Simmons Starts Ferrellgas Partners LP (FGP) at Neutral
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Simmons, a unit of Piper Jaffray, initiates coverage on Ferrellgas Partners LP (NYSE: FGP) with a Neutral rating and a price target of $20.00.
Analyst Brian Gamble commented, "We are initiating coverage of Ferrellgas Partners (FGP) with a Neutral rating and a $20/unit price target (0% upside potential). FGP is an MLP engaged in both the propane distribution and crude oil logistics business. Although we applaud FGP’s efforts in transforming the company into a more stable and diversified entity, uncertain, financially impactful items give us pause in the near term and are the basis of our Neutral rating. More specifically: 1) The wide range of outcomes associated with the Jamex/Monroe situation, a solution for which is necessary to ensure future EBITDA creation potential, 2) Execution risk associated with A&D to augment the midstream business, and 3) Higher leverage metrics relative to peers. Our Neutral stance would be easiest to revisit if midstream operational uncertainty were remedied and thus we wait to reanalyze the company’s position and potential until after the conclusion of at least the Jamex issue."
Shares of Ferrellgas Partners LP closed at $20.41 yesterday.
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Related EntitiesPiper Jaffray, Crude Oil
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