Ngl Energy Partners Lp (NGL) Downgraded by Zacks Investment Research to Sell
Zacks Investment Research downgraded shares of Ngl Energy Partners Lp (NYSE:NGL) from a hold rating to a sell rating in a research note issued to investors on Friday.
According to Zacks, “NGL Energy Partners LP is a limited partnership operating a vertically-integrated propane business with three operating segments: retail propane; wholesale supply and marketing; and midstream. The Retail Propane segment engages in retail marketing, sale, and distribution of propane, including the sale and lease of propane tanks, equipment, and supplies to residential, agricultural, commercial, and industrial customers through customer service locations. The Wholesale Supply and Marketing segment supplies propane and other natural gas liquids, as well as provides related storage to retailers, wholesalers, and refiners. The Midstream segment involves in the delivery of propane from pipelines or trucks to propane terminals and transfers the propane to third-party transport trucks for delivery to retailers, wholesalers, or other consumers. NGL Energy Partners LP is headquartered in Tulsa, Oklahoma. “
Other analysts have also recently issued reports about the company. Stifel Nicolaus reiterated a hold rating and issued a $13.00 target price on shares of Ngl Energy Partners Lp in a report on Wednesday, July 19th. TheStreet cut Ngl Energy Partners Lp from a c- rating to a d+ rating in a report on Tuesday, August 15th. UBS AG reduced their target price on Ngl Energy Partners Lp from $18.00 to $14.00 and set a buy rating on the stock in a report on Friday, August 4th. Wells Fargo & Company cut Ngl Energy Partners Lp from an outperform rating to a market perform rating in a report on Monday, July 17th. Finally, Royal Bank Of Canada reiterated an outperform rating and issued a $16.00 target price (up from $14.00) on shares of Ngl Energy Partners Lp in a report on Tuesday, November 7th. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. Ngl Energy Partners Lp currently has a consensus rating of Hold and an average price target of $17.50.
Shares of Ngl Energy Partners Lp (NYSE NGL) traded down $0.20 during mid-day trading on Friday, reaching $12.70. The company had a trading volume of 1,159,900 shares, compared to its average volume of 915,047. Ngl Energy Partners Lp has a 1-year low of $8.57 and a 1-year high of $25.80. The company has a current ratio of 1.56, a quick ratio of 0.94 and a debt-to-equity ratio of 1.69.
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The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 14th. Shareholders of record on Monday, November 6th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 12.28%. The ex-dividend date of this dividend is Friday, November 3rd. Ngl Energy Partners Lp’s payout ratio is -74.29%.
Ngl Energy Partners Lp declared that its board has initiated a share repurchase program on Tuesday, August 29th that allows the company to buyback $15.00 million in outstanding shares. This buyback authorization allows the oil and gas company to repurchase up to 1.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.
In other Ngl Energy Partners Lp news, CEO H Michael Krimbill purchased 75,000 shares of the business’s stock in a transaction on Monday, September 11th. The shares were purchased at an average cost of $8.86 per share, for a total transaction of $664,500.00. Following the acquisition, the chief executive officer now owns 814,417 shares of the company’s stock, valued at $7,215,734.62. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.
Several institutional investors and hedge funds have recently modified their holdings of NGL. HITE Hedge Asset Management LLC lifted its holdings in shares of Ngl Energy Partners Lp by 414.8% in the 3rd quarter. HITE Hedge Asset Management LLC now owns 2,818,082 shares of the oil and gas company’s stock worth $32,549,000 after purchasing an additional 2,270,714 shares in the last quarter. Bank of Montreal Can lifted its holdings in shares of Ngl Energy Partners Lp by 115.7% in the 2nd quarter. Bank of Montreal Can now owns 2,116,200 shares of the oil and gas company’s stock worth $29,627,000 after purchasing an additional 1,134,957 shares in the last quarter. Duff & Phelps Investment Management Co. lifted its holdings in shares of Ngl Energy Partners Lp by 86.8% in the 2nd quarter. Duff & Phelps Investment Management Co. now owns 1,560,000 shares of the oil and gas company’s stock worth $21,840,000 after purchasing an additional 725,000 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Ngl Energy Partners Lp by 34.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,352,179 shares of the oil and gas company’s stock worth $25,874,000 after purchasing an additional 599,612 shares in the last quarter. Finally, ING Groep NV bought a new position in shares of Ngl Energy Partners Lp in the 3rd quarter worth $6,272,000. Institutional investors own 68.86% of the company’s stock.
About Ngl Energy Partners Lp
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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