Barclays Maintains an 'Underweight' on Ferrellgas Partners LP (FGP); Lower Volumes Dampen Q2 Results
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Price: $0.37 --0%
Rating Summary:
0 Buy, 5 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
0 Buy, 5 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Barclays maintains an 'Underweight' on Ferrellgas Partners LP (NYSE: FGP), PT increased by $1 to $25.
Barclays analyst says, "Q2 results below expectations due to lower volumes. In a mixed weather environment, we view propane demand as more sensitive to warmer-than-normal weather and less sensitive to colder-than-normal weather as reflected by sector wide volume declines. Despite FGP's light results, we believe FGP will maintain its current distribution rate of $2.00 per unit going forward. We are slightly raising our price target to reflect modest yield reduction. Our $25 price target is based on a 12 month cash distribution run rate of $2.00 and a target yield of 8% (previously 8.25%)."
For more ratings news on Ferrellgas Partners LP click here and for the rating history of Ferrellgas Partners LP click here.
Shares of Ferrellgas Partners LP closed at $25.20 yesterday.
Barclays analyst says, "Q2 results below expectations due to lower volumes. In a mixed weather environment, we view propane demand as more sensitive to warmer-than-normal weather and less sensitive to colder-than-normal weather as reflected by sector wide volume declines. Despite FGP's light results, we believe FGP will maintain its current distribution rate of $2.00 per unit going forward. We are slightly raising our price target to reflect modest yield reduction. Our $25 price target is based on a 12 month cash distribution run rate of $2.00 and a target yield of 8% (previously 8.25%)."
For more ratings news on Ferrellgas Partners LP click here and for the rating history of Ferrellgas Partners LP click here.
Shares of Ferrellgas Partners LP closed at $25.20 yesterday.
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