NGL Energy Partners (NGL) Raised to “Hold” at Zacks Investment Research
NGL Energy Partners (NYSE:NGL) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday.
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 equities analysts have also issued research reports about the stock. ValuEngine raised shares of NGL Energy Partners from a “sell” rating to a “hold” rating in a research note on Wednesday, January 3rd. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $16.00 price objective (up previously from $14.00) on shares of NGL Energy Partners in a research note on Tuesday, November 7th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $10.00 price objective on shares of NGL Energy Partners in a research note on Sunday, October 29th. Finally, Credit Suisse Group began coverage on shares of NGL Energy Partners in a research note on Thursday, January 4th. They issued an “outperform” rating and a $16.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company’s stock. NGL Energy Partners currently has a consensus rating of “Hold” and a consensus price target of $15.40.
In other news, CFO Robert W. Karlovich III acquired 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 21st. The stock was purchased at an average price of $11.66 per share, with a total value of $116,600.00. Following the purchase, the chief financial officer now owns 99,320 shares of the company’s stock, valued at approximately $1,158,071.20. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
A number of hedge funds have recently added to or reduced their stakes in NGL. HITE Hedge Asset Management LLC lifted its position in NGL Energy Partners 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 buying an additional 2,270,714 shares in the last quarter. JPMorgan Chase & Co. lifted its position in NGL Energy Partners 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 buying an additional 599,612 shares in the last quarter. ING Groep NV purchased a new stake in NGL Energy Partners in the 3rd quarter worth approximately $6,272,000. Goldman Sachs Group Inc. lifted its position in NGL Energy Partners by 20.2% in the 2nd quarter. Goldman Sachs Group Inc. now owns 3,073,412 shares of the oil and gas company’s stock worth $43,028,000 after buying an additional 515,730 shares in the last quarter. Finally, Harvest Fund Advisors LLC lifted its position in NGL Energy Partners by 6.8% in the 3rd quarter. Harvest Fund Advisors LLC now owns 7,090,961 shares of the oil and gas company’s stock worth $81,901,000 after buying an additional 449,855 shares in the last quarter. Institutional investors own 63.82% of the company’s stock.
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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