Ferrellgas Partners (FGP) Slashes Quarterly Dividend 80.5% to $0.10; 5.5% Yield
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Ferrellgas Partners (NYSE: FGP) declared a quarterly dividend of $0.10 per share, or $0.4 annualized. This is an 80.5% decrease from the prior dividend of $0.5125.
The dividend will be payable on December 15, 2016, to stockholders of record on December 8, 2016, with an ex-dividend date of December 6, 2016.
The annual yield on the dividend is 5.5 percent.
As previously disclosed the Company has experienced headwinds in our midstream business primarily due to the loss of our largest customer as well as general market conditions. We have also experienced a significantly warmer than normal start to the winter propane season. As a result, the Board of Directors believes it is prudent to strengthen our balance sheet by reducing indebtedness and operating expenses.
“We are confident these actions support the long-term interests of our unitholders, employees, and other stakeholders,” said James E. Ferrell, Chairman and interim President and Chief Executive Officer. “There are encouraging signs throughout all business segments. We are focused on organic customer growth and asset utilization in an effort to improve cash flow that will in turn contribute to the improvement of our leverage ratios.”
For a dividend history and other dividend-related data on Ferrellgas Partners (FGP) click here.
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