Let’s be honest. Most people stopped looking at Ferrellgas Partners LP stock years ago. It’s one of those companies that sounds like it belongs in a black-and-white documentary about the industrial Midwest. But if you’ve been watching the OTC markets lately—specifically under the ticker FGPR—something actually interesting is happening.
It isn’t the same company it was back in 2020. Not even close.
Back then, the debt was a mountain. Now? It’s more like a manageable hill. The company basically went through a "prepackaged" Chapter 11 bankruptcy in early 2021, and while that usually means "game over" for retail investors, Ferrellgas did something different. They restructured. They stayed alive. And as of January 2026, the stock is trading around $18.75 to $19.00, which is a massive jump from the pennies it was worth during the restructuring chaos.
The Reality of FGPR in 2026
If you’re looking for a flashy tech stock, keep walking. This is propane. It’s tanks, trucks, and Blue Rhino exchange kiosks at your local gas station. It’s boring. But boring can be profitable when the balance sheet stops bleeding.
The biggest news recently? In October 2025, Ferrellgas pulled off a massive refinancing move. They swapped out $650 million in senior notes that were due in 2026 and pushed that debt out to 2031. Basically, they bought themselves five more years of breathing room. S&P Global Ratings even bumped their credit rating up to a 'B' because of it.
Is a 'B' rating amazing? No. But compared to the 'CCC' or 'D' ratings they were flirting with a few years ago, it’s a victory.
What’s actually driving the price?
Propane is a weather game. Period.
When it’s cold, Ferrellgas makes money. When it’s warm, they sit around waiting for people to grill more burgers with Blue Rhino. In their Q1 fiscal 2026 report (which covered the period ending October 31, 2025), they saw a net loss of about $26.9 million.
Wait. Why is the stock up if they lost $26 million?
Context matters. In the same quarter the year before, they lost $146.7 million. That’s a huge swing in the right direction. A lot of that previous loss was tied to a nasty legal settlement involving the Eddystone litigation. With that finally winding down—the final payment of $37.5 million was scheduled for January 15, 2026—the decks are finally starting to look clear.
The Two Tickers: FGPR vs. FGPRB
This is where most people get tripped up. If you search for Ferrellgas Partners LP stock, you’re going to see two different listings on the OTC markets. It’s confusing, and honestly, a bit of a headache for casual traders.
- FGPR: These are the common units. This is what most retail folks trade. It has lower volume and can be volatile.
- FGPRB: These are the Class B units. These were born out of the bankruptcy. They are the "heavy hitters" in the capital structure. As of early 2026, these are trading way higher—upwards of $170.00.
Why the gap? The Class B units have specific rights to distributions. If you’re just looking to "buy the stock," you’re likely looking at FGPR, but you need to know that the Class B holders are the ones who really have the company by the tail right now.
The Blue Rhino Factor
You can't talk about this company without mentioning Blue Rhino. It’s the brand you see outside every Home Depot and Walmart. While the residential heating side of the business is a winter beast, Blue Rhino provides a bit of a summer cushion.
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In late 2025, the company reported that their "temp heat" tank sets were up 37%. That’s a fancy way of saying they are getting better at selling propane to construction sites and outdoor events. They are also getting more efficient. Their margin per gallon actually went up 6% recently, even though the total volume of gas sold was a bit flat because the weather wasn't quite as "polar vortex" as they would've liked.
The Risks Nobody Likes to Mention
Let's not pretend this is a "safe" bet.
- OTC Risks: Trading on the Over-The-Counter market means less regulation and less liquidity. You might buy shares at $19 and find it hard to sell them at $19 ten minutes later if there are no buyers.
- Debt Interest: The new 2031 notes they issued to stay alive come with higher interest rates. S&P thinks this could cost the company an extra $20 million to $25 million a year in interest alone.
- Climate Change: A series of warm winters is a nightmare for a propane company. If the "heating degree days" (a metric they use to track cold weather) don't hit their targets, the revenue disappears.
Is It a "Buy" Candidate?
Some analysts, like those at StockInvest, recently upgraded FGPRB to a "Buy" candidate in early January 2026. They’re looking at technical signals—things like moving averages and "pivot bottoms."
But for the average person? It’s a value play with a side of risk.
Tamria Zertuche, the CEO, has been leaning hard into "employee ownership" and operational efficiency. They’ve been renewing national contracts and trying to modernize a very old-school business. If they can keep the Adjusted EBITDA in the $360 million to $370 million range for 2026, they might actually prove the doubters wrong.
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How to Handle This Investment
If you are actually going to put money into Ferrellgas Partners LP stock, don't just hit "market order" on your app and walk away.
- Check your broker: Since this is an OTC stock, some platforms like Robinhood might have restrictions or extra fees.
- Watch the weather: Seriously. Keep an eye on the NOAA winter forecasts. If a massive cold front is predicted for the Northeast and Midwest, propane stocks usually see a bump.
- Don't ignore the Eddystone tail: Now that the final $37.5 million payment is out of the way (as of mid-January 2026), watch the next quarterly report in March. That will be the first "clean" look at their cash flow without the litigation ghost haunting the books.
This isn't a "to the moon" stock. It's a "back from the dead" stock. It’s for people who think the market has undervalued the sheer necessity of propane in rural America. Just remember that in the world of Master Limited Partnerships (MLPs), the tax forms (K-1s) are a bit more complicated than your standard 1099-DIV.
Keep your position size small, watch the debt levels, and maybe—just maybe—this old-school energy giant has some life left in it.
Next Steps for Investors:
Verify if your current brokerage allows trading of OTC Pink Sheet stocks (Ticker: FGPR) and check for any specific "K-1 tax form" requirements for holding Master Limited Partnership units before executing a trade.