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Ferrellgas Partners (FGPR)
OTHER OTC:FGPR
US Market

Ferrellgas Partners (FGPR) AI Stock Analysis

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FGPR

Ferrellgas Partners

(OTC:FGPR)

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Neutral 53 (OpenAI - 5.2)
Rating:53Neutral
Price Target:
$19.50
▲(2.63% Upside)
The score is held down primarily by weak financial performance, especially high leverage with negative equity and recent revenue/earnings deterioration. This is partially offset by constructive technical momentum and a mixed-but-improving earnings-call backdrop featuring debt maturity extension and contract wins, while valuation remains challenged due to losses (negative P/E).
Positive Factors
Market & distribution network
Ferrellgas’s extensive logistics and distribution footprint in a fragmented U.S. propane market supports durable competitive advantage: it enables reliable last-mile delivery, scale benefits in procurement and route optimization, and long-term customer retention independent of short-term demand swings.
Extended debt maturities
Extending maturities and enlarging the revolver materially reduces near-term refinancing risk and interest-calendar pressure, giving management time to stabilize operations and convert cash generation into deleveraging or strategic investments, improving long-term solvency prospects.
Positive cash generation
Sustained positive operating and free cash flow provides a durable source to fund maintenance capex, service interest, and pay down debt. Even with volatility, consistent FCF supports liquidity and strategic flexibility versus peers with weaker cash conversion.
Negative Factors
High leverage & negative equity
A stressed capital structure with large absolute debt and negative equity increases refinancing and covenant risk, reduces financial flexibility, and makes the company more vulnerable to demand shocks or cost inflation, limiting durable operational investments and strategic optionality.
Sharp revenue decline
A pronounced multi-period revenue drop and earnings volatility undermine predictability of margins and cash flow. For a distribution-heavy business, sustained volume declines reduce scale economics and make it harder to cover fixed costs, weakening long-term profitability resilience.
Recent EBITDA pressure & net loss
Quarterly EBITDA contraction and a reported net loss signal margin pressure from rising operating and administrative costs. Persistent expense inflation without commensurate volume or price recovery can erode cash flow and slow deleveraging, challenging sustained financial improvement.

Ferrellgas Partners (FGPR) vs. SPDR S&P 500 ETF (SPY)

Ferrellgas Partners Business Overview & Revenue Model

Company DescriptionFerrellgas Partners, L.P. distributes and sells propane and related equipment and supplies. The company transports propane to propane distribution locations, tanks on customers' premises, or to portable propane tanks delivered to retailers. It conducts its portable tank exchange operations under the Blue Rhino brand name through a network of independent and partnership-owned distribution outlets. The company's propane is primarily used for space heating, water heating, cooking, outdoor cooking using gas grills, crop drying, irrigation, weed control, and other propane fueled appliances; as an engine fuel for combustion engine vehicles and forklifts; and as a heating or energy source in manufacturing and drying processes. It serves residential, industrial and commercial, portable tank exchange, agricultural, wholesale, and other customers in the United States, the District of Columbia, and Puerto Rico. As of July 31, 2021, it operated 50 service centers and 800 service units for propane distribution locations. The company is also involved in the sale of refined fuels; provision of common carrier services; and retail sale of propane appliances and related parts and fittings, as well as other retail propane related services and consumer products. Ferrellgas Partners, L.P. was founded in 1939 and is headquartered in Overland Park, Kansas.
How the Company Makes MoneyFerrellgas generates revenue primarily through the sale of propane and related services. Its revenue model is built on several key streams, including retail propane sales, which account for a significant portion of its earnings. The company also earns income from the sale of propane appliances and equipment, as well as service contracts for maintenance and installation. Additionally, Ferrellgas may benefit from strategic partnerships with suppliers and service providers that help enhance its operational efficiency and expand its market reach. Seasonal demand fluctuations, especially during colder months, can significantly impact revenue, making the company's earnings sensitive to weather conditions and energy prices.

Ferrellgas Partners Earnings Call Summary

Earnings Call Date:Dec 12, 2025
(Q1-2026)
|
% Change Since: |
Next Earnings Date:Mar 06, 2026
Earnings Call Sentiment Neutral
The earnings call highlighted strategic financial maneuvers, such as debt refinancing and securing new contracts, which position the company for long-term growth. There were notable operational and community engagement achievements. However, the company faced challenges with decreased adjusted EBITDA, increased expenses, and a net loss for the quarter.
Q1-2026 Updates
Positive Updates
Strengthened Financial Foundation
Retired $650 million of senior notes due in 2026 and replaced them with new notes maturing in 2031, enhancing flexibility and extending debt timeline. Expanded revolving credit facility to support growth.
New and Renewed Contracts
Secured 7 new national contracts and renewed 5 existing ones, representing about 3.5 million gallons, showcasing the company's ability to win and retain large nationwide customers.
Operational and Safety Improvements
Invested in in-cab safety technology and transitioned to a new PERC Education Program, leading to improved safety and a reduction in recordable injuries.
Community Engagement
Expanded partnerships with Operation Warm and Operation Barbecue Relief, providing coats to children and meals to first responders, and celebrated employee achievements with awards and recognition.
Margin Improvement
Margin per gallon increased by 6% in the first fiscal quarter, partially offsetting a revenue decrease.
Negative Updates
Decrease in Adjusted EBITDA
Adjusted EBITDA decreased by $6.5 million or 18% to $29.3 million compared to $35.8 million in the prior year quarter.
Increased Operating and Administrative Expenses
Operating expenses increased by $5.6 million due to higher personnel costs and other expenses, while general and administrative expenses rose by $2.1 million.
Net Loss
The company recognized a net loss attributable to Ferrellgas Partners L.P. of $26.9 million for the quarter.
Company Guidance
During the Ferrellgas Partners L.P. Q1 2026 earnings call, several key metrics and strategic initiatives were discussed, reflecting a strong quarter despite some challenges. The company reported an adjusted EBITDA of $29.3 million, a decrease of $6.5 million or 18% from the prior year, attributed largely to increased operating and administrative expenses. Gross profit remained flat, while margin per gallon improved by 6%. Ferrellgas successfully refinanced $650 million of senior notes due in 2026 with new notes maturing in 2031, bolstering its financial flexibility. Additionally, the company expanded its revolving credit facility, signaling readiness for further growth. Significant strides were made in securing 7 new national contracts and renewing 5 others, collectively accounting for approximately 3.5 million gallons. The company also achieved a 37% increase in tank sets in the temp heat market. Despite a lack of landfall hurricanes affecting volumes, the wholesale team adapted efficiently, maintaining operational effectiveness. Ferrellgas remains focused on safety and community initiatives, including investments in in-cab safety technology and partnerships with organizations like Operation Warm.

Ferrellgas Partners Financial Statement Overview

Summary
Ferrellgas Partners faces significant financial challenges with high leverage, negative profitability margins, and declining cash flow. Despite some revenue growth and operational efficiency, the financial stability is at risk due to high debt levels.
Income Statement
Ferrellgas Partners has shown inconsistent revenue growth with a recent positive trend of 16.4%. However, the company struggles with profitability, evidenced by a negative net profit margin of -0.8% in the latest year. The gross profit margin has also decreased significantly from previous years, indicating potential cost management issues. Despite these challenges, the company maintains a positive EBIT margin, suggesting operational efficiency.
Balance Sheet
The balance sheet reveals significant financial leverage with a high debt-to-equity ratio of -4.47, indicating potential financial risk. The negative stockholders' equity is concerning, although the return on equity has improved to 4.6%, suggesting some profitability on equity. The equity ratio is negative, highlighting the company's reliance on debt financing.
Cash Flow
Cash flow analysis shows a decline in free cash flow growth by 51.7%, which is concerning. The operating cash flow to net income ratio is 0.15, indicating limited cash generation relative to net income. However, the free cash flow to net income ratio of 0.41 suggests some ability to generate cash from operations despite profitability challenges.
BreakdownDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue1.94B1.84B2.03B2.11B1.75B
Gross Profit915.99M983.14M1.01B928.03M859.65M
EBITDA191.49M308.06M329.68M339.83M190.63M
Net Income-15.41M10.22M75.85M48.00M-68.41M
Balance Sheet
Total Assets1.42B1.46B1.53B1.61B1.73B
Cash, Cash Equivalents and Short-Term Investments96.88M113.48M126.22M147.53M270.45M
Total Debt1.51B1.51B1.52B1.52B1.55B
Total Liabilities1.75B1.76B1.78B1.84B1.90B
Stockholders Equity-298.44M-871.91M-218.36M37.91M88.87M
Cash Flow
Free Cash Flow56.34M174.71M123.34M63.79M145.27M
Operating Cash Flow136.35M245.57M212.26M160.47M206.43M
Investing Cash Flow-80.80M-85.05M-110.77M-111.78M-60.95M
Financing Cash Flow-82.82M-173.71M-122.87M-171.90M-197.28M

Ferrellgas Partners Technical Analysis

Technical Analysis Sentiment
Positive
Last Price19.00
Price Trends
50DMA
18.27
Positive
100DMA
16.78
Positive
200DMA
13.68
Positive
Market Momentum
MACD
0.16
Positive
RSI
58.64
Neutral
STOCH
82.90
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FGPR, the sentiment is Positive. The current price of 19 is above the 20-day moving average (MA) of 18.69, above the 50-day MA of 18.27, and above the 200-day MA of 13.68, indicating a bullish trend. The MACD of 0.16 indicates Positive momentum. The RSI at 58.64 is Neutral, neither overbought nor oversold. The STOCH value of 82.90 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FGPR.

Ferrellgas Partners Peers Comparison

Overall Rating
UnderperformOutperform
Sector (65)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
70
Outperform
$403.96M6.7320.37%6.14%1.04%111.69%
68
Neutral
$8.59B19.138.27%6.88%-5.18%-33.14%
65
Neutral
$15.17B7.614.09%5.20%3.87%-62.32%
54
Neutral
$801.67M17.8810.09%-10.27%131.17%
53
Neutral
$315.24M-1.365.42%72.92%
49
Neutral
$1.84B-3.73-115.95%3.42%-22.37%-27.22%
43
Neutral
$478.08M-2.32-31.94%2.59%-192.73%
* Energy Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
FGPR
Ferrellgas Partners
19.00
11.46
151.99%
CLNE
Clean Energy Fuels
2.18
-0.55
-20.15%
DK
Delek US Holdings
30.49
11.98
64.72%
SGU
Star Gas Partners
12.25
1.62
15.24%
SUN
Sunoco
55.49
7.05
14.55%
CAPL
Crossamerica Partners
20.98
0.57
2.79%

Ferrellgas Partners Corporate Events

Executive/Board Changes
Ferrellgas Partners appoints Scott Asner to board
Positive
Jan 9, 2026

On January 6, 2026, Ferrellgas, Inc., the general partner of Ferrellgas Partners, L.P. and Ferrellgas, L.P., appointed veteran investment manager and attorney Scott I. Asner to its Board of Directors, effective immediately. Asner, a founding principal and Co-CEO of real estate investment platform Eighteen Capital Group with more than 30 years’ experience in multifamily real estate and a 20-year legal career, joins the board as an independent director, with no related-party transactions or prearranged selection arrangements disclosed, and will receive the standard compensation and indemnification provided to other board members, although his potential committee assignments have not yet been determined.

The most recent analyst rating on (FGPR) stock is a Hold with a $19.50 price target. To see the full list of analyst forecasts on Ferrellgas Partners stock, see the FGPR Stock Forecast page.

Executive/Board Changes
Ferrellgas Partners appoints Scott Asner to board
Positive
Jan 9, 2026

On January 6, 2026, Ferrellgas, Inc., the general partner of Ferrellgas Partners, L.P. and Ferrellgas, L.P., appointed veteran investment manager and attorney Scott I. Asner to its Board of Directors, effective immediately. Asner brings more than three decades of experience in multifamily real estate investment and prior legal practice, along with extensive board and leadership service, and will receive the standard director compensation and indemnification; the company noted there are currently no related-party transactions tied to his appointment and no committee assignments have yet been determined, underscoring a conventional but strategically experienced addition to the board for stakeholders.

The most recent analyst rating on (FGPR) stock is a Hold with a $19.50 price target. To see the full list of analyst forecasts on Ferrellgas Partners stock, see the FGPR Stock Forecast page.

Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Ferrellgas Partners Reports Strong Start to Fiscal 2026
Positive
Dec 12, 2025

On December 12, 2025, Ferrellgas Partners reported its financial results for the first fiscal quarter ended October 31, 2025, highlighting a strong start to fiscal 2026 with successful refinancing of notes and credit facility, and credit rating upgrades. Despite a decrease in revenue and adjusted EBITDA, the company saw increased retail sales and improved customer retention, positioning itself well for the winter season and future growth. Operational improvements and strategic initiatives are expected to drive sustainable results and add value for stakeholders.

The most recent analyst rating on (FGPR) stock is a Hold with a $19.50 price target. To see the full list of analyst forecasts on Ferrellgas Partners stock, see the FGPR Stock Forecast page.

Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Ferrellgas Partners Reports Strong Start to Fiscal 2026
Positive
Dec 12, 2025

On December 12, 2025, Ferrellgas Partners reported its financial results for the first fiscal quarter ended October 31, 2025. The company highlighted a strong start to fiscal 2026 with successful refinancing of notes and credit facilities, and credit rating upgrades. Despite a decrease in revenue and adjusted EBITDA, Ferrellgas improved operational efficiency and customer retention, particularly in the North Central, Northeast, and Pacific regions. The company is well-positioned for growth and efficiency investments, with a focus on telematics and route optimization.

The most recent analyst rating on (FGPR) stock is a Hold with a $19.50 price target. To see the full list of analyst forecasts on Ferrellgas Partners stock, see the FGPR Stock Forecast page.

Business Operations and StrategyFinancial Disclosures
Ferrellgas Partners to Discuss Q1 Results in Teleconference
Neutral
Dec 10, 2025

Ferrellgas Partners announced that it will hold a teleconference on December 12, 2025, to discuss its first fiscal quarter results for the period ending October 31, 2025. This event provides an opportunity for stakeholders to gain insights into the company’s operational performance and strategic direction.

The most recent analyst rating on (FGPR) stock is a Hold with a $19.50 price target. To see the full list of analyst forecasts on Ferrellgas Partners stock, see the FGPR Stock Forecast page.

Financial Disclosures
Ferrellgas Partners to Discuss Q1 Results in Teleconference
Neutral
Dec 10, 2025

Ferrellgas Partners announced it will hold a teleconference on December 12, 2025, to discuss its first fiscal quarter results ending October 31, 2025. This event, accessible online, offers stakeholders an opportunity to gain insights into the company’s recent performance and strategic direction.

The most recent analyst rating on (FGPR) stock is a Hold with a $19.50 price target. To see the full list of analyst forecasts on Ferrellgas Partners stock, see the FGPR Stock Forecast page.

Business Operations and StrategyPrivate Placements and Financing
Ferrellgas Partners Issues $650M Senior Notes
Positive
Oct 27, 2025

On October 27, 2025, Ferrellgas, L.P. and its subsidiary Ferrellgas Finance Corp. issued $650 million in 9.250% senior notes due 2031, using the proceeds to redeem existing notes due 2026. This financial maneuver, alongside an amendment to their credit agreement extending its maturity to 2028 and increasing borrowing capacity, aims to bolster Ferrellgas’s financial flexibility and support its long-term growth initiatives, enhancing its balance sheet and financial position.

The most recent analyst rating on (FGPR) stock is a Hold with a $19.50 price target. To see the full list of analyst forecasts on Ferrellgas Partners stock, see the FGPR Stock Forecast page.

Business Operations and StrategyPrivate Placements and Financing
Ferrellgas Partners Issues $650M in Senior Notes
Positive
Oct 27, 2025

On October 27, 2025, Ferrellgas, L.P. and Ferrellgas Finance Corp. issued $650 million in 9.250% senior notes due 2031, using the proceeds to redeem existing notes due in 2026. This financial maneuver, along with an amendment to their credit agreement extending its maturity to 2028 and increasing borrowing capacity, aims to enhance Ferrellgas’s financial flexibility and support long-term strategic growth. These actions are expected to strengthen the company’s balance sheet and financial position, reflecting confidence in its future performance.

The most recent analyst rating on (FGPR) stock is a Hold with a $19.50 price target. To see the full list of analyst forecasts on Ferrellgas Partners stock, see the FGPR Stock Forecast page.

Private Placements and Financing
Ferrellgas Partners Announces $650M Senior Notes Offering
Neutral
Oct 17, 2025

On October 17, 2025, Ferrellgas, L.P. and Ferrellgas Finance Corp., subsidiaries of Ferrellgas Partners, L.P., announced the pricing of a $650 million offering of 9.250% senior notes due 2031. The proceeds from this offering, expected to close on October 27, 2025, will be used to redeem the company’s 5.375% Senior Notes due 2026, indicating a strategic financial restructuring aimed at optimizing their debt profile.

The most recent analyst rating on (FGPR) stock is a Hold with a $14.00 price target. To see the full list of analyst forecasts on Ferrellgas Partners stock, see the FGPR Stock Forecast page.

Private Placements and Financing
Ferrellgas Partners Announces $650M Senior Notes Offering
Neutral
Oct 17, 2025

On October 17, 2025, Ferrellgas, L.P. and Ferrellgas Finance Corp., subsidiaries of Ferrellgas Partners, L.P., announced the pricing of a $650 million offering of 9.250% senior notes due 2031. The proceeds from the offering will be used to redeem the company’s existing 5.375% Senior Notes due 2026, contingent upon the completion of the offering and an amendment to the company’s credit agreement.

The most recent analyst rating on (FGPR) stock is a Hold with a $14.00 price target. To see the full list of analyst forecasts on Ferrellgas Partners stock, see the FGPR Stock Forecast page.

Business Operations and StrategyPrivate Placements and Financing
Ferrellgas Partners Announces $650M Senior Notes Offering
Neutral
Oct 15, 2025

On October 15, 2025, Ferrellgas, L.P. and its subsidiary Ferrellgas Finance Corp. announced their intention to offer $650 million in senior notes due 2031, subject to market conditions. The proceeds from this offering, along with cash on hand, will be used to redeem the company’s existing 5.375% Senior Notes due 2026. The redemption is contingent upon the successful completion of the notes offering and an amendment to the company’s revolving credit facility. This strategic move aims to manage the company’s debt obligations and optimize its financial structure.

The most recent analyst rating on (FGPR) stock is a Hold with a $14.00 price target. To see the full list of analyst forecasts on Ferrellgas Partners stock, see the FGPR Stock Forecast page.

Private Placements and Financing
Ferrellgas Partners Announces $650M Senior Notes Offering
Neutral
Oct 15, 2025

On October 15, 2025, Ferrellgas, L.P. and its subsidiary Ferrellgas Finance Corp. announced their intention to offer $650 million in senior notes due 2031, subject to market conditions. This private offering aims to raise funds to redeem all outstanding 5.375% Senior Notes due 2026, contingent upon amending the credit agreement and successful completion of the offering. The move is expected to impact the company’s financial structure and market positioning.

The most recent analyst rating on (FGPR) stock is a Hold with a $14.00 price target. To see the full list of analyst forecasts on Ferrellgas Partners stock, see the FGPR Stock Forecast page.

Business Operations and StrategyFinancial Disclosures
Ferrellgas Partners Highlights Strategic Positioning in Presentation
Positive
Oct 15, 2025

On October 15, 2025, Ferrellgas Partners made an investor presentation available, highlighting its financial performance and strategic positioning. The presentation emphasized the company’s robust logistics network and technology-driven operations, which support its role as a major player in the fragmented propane distribution industry. Despite the challenges posed by market conditions and regulatory factors, Ferrellgas continues to maintain a strong market presence with consistent demand for its services, underscoring its resilience and operational efficiency.

The most recent analyst rating on (FGPR) stock is a Hold with a $14.00 price target. To see the full list of analyst forecasts on Ferrellgas Partners stock, see the FGPR Stock Forecast page.

Business Operations and Strategy
Ferrellgas Partners Highlights Strategic Positioning in Presentation
Positive
Oct 15, 2025

On October 15, 2025, Ferrellgas Partners made an investor presentation available, highlighting its robust logistics and distribution network for propane across the U.S. The presentation emphasized the company’s strategic positioning in a fragmented industry, with a focus on operational efficiencies and high-quality customer experience through advanced technology. The announcement reflects Ferrellgas’s commitment to maintaining its market position and addressing various industry challenges, which could have implications for its operations and stakeholders.

The most recent analyst rating on (FGPR) stock is a Hold with a $14.00 price target. To see the full list of analyst forecasts on Ferrellgas Partners stock, see the FGPR Stock Forecast page.

Business Operations and StrategyFinancial Disclosures
Ferrellgas Partners Achieves Record Gross Profit in 2025
Positive
Oct 15, 2025

Ferrellgas Partners reported its financial results for the fiscal year and fourth quarter ending July 31, 2025, showing growth in annual sales volume, revenue, gross profit, and adjusted EBITDA. Despite a decrease in adjusted EBITDA for the fourth quarter due to increased expenses, the company achieved a record gross profit of over $1 billion for fiscal 2025, driven by increased revenues and operational efficiencies. Retail and wholesale sales saw growth, with notable increases in the Blue Rhino tank exchange business. The company leveraged technology and employee expertise to improve delivery metrics and responded effectively to the Texas flooding in July 2025.

The most recent analyst rating on (FGPR) stock is a Hold with a $14.00 price target. To see the full list of analyst forecasts on Ferrellgas Partners stock, see the FGPR Stock Forecast page.

Business Operations and StrategyFinancial Disclosures
Ferrellgas Partners Reports Fiscal Year 2025 Results
Neutral
Oct 15, 2025

On October 15, 2025, Ferrellgas Partners reported its financial results for the fiscal year and fourth quarter ending July 31, 2025. The company achieved growth in annual sales volume, revenue, gross profit, and adjusted EBITDA, despite a decrease in fourth-quarter EBITDA due to increased expenses. Ferrellgas leveraged operational efficiencies and technology to drive growth, becoming early adopters of the Propane Education & Research Council’s Education Program. The company reported a net loss for fiscal 2025, attributed to increased operating and interest expenses, despite achieving the highest gross profit in its history. Retail and wholesale sales saw growth, with a notable increase in Blue Rhino’s sales. The company’s telematics technology and employee expertise contributed to improved operational metrics and effective response to events like the Texas flooding.

The most recent analyst rating on (FGPR) stock is a Hold with a $14.00 price target. To see the full list of analyst forecasts on Ferrellgas Partners stock, see the FGPR Stock Forecast page.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jan 10, 2026