Ferrellgas Partners, L.P. (NYSE:FGP) posted its quarterly earnings data on Wednesday. The company reported ($6.68) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.42) by $6.26. The company earned $409.50 million during the quarter, compared to analyst estimates of $461.99 million. The business’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.64) EPS.
Shares of Ferrellgas Partners, L.P. (NYSE:FGP) opened at 13.00 on Thursday. Ferrellgas Partners, L.P. has a 52-week low of $12.45 and a 52-week high of $21.22. The stock has a 50 day moving average price of $18.75 and a 200-day moving average price of $18.54. The firm’s market capitalization is $1.27 billion.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 14th. Stockholders of record on Wednesday, September 7th were given a $0.5125 dividend. 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 15.77%.
A number of research firms recently issued reports on FGP. RBC Capital Markets downgraded 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 Ferrellgas Partners, L.P. from a “hold” rating to a “strong sell” rating in a research note on Monday, June 13th. Simmons restated a “neutral” rating and issued a $20.00 price target on shares of Ferrellgas Partners, L.P. in a research note on Monday, August 22nd. Piper Jaffray Cos. began coverage on Ferrellgas Partners, L.P. in a research note on Monday, August 22nd. They issued a “neutral” rating for the company. Finally, Janney Montgomery Scott began coverage on Ferrellgas Partners, L.P. in a research note on Wednesday, August 24th. They issued a “neutral” rating and a $20.00 price target for the company. Seven investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. The company has a consensus rating of “Sell” and an average target price of $17.00.
Several institutional investors have recently added to or reduced their stakes in the stock. UMB Bank N A MO raised its position in 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 valued at $191,000 after buying an additional 300 shares in the last quarter. Alliancebernstein L.P. raised its position in Ferrellgas Partners, L.P. by 2.5% in the second quarter. Alliancebernstein L.P. now owns 11,419 shares of the company’s stock valued at $211,000 after buying an additional 279 shares in the last quarter. Jag Capital Management LLC acquired a new position in Ferrellgas Partners, L.P. during the second quarter valued at about $215,000. Stifel Financial Corp raised its position in Ferrellgas Partners, L.P. by 0.8% in the second quarter. Stifel Financial Corp now owns 12,603 shares of the company’s stock valued at $233,000 after buying an additional 95 shares in the last quarter. Finally, Financial Advisory Service Inc. raised its position in Ferrellgas Partners, L.P. by 2.0% in the second quarter. Financial Advisory Service Inc. now owns 13,841 shares of the company’s stock valued at $256,000 after buying an additional 271 shares in 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 segment and water solutions segment. The Company’s two direct subsidiaries include Ferrellgas Partners Finance Corp. and the operating partnership.
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