Shares of Ferrellgas Partners, L.P. (NYSE:FGP) dropped 5.6% on Friday . The company traded as low as $1.52 and last traded at $1.53. Approximately 653,929 shares changed hands during trading, an increase of 124% from the average daily volume of 292,057 shares. The stock had previously closed at $1.62.
FGP has been the subject of a number of recent analyst reports. Zacks Investment Research raised shares of Ferrellgas Partners from a “sell” rating to a “hold” rating in a report on Tuesday, August 7th. ValuEngine raised shares of Ferrellgas Partners from a “hold” rating to a “buy” rating in a research note on Tuesday, October 9th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $3.50.
The company has a market cap of $148.64 million, a P/E ratio of -3.56 and a beta of 0.64.
A number of large investors have recently modified their holdings of FGP. Wells Fargo & Company MN increased its position in Ferrellgas Partners by 192.0% in the 1st quarter. Wells Fargo & Company MN now owns 47,415 shares of the oil and gas company’s stock valued at $149,000 after acquiring an additional 31,175 shares during the period. First Republic Investment Management Inc. acquired a new position in Ferrellgas Partners in the 2nd quarter valued at approximately $118,000. Arrow Investment Advisors LLC acquired a new position in Ferrellgas Partners in the 2nd quarter valued at approximately $516,000. UBS Group AG increased its position in Ferrellgas Partners by 100.9% in the 1st quarter. UBS Group AG now owns 908,284 shares of the oil and gas company’s stock valued at $2,834,000 after acquiring an additional 456,130 shares during the period. Finally, LPL Financial LLC increased its position in Ferrellgas Partners by 29.5% in the 1st quarter. LPL Financial LLC now owns 91,749 shares of the oil and gas company’s stock valued at $286,000 after acquiring an additional 20,909 shares during the period. 5.35% of the stock is owned by institutional investors and hedge funds.
About Ferrellgas Partners (NYSE:FGP)
Ferrellgas Partners, L.P. distributes and sells propane and related equipment and supplies. The company transports propane to propane distribution locations, tanks on customers' premises, or to portable propane tanks delivered to retailers. It conducts its portable tank exchange operations under the Blue Rhino brand name through a network of independent and partnership-owned distribution outlets.
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