Bank of America Corp DE Cuts Stock Holdings in UGI Corporation $UGI

Key Points

• Bank of America cut its UGI stake by 71.2% in the second quarter, selling 2.21 million shares and retaining 895,457 shares worth approximately $30.9 million. Institutional investors still own 82.34% of UGI.
• UGI reported weaker-than-expected quarterly results, with a loss of $0.20 per share versus estimates of a $0.08 loss and revenue of $1.33 billion against expectations of $1.50 billion.
• UGI declared a quarterly dividend of $0.375 per share, or $1.50 annualized, representing a 4.1% yield. Despite mixed analyst views, the stock carries a “Moderate Buy” consensus rating with an average price target of $45.75.

Bank of America Corp DE reduced its stake in UGI Corporation (NYSE:UGI - Free Report) by 71.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 895,457 shares of the utilities provider's stock after selling 2,209,420 shares during the period. Bank of America Corp DE owned approximately 0.42% of UGI worth $30,929,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Freestone Grove Partners LP purchased a new position in shares of UGI in the 2nd quarter valued at about $427,000. Gallagher Fiduciary Advisors LLC acquired a new position in shares of UGI during the second quarter worth about $412,000. Man Group plc purchased a new stake in shares of UGI during the second quarter worth approximately $10,102,000. Miller Value Partners LLC purchased a new stake in shares of UGI during the second quarter worth approximately $4,179,000. Finally, Jupiter Topco LLC acquired a new stake in UGI in the second quarter valued at approximately $3,389,000. 82.34% of the stock is currently owned by hedge funds and other institutional investors.

UGI Stock Down 0.9%

Shares of NYSE:UGI opened at $36.90 on Wednesday. UGI Corporation has a 1-year low of $31.62 and a 1-year high of $41.34. The company has a debt-to-equity ratio of 1.28, a current ratio of 1.44 and a quick ratio of 1.22. The stock has a market cap of $7.91 billion, a P/E ratio of 12.34 and a beta of 0.94. The firm has a fifty day moving average price of $37.05 and a 200 day moving average price of $36.13.

UGI (NYSE:UGI - Get Free Report) last announced its earnings results on Thursday, August 6th. The utilities provider reported ($0.20) EPS for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.12). UGI had a net margin of 9.20% and a return on equity of 12.80%. The business had revenue of $1.33 billion during the quarter, compared to analysts' expectations of $1.50 billion. Sell-side analysts predict that UGI Corporation will post 2.82 EPS for the current year.

UGI Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.375 per share. This represents a $1.50 annualized dividend and a dividend yield of 4.1%. The ex-dividend date is Tuesday, September 15th. UGI's dividend payout ratio is 50.17%.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Zacks Research cut shares of UGI from a "hold" rating to a "strong sell" rating in a report on Monday, July 13th. Weiss Ratings lowered shares of UGI from a "buy (b)" rating to a "hold (c+)" rating in a report on Tuesday, August 11th. Wells Fargo & Company decreased their price objective on shares of UGI from $45.00 to $42.00 and set an "overweight" rating for the company in a research report on Friday, August 7th. Huntington began coverage on shares of UGI in a research note on Monday, September 14th. They set an "outperform" rating and a $54.00 target price for the company. Finally, Jefferies Financial Group raised UGI from a "hold" rating to a "buy" rating and increased their target price for the company from $40.00 to $43.00 in a report on Wednesday, September 9th. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $45.75.

UGI Profile

UGI Corporation NYSE: UGI is an energy company headquartered in King of Prussia, Pennsylvania. Founded in 1882, the company operates through businesses that distribute and market natural gas, electricity, propane and other energy products.

Through UGI Utilities, the company provides regulated natural gas and electric service to customers in parts of Pennsylvania and regulated natural gas service in parts of Maryland. UGI also operates energy marketing, midstream and storage businesses that supply natural gas and related services to residential, commercial, industrial and wholesale customers.

UGI is also involved in propane distribution through AmeriGas, which serves customers across the United States, and through international propane operations serving customers in parts of Europe.

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