NGL Energy Partners (NYSE:NGL) Shares Cross Above 200-Day Moving Average – Here’s What Happened

by · The Markets Daily

NGL Energy Partners LP (NYSE:NGL – Get Free Report) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $12.56 and traded as high as $16.46. NGL Energy Partners shares last traded at $15.95, with a volume of 330,863 shares.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Zacks Research raised NGL Energy Partners from a “strong sell” rating to a “hold” rating in a research note on Friday, April 10th. Weiss Ratings cut NGL Energy Partners from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, June 4th. Two analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has an average rating of “Hold”.

Read Our Latest Analysis on NGL Energy Partners

NGL Energy Partners Stock Performance

The company has a 50-day simple moving average of $15.69 and a two-hundred day simple moving average of $12.64. The firm has a market capitalization of $1.96 billion, a P/E ratio of -4.80 and a beta of 0.58.

NGL Energy Partners (NYSE:NGL – Get Free Report) last released its earnings results on Thursday, May 28th. The oil and gas company reported ($0.71) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.89). NGL Energy Partners had a negative net margin of 4.51% and a negative return on equity of 47.64%. The business had revenue of $949.51 million for the quarter, compared to analysts’ expectations of $941.52 million. As a group, research analysts forecast that NGL Energy Partners LP will post 0.82 earnings per share for the current fiscal year.

NGL Energy Partners announced that its board has approved a share repurchase program on Thursday, April 9th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the oil and gas company to buy up to 6.1% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Angelo Gordon & CO. L.P. boosted its stake in shares of NGL Energy Partners by 291.7% during the 3rd quarter. Angelo Gordon & CO. L.P. now owns 2,504,447 shares of the oil and gas company’s stock worth $15,027,000 after acquiring an additional 1,865,003 shares during the last quarter. ING Groep NV boosted its stake in shares of NGL Energy Partners by 4.9% during the 4th quarter. ING Groep NV now owns 5,174,803 shares of the oil and gas company’s stock worth $51,748,000 after acquiring an additional 243,000 shares during the last quarter. UBS Group AG boosted its stake in shares of NGL Energy Partners by 4.4% during the 4th quarter. UBS Group AG now owns 204,704 shares of the oil and gas company’s stock worth $2,047,000 after acquiring an additional 8,561 shares during the last quarter. Royal Bank of Canada boosted its stake in shares of NGL Energy Partners by 71.2% during the 4th quarter. Royal Bank of Canada now owns 14,454 shares of the oil and gas company’s stock worth $145,000 after acquiring an additional 6,009 shares during the last quarter. Finally, State of Wyoming boosted its stake in shares of NGL Energy Partners by 184.0% during the 2nd quarter. State of Wyoming now owns 32,202 shares of the oil and gas company’s stock worth $138,000 after acquiring an additional 20,864 shares during the last quarter. Hedge funds and other institutional investors own 40.62% of the company’s stock.

NGL Energy Partners Company Profile

(Get Free Report)

NGL Energy Partners LP is a publicly traded master limited partnership that provides midstream infrastructure and marketing services for the energy industry. The company focuses on the transportation, storage, fractionation and marketing of natural gas liquids (NGLs) and refined petroleum products. Through its integrated operations, NGL Energy Partners serves producers, processors, refiners and industrial customers across key U.S. energy-producing regions.

The partnership’s asset base includes pipelines, storage terminals, fractionation plants, and distribution facilities.

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