Zacks Investment Research upgraded shares of Ferrellgas Partners (NYSE:FGP) from a strong sell rating to a hold rating in a research note published on Monday morning.
According to Zacks, “Ferrellgas Partners’ wide presence in the United States and strategic acquisitions are likely to boost growth of the partnership in the future. Blue Rhino tank exchange sales locations have increased more than 10% from the beginning of the fiscal. However, In the past 12 months, units of Ferrellgas Partners have underperformed the industry. The partnership’s dependency on few vendors for propane can affect supply if vendors fail to meet obligations. Sudden hike in wholesale price of propane, competition with other energy sources like natural gas and fuel oil can hamper the partnership’s propane distribution business.”
Separately, ValuEngine downgraded shares of Ferrellgas Partners from a buy rating to a hold rating in a report on Thursday, November 1st. Two analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. Ferrellgas Partners presently has an average rating of Hold and an average target price of $3.50.
Ferrellgas Partners (NYSE:FGP) last released its quarterly earnings data on Thursday, December 6th. The oil and gas company reported ($0.58) EPS for the quarter, missing the consensus estimate of ($0.46) by ($0.12). As a group, sell-side analysts predict that Ferrellgas Partners will post -0.09 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently made changes to their positions in FGP. Sei Investments Co. boosted its holdings in Ferrellgas Partners by 5,831.6% during the second quarter. Sei Investments Co. now owns 29,658 shares of the oil and gas company’s stock worth $100,000 after buying an additional 29,158 shares in the last quarter. Arrow Investment Advisors LLC purchased a new stake in Ferrellgas Partners during the second quarter worth $516,000. First Republic Investment Management Inc. purchased a new stake in Ferrellgas Partners during the second quarter worth $118,000. California Public Employees Retirement System boosted its holdings in Ferrellgas Partners by 8.8% during the second quarter. California Public Employees Retirement System now owns 232,890 shares of the oil and gas company’s stock worth $783,000 after buying an additional 18,890 shares in the last quarter. Finally, Prescott Group Capital Management L.L.C. boosted its holdings in Ferrellgas Partners by 21.8% during the third quarter. Prescott Group Capital Management L.L.C. now owns 300,665 shares of the oil and gas company’s stock worth $664,000 after buying an additional 53,794 shares in the last quarter. 4.99% of the stock is currently owned by hedge funds and other institutional investors.
About Ferrellgas Partners
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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