Barclays Maintains an 'Underweight' on Ferrellgas Partners (FGP); Earnings Miss Due to Low Margins
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Price: $0.37 --0%
Rating Summary:
0 Buy, 5 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
Rating Summary:
0 Buy, 5 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
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Barclays maintains an 'Underweight' on Ferrellgas Partners LP (NYSE: FGP), PT cut from $25 to $23.
Barclays analyst says, "We are decreasing our price target to reflect a weaker-than-expected quarter. FGP reported disappointing Q3 results as the propane sector continues to operate in a challenging environment as high commodity prices and customer conservation persist. While the Partnership will likely end the year with sub-1x distribution coverage, we expect the distribution to be maintained, as the balance sheet remains adequate. In light of the weak quarter and no near-term catalyst until the next heating season, we are lowering price target $2. Our $23 PT is based on a 12-month distribution run rate of $2.00 and a target yield of 8.75% (previously 8%)."
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 $22.38 yesterday.
Barclays analyst says, "We are decreasing our price target to reflect a weaker-than-expected quarter. FGP reported disappointing Q3 results as the propane sector continues to operate in a challenging environment as high commodity prices and customer conservation persist. While the Partnership will likely end the year with sub-1x distribution coverage, we expect the distribution to be maintained, as the balance sheet remains adequate. In light of the weak quarter and no near-term catalyst until the next heating season, we are lowering price target $2. Our $23 PT is based on a 12-month distribution run rate of $2.00 and a target yield of 8.75% (previously 8%)."
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 $22.38 yesterday.
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