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FPA Queens Road Small Cap Value Fund disclosed a significant addition to its UGI Corporation (NYSE: UGI) position in the second quarter of 2026, citing the stock's roughly 11x earnings multiple as the entry rationale.
Shares closed at approximately $38.01 on August 28, 2026, inside a 52-week range of $31.62 to $41.34, with a market capitalization of about $8.25 billion.
The positioning behind the add The fund's Q2 letter described UGI as a regulated gas utility serving Pennsylvania and West Virginia, holding a pipeline portfolio and unregulated propane distribution businesses across the U.S.
The Amerigas propane segment ran into difficulty in recent years, pushing debt metrics higher.
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