Ferrellgas Partners (NYSE:FGP) has been downgraded from Neutral to Underweight in a report by JP Morgan today.
- Updated: September 28, 2016
JP Morgan has downgraded Ferrellgas Partners (NYSE:FGP) from Neutral to Underweight in a report released on Wednesday September 28, 2016.
Yesterday Ferrellgas Partners (NYSE:FGP) traded -19.06% lower at $13.69. The company’s 50-day moving average is $18.94 and its 200-day moving average is $18.58. The last stock close price is down -28.13% from the 200-day moving average, compared to the S&P 500 which has decreased -0.01% over the same time. 2,599,012 shares of the stock were exchanged, up from an average trading volume of 249,602
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Ferrellgas Partners has a 52 week low of $13.23 and a 52 week high of $21.22 The company’s market cap is currently $0.
In addition to JP Morgan reporting its target price, a total of 6 firms have reported on the stock. The consensus target price is $16.25 with 0 firms rating the stock a strong buy, 0 firms rating the stock a buy, 5 firms rating the stock a hold, 2 firms rating the stock a underperform, and finally 0 firms rating the stock a sell.
About Ferrellgas Partners (NYSE:FGP)
Ferrellgas Partners, L.P. is engaged in the retail distribution of propane and related equipment sales, and midstream operations, which include crude oil logistics segment and water solutions segment. The Company's two direct subsidiaries include Ferrellgas Partners Finance Corp. and the operating partnership. Its assets are its approximate 99% limited partnership interest in the operating partnership and its 100% equity interest in Ferrellgas Partners Finance Corp. Its general partner performs all management functions for the Company and holds a 1% general partner interest in Ferrellgas Partners and has an approximate 1% general partner interest in the operating partnership. It distributes propane and related equipment and supplies to customers in the United States. The Company operates in three segments: propane and related equipment sales, midstream operations – water solutions and midstream operations – crude oil logistics.
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