NGL Energy Partners (NYSE:NGL) Hits New 1-Year High – Here’s What Happened

NGL Energy Partners LP (NYSE:NGL) shares reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $14.12 and last traded at $14.0310, with a volume of 58169 shares changing hands. The stock had previously closed at $13.79.

Analyst Upgrades and Downgrades

NGL has been the topic of a number of research reports. Zacks Research raised shares of NGL Energy Partners from a “strong sell” rating to a “hold” rating in a research note on Friday, April 10th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of NGL Energy Partners in a research note on Wednesday, January 28th. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has an average rating of “Hold”.

NGL Energy Partners Stock Up 1.5%

The firm has a market capitalization of $1.73 billion, a price-to-earnings ratio of 349.99 and a beta of 0.39. The stock’s 50 day moving average price is $12.25 and its two-hundred day moving average price is $10.23.

NGL Energy Partners (NYSE:NGL) last posted its quarterly earnings results on Tuesday, February 3rd. The oil and gas company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.06). NGL Energy Partners had a negative return on equity of 66.52% and a net margin of 5.01%.The company had revenue of $909.82 million during the quarter, compared to analyst estimates of $700.76 million. On average, equities analysts expect that NGL Energy Partners LP will post 0.03 EPS for the current fiscal year.

NGL Energy Partners declared that its board has approved a stock buyback program on Thursday, April 9th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the oil and gas company to repurchase up to 6.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On NGL Energy Partners

Several hedge funds have recently bought and sold shares of NGL. Goldman Sachs Group Inc. increased its position in NGL Energy Partners by 3.3% during the first quarter. Goldman Sachs Group Inc. now owns 5,248,614 shares of the oil and gas company’s stock worth $23,829,000 after buying an additional 165,249 shares during the last quarter. Jump Financial LLC increased its position in NGL Energy Partners by 223.4% during the second quarter. Jump Financial LLC now owns 224,779 shares of the oil and gas company’s stock worth $960,000 after buying an additional 155,279 shares during the last quarter. Angelo Gordon & CO. L.P. acquired a new position in NGL Energy Partners during the second quarter worth $2,730,000. Bank of America Corp DE increased its position in NGL Energy Partners by 8.8% during the second quarter. Bank of America Corp DE now owns 9,885,023 shares of the oil and gas company’s stock worth $42,209,000 after buying an additional 797,895 shares during the last quarter. Finally, Massar Capital Management LP increased its position in NGL Energy Partners by 23.2% during the second quarter. Massar Capital Management LP now owns 28,143 shares of the oil and gas company’s stock worth $120,000 after buying an additional 5,295 shares during the last quarter. 40.62% of the stock is owned by institutional investors and hedge funds.

About NGL Energy Partners

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.