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Ferrellgas a Hold-Rated MLP
Ferrellgas Partners LP (FGP - Analyst Report) reported fiscal first-quarter loss of $0.23 per unit, which was a 65% improvement over the comparable quarter and better than the Street's estimate of a loss of $0.33 per unit. Gross margin and adjusted EBITDA also improved on stronger pricing, propane sales volumes and cost efficiencies.
Although management raised adjusted EBITDA guidance by $10 million to $255 million on strong first-quarter performance, we reiterate our Hold recommendation and target price as we prefer other master limited partnerships (MLPs) with more attractive growth profiles and balance sheets.
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| Market Summary | Nov 26, 2009 12:07 pm ET |
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