Ferrellgas Partners, L.P. (NYSE:FGP) saw a significant growth in short interest in the month of August. As of August 31st, there was short interest totalling 1,487,400 shares, a growth of 6.2% from the July 31st total of 1,400,700 shares. Currently, 2.2% of the company’s shares are short sold. Based on an average daily trading volume, of 209,300 shares, the days-to-cover ratio is currently 7.1 days.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Regal Investment Advisors LLC purchased a new position in shares of Ferrellgas Partners during the first quarter valued at about $32,000. Nicolet Advisory Services LLC purchased a new position in shares of Ferrellgas Partners during the first quarter valued at about $39,000. Morgan Stanley increased its position in shares of Ferrellgas Partners by 35.4% during the second quarter. Morgan Stanley now owns 987,137 shares of the oil and gas company’s stock valued at $943,000 after buying an additional 257,906 shares during the period. JPMorgan Chase & Co. grew its holdings in Ferrellgas Partners by 8,924.2% in the second quarter. JPMorgan Chase & Co. now owns 64,252 shares of the oil and gas company’s stock worth $62,000 after purchasing an additional 63,540 shares during the period. Finally, Creative Planning grew its holdings in Ferrellgas Partners by 104.3% in the second quarter. Creative Planning now owns 56,005 shares of the oil and gas company’s stock worth $53,000 after purchasing an additional 28,586 shares during the period. Institutional investors own 4.56% of the company’s stock.
Shares of NYSE FGP traded down $0.01 during midday trading on Friday, hitting $0.98. 184,600 shares of the company traded hands, compared to its average volume of 319,919. Ferrellgas Partners has a 12-month low of $0.53 and a 12-month high of $3.00. The stock has a 50-day moving average price of $0.77 and a 200 day moving average price of $1.08.
FGP has been the topic of several research analyst reports. Zacks Investment Research upgraded shares of Ferrellgas Partners from a “hold” rating to a “strong-buy” rating and set a $1.00 price target on the stock in a research report on Monday, August 19th. ValuEngine upgraded shares of Ferrellgas Partners from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st.
About Ferrellgas Partners
Ferrellgas 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.
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