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Ferrellgas Partners LP Message Board

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  • roderickb99 roderickb99 Mar 12, 2006 5:49 PM Flag


    03/10/2006- 3:37pm S&P MAINTAINS SELL RECOMMENDATION ON SHARES OF FERRELLGAS PARTNERS (FGP 21.59 ) : Jan-Q EPS of $0.85 vs. $0.82 fell short of our estimate of $1.00 on lower-than-expected propane volumes. January is typically the highest propane demand month of the year for FGP. But with temperatures 25% warmer than normal, volumes were off 27%. We think FGP has taken steps toward improved cost control and enhanced price management, and are lowering our FY 06 (July) EPS estimate by only $0.05 to $0.35. Our 12-mo target price remains $18, reflecting a propane-group average enterprise value at 10.9X '06 est EBITDA. We think FGP's dividend is vulnerable, with just 1X coverage. /C.LaPorta

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