Although Wells Fargo (NYSE:WFC) likes the Propane MLPs sector in general, like other MLPs subsectors, companies like AmeriGas Partners (NYSE:APU), Ferrellgas Partners (NYSE:FGP), Suburban Propane Partners, L.P. (NYSE:SPH) and Inergy, L.P. (Nasdaq:NRGY) are mixed in their outlook.
Wells said, "We are increasing valuation range for APU to $39 to $41 from $36 to $38 and adjusting our DCF estimates for AmeriGas Partners and Ferrellgas Partners. We are downgrading Suburban Propane Partners, L.P. to Market Perform from Outperform based on valuation. Our top Outperform pick in this subsector is Inergy, L.P."
AmeriGas Partners closed Thursday at $46.10, losing $0.04, or 0.09 percent. Ferrellgas Partners ended up at $25.97, gaining $0.09, or 0.35 percent. Suburban Propane Partners closed down to $55.72, falling $0.77, or 1.36 percent. Favorite Inergy closed up at $41.37, gaining $0.17, or 0.41 percent.
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