NGL Energy Partners (NYSE:NGL) Stock Crosses Above 200-Day Moving Average – Here’s Why

Shares of NGL Energy Partners LP (NYSE:NGL) crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $12.28 and traded as high as $15.89. NGL Energy Partners shares last traded at $15.3230, with a volume of 217,207 shares trading hands.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on NGL. Weiss Ratings lowered shares of NGL Energy Partners from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday. Zacks Research raised shares of NGL Energy Partners from a “strong sell” rating to a “hold” rating in a report on Friday, April 10th. Two equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, NGL Energy Partners has an average rating of “Hold”.

NGL Energy Partners Stock Down 4.2%

The business has a 50-day moving average price of $15.14 and a 200-day moving average price of $12.28. The firm has a market capitalization of $1.91 billion, a price-to-earnings ratio of -4.67 and a beta of 0.58.

NGL Energy Partners (NYSE:NGL) last issued its quarterly earnings results on Thursday, May 28th. The oil and gas company reported ($0.71) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.89). The business had revenue of $949.51 million for the quarter, compared to analyst estimates of $941.52 million. NGL Energy Partners had a negative return on equity of 47.64% and a negative net margin of 4.51%. On average, equities research analysts forecast that NGL Energy Partners LP will post 0.82 earnings per share for the current year.

NGL Energy Partners declared that its Board of Directors has initiated a share repurchase 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 an indication that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On NGL Energy Partners

Large investors have recently made changes to their positions in the business. CIBC Bancorp USA Inc. acquired a new position in shares of NGL Energy Partners during the third quarter worth $70,000. CIBC Private Wealth Group LLC acquired a new position in shares of NGL Energy Partners during the third quarter worth $70,000. Massar Capital Management LP increased its position in shares of 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 purchasing an additional 5,295 shares in the last quarter. LPL Financial LLC acquired a new position in shares of NGL Energy Partners during the fourth quarter worth $120,000. Finally, State of Wyoming increased its position in shares of NGL Energy Partners by 184.0% during the second quarter. State of Wyoming now owns 32,202 shares of the oil and gas company’s stock worth $138,000 after purchasing an additional 20,864 shares in 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.