NGL Energy Partners LP (NGL) Sees Significant Decrease in Short Interest
NGL Energy Partners LP (NYSE:NGL) was the recipient of a large decline in short interest in the month of September. As of September 30th, there was short interest totalling 777,445 shares, a decline of 56.1% from the September 15th total of 1,769,604 shares. Based on an average trading volume of 381,948 shares, the short-interest ratio is currently 2.0 days. Approximately 0.9% of the company’s shares are short sold.
A number of equities analysts have weighed in on the stock. Zacks Investment Research upgraded shares of NGL Energy Partners from a “hold” rating to a “strong-buy” rating and set a $21.00 price target on the stock in a report on Thursday, August 11th. Stifel Nicolaus lifted their price target on shares of NGL Energy Partners from $18.00 to $20.00 and gave the company a “buy” rating in a report on Friday, August 5th. Finally, FBR & Co assumed coverage on shares of NGL Energy Partners in a report on Friday, September 9th. They issued a “market perform” rating and a $21.00 price target on the stock. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $14.44.
In other news, CEO H Michael Krimbill bought 20,000 shares of the stock in a transaction on Thursday, September 15th. The stock was purchased at an average cost of $17.31 per share, with a total value of $346,200.00. Following the purchase, the chief executive officer now owns 789,417 shares of the company’s stock, valued at $13,664,808.27. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Several institutional investors have recently added to or reduced their stakes in NGL. Alps Advisors Inc. bought a new position in NGL Energy Partners during the second quarter valued at approximately $113,909,000. Harvest Fund Advisors LLC increased its position in NGL Energy Partners by 35.8% in the second quarter. Harvest Fund Advisors LLC now owns 4,767,360 shares of the company’s stock valued at $92,105,000 after buying an additional 1,257,166 shares in the last quarter. HITE Hedge Asset Management LLC increased its position in NGL Energy Partners by 865.4% in the second quarter. HITE Hedge Asset Management LLC now owns 1,071,778 shares of the company’s stock valued at $20,707,000 after buying an additional 960,759 shares in the last quarter. Goldman Sachs Group Inc. increased its position in NGL Energy Partners by 187.9% in the first quarter. Goldman Sachs Group Inc. now owns 1,328,740 shares of the company’s stock valued at $9,992,000 after buying an additional 867,164 shares in the last quarter. Finally, Bank of Montreal Can bought a new position in NGL Energy Partners during the second quarter valued at approximately $7,674,000.
Shares of NGL Energy Partners (NYSE:NGL) opened at 19.05 on Wednesday. The firm’s market cap is $2.01 billion. NGL Energy Partners has a 12 month low of $5.57 and a 12 month high of $20.50. The company’s 50 day moving average is $18.48 and its 200-day moving average is $16.48.
NGL Energy Partners (NYSE:NGL) last released its quarterly earnings data on Thursday, August 4th. The company reported $1.38 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.12) by $1.50. The company earned $2.72 billion during the quarter, compared to analyst estimates of $2.48 billion. Equities research analysts predict that NGL Energy Partners will post $2.56 EPS for the current year.
About NGL Energy Partners
NGL Energy Partners LP owns and operates a vertically integrated energy business. The Company’s segments are crude oil logistics, water solutions, liquids, retail propane, refined products and renewables, and corporate and other. Its crude oil logistics segment includes owned and leased crude oil storage terminals, and owned and leased pipeline injection stations.
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