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Ferrellgas a Hold-Rated MLP
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ShareFerrellgas 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.
Read the full analyst report on FGP
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