NGL Energy Partners LP (NYSE:NGL) Sees Large Growth in Short Interest
NGL Energy Partners LP (NYSE:NGL) saw a significant growth in short interest in July. As of July 31st, there was short interest totalling 5,774,600 shares, a growth of 19.1% from the June 30th total of 4,847,400 shares. Based on an average daily volume of 667,600 shares, the days-to-cover ratio is currently 8.6 days. Currently, 5.1% of the shares of the stock are sold short.
Several analysts have weighed in on the company. ValuEngine downgraded NGL Energy Partners from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Piper Jaffray Companies initiated coverage on NGL Energy Partners in a report on Wednesday, July 17th. They set a “neutral” rating and a $17.00 target price for the company. UBS Group upped their target price on NGL Energy Partners from $16.00 to $17.00 and gave the company a “buy” rating in a report on Monday. Zacks Investment Research downgraded NGL Energy Partners from a “buy” rating to a “hold” rating in a report on Wednesday, July 24th. Finally, Raymond James set a $18.00 target price on NGL Energy Partners and gave the company a “buy” rating in a report on Friday, May 24th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. NGL Energy Partners presently has an average rating of “Hold” and a consensus price target of $15.44.
In other NGL Energy Partners news, Director John T. Raymond sold 176,634 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $14.88, for a total value of $2,628,313.92. Following the completion of the sale, the director now owns 50,000 shares in the company, valued at $744,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO H Michael Krimbill acquired 25,000 shares of the stock in a transaction on Wednesday, June 12th. The stock was bought at an average price of $14.53 per share, with a total value of $363,250.00. Following the transaction, the chief executive officer now directly owns 1,141,417 shares of the company’s stock, valued at approximately $16,584,789.01. The disclosure for this purchase can be found here.
NGL stock traded down $0.55 during midday trading on Wednesday, hitting $13.03. The stock had a trading volume of 816,461 shares, compared to its average volume of 869,733. The stock has a market cap of $1.73 billion, a price-to-earnings ratio of -10.34, a price-to-earnings-growth ratio of 8.66 and a beta of 1.06. The stock’s 50-day moving average price is $14.80. NGL Energy Partners has a 52-week low of $8.71 and a 52-week high of $15.71. The company has a current ratio of 1.45, a quick ratio of 1.08 and a debt-to-equity ratio of 1.04.
NGL Energy Partners (NYSE:NGL) last issued its quarterly earnings results on Thursday, August 8th. The oil and gas company reported ($0.96) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.07) by ($0.89). The firm had revenue of $6.64 billion during the quarter, compared to analysts’ expectations of $5.40 billion. NGL Energy Partners had a negative return on equity of 1.12% and a net margin of 1.54%. The firm’s revenue for the quarter was up 13.6% compared to the same quarter last year. Equities research analysts expect that NGL Energy Partners will post 0.79 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 14th. Investors of record on Wednesday, August 7th will be paid a $0.39 dividend. The ex-dividend date is Tuesday, August 6th. This represents a $1.56 annualized dividend and a yield of 11.97%. NGL Energy Partners’s payout ratio is -123.81%.
NGL Energy Partners Company Profile
NGL Energy Partners LP, together with its subsidiaries, engages in the crude oil logistics, water solutions, liquids, retail propane, and refined products and renewables businesses. The Crude Oil Logistics segment purchases crude oil from producers and transports it to refineries for resale at pipeline injection stations, storage terminals, barge loading facilities, rail facilities, refineries, and other trade hubs; and provides storage, terminaling, trucking, marine, and pipeline transportation services.
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