Ferrellgas Partners LP

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  • Overview: How Suburban measures up among its competitors
    Energy & Utilities

    Overview: How Suburban measures up among its competitors

    Over the past 12 months the group has had mixed results.

    By Keisha Bandz
  • Must-know: How does AmeriGas stack up against its competition?
    Energy & Utilities

    Must-know: How does AmeriGas stack up against its competition?

    APU competes with Suburban Propane (SPH) and Ferrellgas Partners (FGP). APU is the country’s largest retail propane marketer, serving 2 million customers in all 50 states.

    By Keisha Bandz
  • uploads///analyst recommendations
    Earnings Report

    Three Analysts Upgraded Ferrellgas Partners in December 2016

    On December 8, RBC Capital upgraded Ferrellgas Partners from “underperform” to “sector perform.” Piper Jaffray upgraded FGP from “underweight” to “neutral.”

    By Rekha Khandelwal, CFA
  • uploads///Q Vs Q
    Energy & Utilities

    Must-know: Suburban Propane’s 1Q14 earnings

    SPH noted that weather during this period in its service territories was normal and 9% colder than the prior year.

    By Keisha Bandz
  • uploads///
    Energy & Utilities

    Why this week’s winter storms could help propane companies

    Propane names such as AmeriGas and Suburban Propane could be helped by this week’s winter storms.

    By Ingrid Pan
  • uploads///
    Energy & Utilities

    Winter’s cold end supports propane demand and stocks like AmeriGas

    Last week saw slightly colder-than-normal weather, a positive for propane companies such as AmeriGas Partners (APU), Ferrellgas Partners (FGP), and Suburban Propane Partners (SPH).

    By Keisha Bandz
  • uploads///propane inventories
    Macroeconomic Analysis

    US Propane Inventories Up, Residential Prices Down versus 2014

    In the week ended October 9, 2015, US propane inventories rose by 1.8 MMbbls (million barrels) to 102.2 MMbbls.

    By Keisha Bandz
  • uploads///propane sales fell
    Earnings Report

    Ferrellgas Partners’s Bridger Acquisition: What Went Wrong?

    Ferrellgas Partners has terminated a ten-year transportation and logistics agreement with Jamex Marketing.

    By Rekha Khandelwal, CFA
  • uploads///
    Energy & Utilities

    Why continuous cold winter helps propane distributors like FGP

    Propane distributors like FGP will benefit from the season’s cold weather so far.

    By Ingrid Pan
  • uploads///propane stocks
    Macroeconomic Analysis

    US Propane Inventories Rose in Week Ending August 28

    Propane production is outstripping demand by a considerable margin. This explains the steady build in propane inventories.

    By Keisha Bandz
  • uploads///Loss
    Energy & Utilities

    Last Week’s Worst MLP Performers

    Summit Midstream Partners (SMLP), a midstream MLP mainly involved in natural gas gathering, processing, and compression, was the worst MLP performer last week.

    By Kurt Gallon
  • uploads///propane
    Macroeconomic Analysis

    Propane Inventories off the Chart: Prices Fell ~8% Last Week

    In the week ended August 21, US propane inventories rose by 1.9 MMbbls (million barrels) to 95.7 MMbbls.

    By Keisha Bandz
  • uploads///analyst recom
    Earnings Report

    Wall Street Analysts Aren’t So Bullish on Ferrellgas Partners

    Ferrellgas Partners (FGP) stock has fallen 38% over the last year.

    By Rekha Khandelwal, CFA
  • uploads///propane
    Macroeconomic Analysis

    US Propane Inventories Slow in Some Regions, Weekly Prices Up

    In the week ended September 11, US propane inventories rose 1.1 MMbbls to 97.7 MMbbls. These levels are 20.3 MMbbls greater, or 26.2% higher, than they were in the corresponding period last year.

    By Keisha Bandz
  • uploads///
    Energy & Utilities

    Must-know: Why higher propane prices could hurt some MLPs

    Propane prices increased last week, which could cut into the sales volumes of distributors such as AmeriGas and Ferrellgas.

    By Ingrid Pan
  • uploads///propane
    Macroeconomic Analysis

    US Propane Inventories and Prices Rise in Week Ended September 4

    In the week ended September 4, US propane inventories rose 0.2 MMbbls to 96.6 MMbbls. These levels are 20.5 MMbbls greater, or 27% higher, than they were in the corresponding period last year.

    By Keisha Bandz
  • uploads///distribution yields
    Company & Industry Overviews

    Factors behind the Propane MLPs’ High Yields

    Suburban Propane Partners (SPH) is currently trading at a distribution yield of 14.7%.

    By Rekha Khandelwal, CFA
  • uploads///
    Energy & Utilities

    Higher oil prices are a potential double whammy for propane sales

    Propane distributors such as Amerigas Partners (APU), Ferrellgas (FGP), and Suburban Propane (SPH) sell propane and related equipment to a variety of end markets. Find out what trends could hurt propane names this winter.

    By Ingrid Pan
  • uploads///ferrellgas partners adjusted ebitda
    Earnings Report

    Ferrellgas Partners’ Propane Sales Volumes Rose 7% in Fiscal 2Q17

    Ferrellgas Partners’ adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) fell to $105 million compared to $138.3 million in the corresponding quarter last year.

    By Rekha Khandelwal, CFA
  • uploads///propane stocks
    Macroeconomic Analysis

    Propane Stocks Continued Skyward in Week Ended August 14

    US propane production fell from 1.651 MMbpd (million barrels per day) in the week ended August 7 to ~1.620 MMbpd in the week ended August 14.

    By Keisha Bandz
  • uploads///propane inv
    Macroeconomic Analysis

    US Propane Inventories Rise along with Weekly Prices

    In the week ended October 30, 2015, US propane inventories rose by 0.8 MMbbls to 102.4 MMbbls. This is 27.8% greater than in the corresponding period last year.

    By Keisha Bandz
  • uploads///
    Energy & Utilities

    Why this winter has been positive for propane distributor MLPs

    Cold winter weather is one of the major drivers of propane distributors’ earnings, as the fuel is used for home heating in many areas in the U.S.

    By Ingrid Pan
  • uploads///Gains
    Energy & Utilities

    MLP Winners Last Week

    Ferrellgas Partners (FGP), the MLP involved mainly in wholesale and retail propane distribution, was the top MLP gainer last week.

    By Kurt Gallon
  • uploads///
    Energy & Utilities

    Must-know: Correlation between weather and propane demand

    Heating degree days measure the difference between the outside temperature and room temperature to help calculate the demand for energy needed to heat a given area.

    By Keisha Bandz
  • uploads///propane prices
    Energy & Utilities

    Energy outlook: Weather forecasts also affect propane prices

    Propane is a natural gas liquid (or NGLs). NGLs are hydrocarbons—in the same family of molecules as natural gas and crude oil. Other NGLs include Ethane, butane, and pentane.

    By Keisha Bandz
  • uploads///SPHs Organizational Structure
    Energy & Utilities

    Overview: Suburban Propane Partners

    Suburban Energy Finance Corp., is a 100%-owned finance subsidiaries of Suburban Propane Partners.

    By Keisha Bandz
  • uploads///FY  Revenues Vs FY Revenues
    Energy & Utilities

    Must-know: Suburban Propane Partners’ company trends

    Prior to the Inergy deal, SPH had an average earnings before interest, taxes, depreciation, and amortization (or EBITDA) in the range of $185 million.

    By Keisha Bandz
  • uploads///
    Energy & Utilities

    AmeriGas Partners and Suburban Propane fiscal 1Q14 earnings analysis

    Recently, AmeriGas Partners (APU) and Suburban Propane (SPH) reported results for October, November, and December of 2013.

    By Ingrid Pan
  • uploads///
    Energy & Utilities

    Why winter weather could affect some MLP names in your portfolio

    Propane distributors benefit from cold weather, which spurs increased propane demand for home heating.

    By Ingrid Pan
  • uploads///top institutional investors
    Company & Industry Overviews

    Gauging Institutional Investors’ Interest in Propane Companies

    OppenheimerFunds, Energy Income Partners, and City National Rochdale hold 4.1%, 3.4%, and 1.6%, respectively, of AmeriGas Partners’ outstanding shares.

    By Rekha Khandelwal, CFA
  • uploads///Loss
    Energy & Utilities

    Last Week’s Biggest MLP Losses

    MLPs with heavy exposure to Interstate Pipelines lost the most last week. TC PipeLines (TCP) recorded the highest losses.

    By Kurt Gallon
  • uploads///top institutional investors
    Earnings Report

    Recent Institutional Investor Activity in Ferrellgas Partners

    Ferrell Companies, Inc. holds 23.4% of Ferrellgas Partners’ (FGP) outstanding shares. James E. Ferrell owns 4.9% of FGP’s outstanding shares.

    By Rekha Khandelwal, CFA
  • uploads///featured image
    Earnings Report

    Ferrellgas Partners’ Earnings Rose 15% in Fiscal 2Q18

    On March 8, 2018, Ferrellgas Partners (FGP) reported its fiscal 2Q18 results. The quarter ended on January 31, 2018.

    By Rekha Khandelwal, CFA
  • uploads///Loss
    Basic Materials

    Top MLP Losers in the Week Ending January 12

    Ferrellgas Partners (FGP) was the top MLP loser in the week ending January 12, 2017. The partnership ended the week 11.5% lower.

    By Kurt Gallon
  • uploads///Loss
    Basic Materials

    Blueknight Energy Partners: Top MLP Loser Last Week

    Blueknight Energy Partners (BKEP) was the top MLP loser last week—it fell 6.8%. The partnership has lost 30.7% since the beginning of the year.

    By Kurt Gallon
  • uploads///Loss
    Energy & Utilities

    Top MLP Losers in the Week Ending November 24

    Southcross Energy Partners (SXE) was the top MLP loser in the week ending November 24. It fell 7.1% during the week. It has lost 11.6% in November.

    By Kurt Gallon
  • uploads///Loss
    Energy & Utilities

    Last Week’s Biggest MLP Losers

    Sanchez Production Partners (SNMP), the midstream MLP involved mainly in natural gas gathering, compression, and processing, was the biggest MLP loser last week.

    By Kurt Gallon
  • uploads///Loss
    Basic Materials

    Top MLP Losers during the Week Ended September 29

    CONE Midstream Partners (CNNX) fell 8.7% during the week and has fallen 32.7% since the beginning of 2017.

    By Kurt Gallon
  • uploads///Loss
    Energy & Utilities

    Top MLP Losers in the Week Ending September 22

    Ferrellgas Partners (FGP), which is involved in propane logistics and distribution, was the top MLP loser in the week ending September 22.

    By Kurt Gallon
  • uploads///sphs quarterly dist performance
    Company & Industry Overviews

    Can Suburban Propane Partners Grow in the Long Term?

    Suburban Propane Partners (SPH) distributes propane, fuel oil, and refined fuels.

    By Rekha Khandelwal, CFA
  • uploads///Gains
    Basic Materials

    These MLPs Rose More than 6% Last Week

    NGL Energy Partners (NGL) was the top MLP gainer last week. NGL rose 17.2% during the week due to the rally in crude oil prices.

    By Kurt Gallon
  • uploads///analysts ratings
    Energy & Utilities

    How Wall Street Analysts View Propane MLPs

    Of the analysts surveyed by Reuters, 10% rated AmeriGas Partners (APU) a “buy,” 50% rated it a “hold,” and 40% rated it a “sell.”

    By Rekha Khandelwal, CFA
  • uploads///top  institutional investors
    Company & Industry Overviews

    SGU, SPH, FGP: Are Institutional Investors Bullish?

    The top ten institutional investors in Star Gas Partners (SGU) own nearly 38.9% of its outstanding shares.

    By Rekha Khandelwal, CFA
  • uploads///short interest
    Company & Industry Overviews

    Short Interest in AmeriGas Partners Fell Recently

    The total number of Star Gas Partners shares shorted was 27,797 on August 15, 2017—30% higher than the 21,342 million shorted shares on July 31, 2017.

    By Rekha Khandelwal, CFA
  • uploads///forward ev to ebitda
    Company & Industry Overviews

    APU, FGP, and SPH: What Do the Current Valuations Indicate?

    The forward EV-to-EBITDA ratios for AmeriGas Partners (APU), Suburban Propane Partners (SPH), Ferrellgas Partners (FGP), and Star Gas Partners (SGU) are 10.4x, 9.4x, 8.3x, and 5.5x, respectively.

    By Rekha Khandelwal, CFA
  • uploads///growth capital exp
    Company & Industry Overviews

    FGP, SPH, APU, and SGU: Analyzing Capex Trends

    Ferrellgas Partners’ (FGP) capex for the nine months ended April 30, 2017, fell 70% compared to the same period in 2016.

    By Rekha Khandelwal, CFA
  • uploads///net debt to ebitda ratios
    Company & Industry Overviews

    Ferrellgas Partners’ Leverage: A Key Concern

    Ferrellgas Partners’ (FGP) capex for the nine months ended April 30, 2017, fell 70% compared to the same period in 2016.

    By Rekha Khandelwal, CFA
  • uploads///adjusted ebitda growth
    Company & Industry Overviews

    FGP, SPH, APU: Factors Impacting the Performance of Propane MLPs

    Ferrellgas Partners’ (FGP) EBITDA fell 29% in the quarter ended April 30, 2017.

    By Rekha Khandelwal, CFA
  • uploads///noaa   winter forecast
    Company & Industry Overviews

    APU, FGP, SPH: Will This Year’s Winter Support Propane MLPs?

    According to forecasts by NOAA, the upcoming 2017–2018 winter is expected to be colder than last year’s mild winter.

    By Rekha Khandelwal, CFA
  • uploads///sgu outperformed peers in
    Company & Industry Overviews

    Ferrellgas Partners Underperformed Its Peers Year-to-Date

    Of the four propane distribution MLPs—AmeriGas Partners (APU), Ferrellgas Partners (FGP), Star Gas Partners (SGU), and Suburban Propane Partners (SPH)—only Star Gas Partners stock is in the green so far in 2017.

    By Rekha Khandelwal, CFA
  • uploads///analyst recom
    Miscellaneous

    Wall Street Analysts Don’t See an Upside for Ferrellgas Partners

    Of the analysts surveyed by Reuters, 57% rated Ferrellgas Partners (FGP) a “sell,” 29% rated it a “hold,” and 14% rated it a “buy.”

    By Rekha Khandelwal, CFA
  • uploads///stocks of propane mlps under pressure
    Earnings Report

    Are Efforts to Bring Ferrellgas Partners Back on Track Working?

    Ferrellgas Partners’ (FGP) performance has been under severe pressure in the last few quarters.

    By Rekha Khandelwal, CFA
  • uploads///stock performance
    Earnings Report

    Ferrellgas Partners’ Fiscal 1Q17 Results: Debt Reduction Is a Priority

    At the end of its latest fiscal quarter, Ferrellgas Partners’ (FGP) leverage ratio was 5.81x—higher than the ~4.5x that MLPs usually target.

    By Rekha Khandelwal, CFA
  • uploads///ferrellgas partners adjusted ebitda
    Earnings Report

    Jamex Settlement Hurts Ferrellgas Partners’ Fiscal 1Q17 Results

    For its latest fiscal quarter, Ferrellgas Partners reported adjusted EBITDA of $29 million, as compared to $48.9 million one year ago.

    By Rekha Khandelwal, CFA
  • uploads///stock performance
    Earnings Report

    Star Gas Partners Stock Has Risen 33% in 2016: What’s Next?

    Star Gas Partners (SGU) stock has risen 33% in 2016. In comparison, Suburban Propane Partners (SPH) and AmeriGas Partners (APU) have risen 23% and 30%, respectively.

    By Rekha Khandelwal, CFA
  • uploads///broker recommendations
    Earnings Report

    88% of Analysts Recommend Ferrellgas Partners as a “Sell”

    Of the analysts surveyed by Bloomberg after Ferrellgas Partners’s fiscal 4Q16 results, 88% recommended a “sell” and the remaining 12% recommended a “hold.” None of the surveyed analysts rated FGP as a “buy.”

    By Rekha Khandelwal, CFA
  • uploads///analysts ratings
    Company & Industry Overviews

    What Do the Analyst Ratings for APU, FGP, SPH, and SGU Tell Us?

    Ferrellgas Partners (FGP) has a “hold” rating from 67% of the analysts and a “sell” rating from the remaining 33%. None surveyed rated FGP a “buy.”

    By Rekha Khandelwal, CFA
  • uploads///distribution yields
    Company & Industry Overviews

    A Closer Look at Propane MLP Yields

    Suburban Propane currently trades at a distribution yield of 11.1%. This compares to 8.6%, 10.5%, and 4.5% for APU, FGP, and SGU, respectively.

    By Rekha Khandelwal, CFA
  • uploads///adjusted ebitda growth
    Company & Industry Overviews

    How Milder Winter Impacted Fiscal 2Q16 Results for APU, SPH, and SGU

    AmeriGas Partners (APU) and Star Gas Partners (SGU) reported a 14% and 31% YoY drop, respectively, in their EBITDAs in the quarter ended March 31, 2016.

    By Rekha Khandelwal, CFA
  • uploads///milder winter kept propane prices low
    Company & Industry Overviews

    What Factors Impact US Propane Demand Most?

    Above-normal temperatures in the United States in the 2015–2016 winter season lowered heating demand. This resulted in a 16% lower propane demand.

    By Rekha Khandelwal, CFA
  • uploads///ytd returns for propane mlps
    Company & Industry Overviews

    How Have Suburban Propane Partners Stood up to Peers in 2016?

    Suburban Propane Partners’ YTD returns have exceeded those of peers APU, FGP, and SGU. The Alerian MLP Index (AMZ) has generated total returns of 6% YTD.

    By Rekha Khandelwal, CFA
  • uploads///U
    Macroeconomic Analysis

    NOOA Forecasts Mild Weather, but Will Propane Demand Slide Further?

    US residential propane demand was at 1.03 MMbpd for the week ending January 15. Propane demand was 0.39 MMbpd less than the prior week’s demand.

    By Manu Milan
  • uploads///U
    Macroeconomic Analysis

    A Surge in Propane Demand: Will the Trend Continue?

    The rise in propane demand pushed the price of propane up $0.01 per gallon. Since propane is used for heat in some US households, propane demand generally rises in mid-winter months.

    By Manu Milan
  • uploads///U
    Macroeconomic Analysis

    Propane Inventories Decreased, Propane Production Rose

    In its weekly petroleum status report released on January 13, 2016, the EIA stated that US propane inventories decreased by 4.5 MMbbls to 91.9 MMbbls for the week ended January 8, 2016.

    By Manu Milan
  • uploads///U
    Macroeconomic Analysis

    Propane Demand and Cold Forecasts Pushed Propane Prices

    The EIA’s weekly propane and heating oil update reported that US residential propane demand is 1.3 MMbpd (million barrels per day) for the week ended January 1.

    By Manu Milan
  • uploads///U
    Macroeconomic Analysis

    Propane Inventories and Production Moved in Opposite Directions

    As of the week ended December 11, propane inventories were at 98.9 MMbbls. These levels were 26.2% more than they were in the corresponding period last year.

    By Manu Milan
  • uploads///U
    Macroeconomic Analysis

    Propane Prices Rose a Bit despite Strong Inventory Builds

    US residential propane prices averaged $1.98 per gallon for the week ended December 14, or $0.02 per gallon higher than the prices on December 7, 2015.

    By Manu Milan
  • uploads///EV to EBITDA ratios
    Macroeconomic Analysis

    Ferrellgas Partners Trades at a High EV-EBITDA Multiple

    The EV-EBITDA ratios for Ferrellgas Partners (FGP), AmeriGas Partners (APU), Suburban Propane Partners (SPH), and Star Gas Partners (AGU) are 16.1x, 10.5x, 8.8x, and 3.2x, respectively.

    By Rekha Khandelwal, CFA
  • uploads///heating fuel market shares vary across US regions
    Macroeconomic Analysis

    Propane: What’s Impacting Demand in the United States?

    Propane demand for home heating purpose is directly affected by the severity of the winter. In any given region, colder-than-normal temperatures in the winter season tend to result in greater usage.

    By Rekha Khandelwal, CFA
  • uploads///propane stock
    Macroeconomic Analysis

    Key update on propane inventories – prices are lower and steadier

    In the week ending February 13, US propane inventories decreased by 3.5 MMbbls to 61.5 MMbbls. They were ~130% than the same period last year.

    By Keisha Bandz
  • Energy & Utilities

    Why AmeriGas beat estimates but maintained guidance in 1Q14

    APU reported 1Q14 adjusted EBITDA for the three months ended December 31, 2013, as $230 million, compared to consensus EBITDA of $202 million and compared to $193 million for the same period last year.

    By Keisha Bandz
  • uploads///YMLP
    Energy & Utilities

    How closely does YMLP track the Solactive High Income MLP Index?

    The Yorkville High Income MLP (YMLP) ETF is an exchange-traded fund that tracks an index called the Solactive High Income MLP Index.

    By Alex Chamberlin
  • uploads///
    Energy & Utilities

    Why higher propane prices this winter could hurt some MLP names

    Last week, propane prices (as priced at Mont Belvieu) increased 9%. Higher propane prices this winter could negatively affect propane companies’ earnings.

    By Ingrid Pan
  • uploads///
    Energy & Utilities

    Why higher borrowing costs could deter propane name acquisitions

    Propane distributors such as Amerigas Partners (APU), Ferrellgas (FGP), and Suburban Propane (SPH) sell propane and related equipment to a variety of end markets. Find out what trends could hurt propane names this winter.

    By Ingrid Pan
  • uploads///
    Energy & Utilities

    Why a warm winter could sap propane demand

    Propane distributors such as Amerigas Partners (APU), Ferrellgas (FGP), and Suburban Propane (SPH) sell propane and related equipment to a variety of end markets.

    By Ingrid Pan
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