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Ferrellgas Partners LP Message Board

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  • tennvol_30736 tennvol_30736 Dec 28, 2004 12:41 PM Flag


    12/1/04, cash flow is currently crimped but long term fundamentals are good. Cash flow 1.15, rated underweight, price target $24. Lehman Bros 12/1/04.

    Can't say the report is consistent or makes sense but for the yield, I think FGP is a good buy.

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    • Hmmm, when you say cash flow 1.15, I assume you mean distributable cash flow coverage is 1.15x the actual combined LP and GP payout. I assume you were just pasting quickly, but that is alot to read into "cash flow 1.15".

      Anyways, I remember several guys telling me that they thought the Blue Rhino acquisition was a pretty good deal for them(I'm a customer) so I'm doing my part to help them!! I tend to not follow the propane MLP's, with the exception of NRGY, but rather follow most of the midstream pipeline MLP's. I like to dabble in the propanes when something gets out of whack...the Star Gas issue isn't over. That stock is being held up by alot of know-nothings and come-latelys, many of which think they are buying a "dividend" paying stock. Its almost funny, SGU management is horrible, they sold off the gravy train(propane) and kept the headache and yet many on the board think that the distribution is just going to be restored in a couple of Q' presto chango, all is fixed!!! It as been very tempting to stay away from it because under good management, given the scale they have, and given access to cheap capital, they could really have a profitable(if not decaying) business. But as long as Sevin is at the helm, I expect, litigation, failed acquisitions and excuses.

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