Ferrellgas Partners L.PNYSE
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- Bel Fuse (BELFA -1.1%)
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- New 52-week lows on any volume:
- Ferreligas Partners (FGP -6.9%)
- iKang Healthcare (KANG -9.6%)
- Novadaq Technologies (NVDQ -5%)
- PDL BioPharma (PDLI -3.5%)
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Wed, Nov. 23, 9:16 AM| Wed, Nov. 23, 9:16 AM | 3 Comments
Tue, Nov. 22, 5:38 PM
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Wed, Nov. 2, 11:56 AM
- Ferrellgas Partners (FGP -1.1%) is lower despite earning an upgrade to Neutral from Sell with an $8 price target at Citigroup, as any dip in the stock on winter weather expectations should be temporary and the units will "find a floor that incorporates the base value of the propane business."
- FGP warned investors in September of a possible reduction in its annual cash distribution to $1/unit from $2.05, but Citi analyst Faisel Khan thinks such a reduction would not be sufficient in de-levering the partnership fast enough; he says the distribution should be cut to $0.60 plus a small equity issuance to de-lever to sub-covenant levels by mid-2018.
- But Khan says much of the risk surrounding FGP's cash flows and distributions are reflected in the stock, and sufficient value remains in the company's propane business to justify an $8 price target even with a deeper distribution cut.
Thu, Oct. 6, 2:04 PM
Tue, Oct. 4, 12:50 PM
Mon, Oct. 3, 2:19 PM
Wed, Sep. 28, 2:02 PM
Wed, Sep. 28, 12:48 PM
Wed, Sep. 28, 9:21 AM
Wed, Sep. 28, 7:48 AM
- Ferrellgas Partners (NYSE:FGP) names founder and Chairman James Ferrell as interim President & CEO, succeeding Stephen Wambold, who has stepped down; the company offers no explanation.
- From FGP's FQ4 earnings report: "Unusually warm winters over the past two years drove down propane sales across all our geographies, and low crude oil prices have negatively impacted our midstream logistics business."
- FGP says that while the FQ1 2017 distribution has not yet been determined, the board believes it is possible that the annual distribution rate may be reduced to ~$1/unit from $2.05.
- FGP also says it has obtained an amendment raising the maximum leverage ratio to 5.9x-6.05x over the next six quarters, after the increase in debt taken on to fund the Bridger acquisition, a recent settlement with Jamex and the impact of warm weather had combined to raise its leverage ratio to near the 5.5x limit on some of its borrowing.