Ferrellgas Partners, L.P. (FGP) had long been a reliable "dividend stock." Although this limited partnership's distribution was stuck at $2.00 a share for more than a decade, it didn't go down, either. So investors looking for a steady stream of distributions were well rewarded by owning it. Now, however, that could all change, leaving unitholders to ask whether Ferrellgas is going to sink or swim.
There's no way to put Ferrellgas' late September news releases in a good light. The first release was fairly brief, announcing that the partnership had fired its CEO and replaced him, at least temporarily, with James Ferrell, the company's founder and current board chairman.