UBS maintained a Neutral rating on Ferrellgas Partners LP (NYSE: FGP), and cut the price target to $21.00 (from $23.00), following the company's 4Q15 earnings results. FGP reported adjusted EBITDA of $32.6MM, below consensus estimate of $33.0MM.

Analyst Robert Balsamo commented, "This AM, FGP provided FY16 Adj. EBITDA guidance in the range of $400-$420MM (midpoint plus ~$110MM YoY). We expect FGP's recently acquired Bridger assets to help propel FY16 earnings as they are backed by customer contracts. Management noted that it remains committed to its diversification strategy and that the midstream and propane M&A pipeline remains robust, for both tuck-in opportunities and larger acquisitions. It guided to a 2018 target EBITDA goal of a 50/50 mix of propane and midstream as previous 2017 goal of 70/30 has already been achieved."

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Shares of Ferrellgas Partners LP closed at $19.54 yesterday.