on Tuesday, June 10th. They now have a $21.00 price target on the stock, up previously from $20.00. Separately, analysts at Barclays raised their price target on shares of Ferrellgas Partners, L.P. from $21.00 to $24.00 in a research note on Tuesday, June 10th. They now have an “underweight” rating on the stock.
Shares of Ferrellgas Partners, L.P. (NYSE:FGP) traded down 1.28% on Thursday, hitting $26.25. The stock had a trading volume of 124,231 shares. Ferrellgas Partners, L.P. has a one year low of $21.24 and a one year high of $28.25. The stock has a 50-day moving average of $27.1 and a 200-day moving average of $24.91. The company has a market cap of $2.132 billion and a P/E ratio of 40.84.
Ferrellgas Partners, L.P. (NYSE:FGP) last announced its 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. On average, analysts predict that Ferrellgas Partners, L.P. will post $1.03 earnings per share for the current fiscal year.
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 operating segment.
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