Ferrellgas Partners, L.P. (FGP) Bond Prices Fall 2%
An issue of Ferrellgas Partners, L.P. (NYSE:FGP) debt fell 2% against its face value during trading on Monday. The high-yield issue of debt has a 6.5% coupon and is set to mature on May 1, 2021. The debt is now trading at $92.00 and was trading at $91.75 last week. Price moves in a company’s debt in credit markets often anticipate parallel moves in its stock price.
A number of research firms have commented on FGP. RBC Capital Markets downgraded shares of Ferrellgas Partners, L.P. from a “sector perform” rating to an “underperform” rating and decreased their price objective for the stock from $17.00 to $13.00 in a report on Thursday, September 15th. Zacks Investment Research downgraded shares of Ferrellgas Partners, L.P. from a “hold” rating to a “strong sell” rating in a report on Monday, June 13th. Citigroup Inc. decreased their price objective on shares of Ferrellgas Partners, L.P. from $14.00 to $11.00 and set a “sell” rating for the company in a report on Thursday, September 29th. Simmons reiterated a “neutral” rating and issued a $20.00 target price on shares of Ferrellgas Partners, L.P. in a research note on Monday, August 22nd. Finally, Piper Jaffray Cos. assumed coverage on Ferrellgas Partners, L.P. in a research note on Monday, August 22nd. They issued a “neutral” rating on the stock. Eight investment analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. The stock has an average rating of “Sell” and a consensus target price of $16.00.
Shares of Ferrellgas Partners, L.P. (NYSE:FGP) opened at 10.61 on Tuesday. The company’s market capitalization is $1.03 billion. The company’s 50 day moving average is $16.67 and its 200-day moving average is $18.19. Ferrellgas Partners, L.P. has a 52 week low of $9.12 and a 52 week high of $21.00.
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Ferrellgas Partners, L.P. (NYSE:FGP) last issued its quarterly earnings results on Wednesday, September 28th. The company reported ($6.68) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by $6.26. The firm earned $409.50 million during the quarter, compared to the consensus estimate of $461.99 million. During the same period in the previous year, the business posted ($0.64) EPS. The firm’s revenue was up 7.1% on a year-over-year basis. On average, analysts expect that Ferrellgas Partners, L.P. will post $0.26 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 14th. Stockholders of record on Wednesday, September 7th were issued a dividend of $0.5125 per share. The ex-dividend date of this dividend was Friday, September 2nd. This represents a $2.05 dividend on an annualized basis and a dividend yield of 19.32%.
In other Ferrellgas Partners, L.P. news, Director Stephen M. Clifford purchased 4,000 shares of the business’s stock in a transaction dated Thursday, October 6th. The stock was bought at an average cost of $10.84 per share, for a total transaction of $43,360.00. Following the completion of the acquisition, the director now directly owns 7,000 shares in the company, valued at $75,880. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director David L. Starling purchased 10,300 shares of the business’s stock in a transaction dated Tuesday, October 4th. The shares were acquired at an average price of $9.50 per share, with a total value of $97,850.00. Following the completion of the acquisition, the director now owns 8,640 shares of the company’s stock, valued at $82,080. The disclosure for this purchase can be found here.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Ameriprise Financial Inc. raised its position in shares of Ferrellgas Partners, L.P. by 11.4% in the second quarter. Ameriprise Financial Inc. now owns 23,564 shares of the company’s stock worth $435,000 after buying an additional 2,418 shares during the period. BB&T Securities LLC purchased a new stake in Ferrellgas Partners, L.P. during the second quarter worth about $1,959,000. Commonwealth Equity Services Inc boosted its stake in Ferrellgas Partners, L.P. by 9.2% in the second quarter. Commonwealth Equity Services Inc now owns 55,499 shares of the company’s stock worth $1,026,000 after buying an additional 4,687 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its stake in Ferrellgas Partners, L.P. by 6.1% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 85,617 shares of the company’s stock worth $1,582,000 after buying an additional 4,885 shares in the last quarter. Finally, California Public Employees Retirement System boosted its stake in Ferrellgas Partners, L.P. by 20.2% in the second quarter. California Public Employees Retirement System now owns 354,900 shares of the company’s stock worth $6,559,000 after buying an additional 59,600 shares in the last quarter.
Ferrellgas Partners, L.P. Company Profile
Ferrellgas Partners, L.P. is engaged in the retail distribution of propane and related equipment sales, and midstream operations, which include crude oil logistics segment and water solutions segment. The Company’s two direct subsidiaries include Ferrellgas Partners Finance Corp. and the operating partnership.
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