Wells Fargo Raises AmeriGas Partners Estimates

AmeriGas Partners

reported F4Q10 results that were below Wells Fargo's expectations as higher than expected operating and administrative expenses and lower than anticipated margin per propane gallon sold more than offset better than expected propane gallons sold and lower than expected interest expense. “Our FY2011 and FY2012 DCF per unit estimates are $4.20 and $4.18, up from our previous estimates of $4.07 and $4.03 almost entirely based on lower interest expense assumptions,” Wells Fargo writes. AmeriGas Partners currently trades at $46.94.