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.
Wed, Sep. 28, 7:07 AM
Tue, Sep. 27, 5:30 PM
Thu, Sep. 15, 2:27 PM
- Ferrellgas Partners (FGP -4.6%) is downgraded to Underperform from Sector Perform with a $13 price target, cut from $17, at RBC Capital, which believes that recent updates on major midstream contracts skew negative, making its previous downside case for lowering annual EBITDA by ~$60M more likely.
- RBC says it is reducing its rating as it expect FGP to be under pressure until more clarity is forthcoming on the company's strategic midstream direction.
Tue, Sep. 13, 2:57 PM
- Ferrellgas Partners (FGP -4.9%) is downgraded to Sell from Neutral with a $14 price target, cut from $15.50, at Citigroup, which says the company's high leverage and low coverage leaves little room to maneuver, which may force a distribution cut.
- Citi says FGP has spent more than $1B on its midstream diversification strategy over the past two years, and water disposal and crude logistics assets acquired were expected to generate ~$125M in EBITDA but now seem to be on track to generating only ~$55M or less.
- FGP could turn towards an equity issuance to relieve pressure on its balance sheet, but the firm notes that the additional units would take coverage below 1.0x.
Fri, Aug. 26, 3:51 PM
Fri, Jun. 10, 1:13 PM
- Ferrellgas Partners (FGP -4.2%) is downgraded to Sell from Neutral with a $15 price target, cut from $17, at UBS, citing uncertainty around its contract to supply Monroe's Trainer refinery and the associated risk over the outcome of negotiations, combined with its view of overall margin compression in retail propane.
- UBS also downgrades AmeriGas Partners (APU -4.7%) to Sell while keeping a $39 price target on the shares, saying the shares look relatively expensive at current levels and that its yield is lower than competitors.
- The firm downgrades Suburban Propane (SPH -5%) to Neutral from Buy with a $35 price target.
Wed, Jun. 8, 7:07 AM
Tue, May 24, 1:17 PM
Thu, Mar. 10, 11:24 AM
- Ferrellgas Partners (FGP -2.6%) is sharply lower after reporting weaker than expected Q4 earnings and revenues, and cutting its forecast for the year, citing warmer-than-normal weather and sustained low energy prices.
- FGP says it now sees FY 2016 adjusted EBITDA of $360M-$375M, down from prior guidance of $400M-$420M; based on the midpoint of its EBITDA estimates, FGP expects its distributable cash flow coverage ratio to increase to above 1.0x by year-end.
- FGP also says it will consider growth and buying opportunities that could mitigate the warm weather and capitalize on low crude oil prices.
Thu, Mar. 10, 7:04 AM
- Ferrellgas Partners (NYSE:FGP): Q4 EPS of $0.58 misses by $0.29.
- Revenue of $649.24M (-2.5% Y/Y) misses by $192.67M.
Wed, Mar. 9, 5:30 PM
Fri, Feb. 26, 6:27 AM
- Ferrellgas Partners (NYSE:FGP) declares $0.5125/share quarterly dividend, in line with previous.
- Forward yield 11.15%
- Payable March 16; for shareholders of record March 9; ex-div March 7.