NGL Energy Partners (NYSE:NGL) Stock Price Up 9.6% Following Strong Earnings

NGL Energy Partners LP (NYSE:NGL)’s share price shot up 9.6% on Wednesday following a better than expected earnings announcement. The company traded as high as $18.00 and last traded at $17.3660. Approximately 393,642 shares traded hands during trading, an increase of 30% from the average daily volume of 301,688 shares. The stock had previously closed at $15.85.

The oil and gas company reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.37. NGL Energy Partners had a negative net margin of 4.51% and a negative return on equity of 47.64%. The business had revenue of $989.99 million for the quarter, compared to analysts’ expectations of $346.13 million.

NGL Energy Partners declared that its Board of Directors has initiated a share buyback plan on Thursday, April 9th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 6.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on NGL shares. Weiss Ratings cut NGL Energy Partners from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, June 4th. Zacks Research upgraded NGL Energy Partners from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy”.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. CIBC Private Wealth Group LLC purchased a new position in NGL Energy Partners in the 3rd quarter valued at about $70,000. CIBC Bancorp USA Inc. purchased a new stake in shares of NGL Energy Partners during the third quarter worth about $70,000. Massar Capital Management LP raised its position in shares of NGL Energy Partners by 23.2% in the second quarter. Massar Capital Management LP now owns 28,143 shares of the oil and gas company’s stock valued at $120,000 after buying an additional 5,295 shares during the last quarter. LPL Financial LLC acquired a new position in shares of NGL Energy Partners in the fourth quarter valued at approximately $120,000. Finally, State of Wyoming lifted its stake 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 valued at $138,000 after buying an additional 20,864 shares during the period. 40.62% of the stock is currently owned by hedge funds and other institutional investors.

NGL Energy Partners Stock Up 9.6%

The firm’s 50 day moving average is $15.82 and its 200-day moving average is $14.06. The firm has a market cap of $2.17 billion, a PE ratio of -5.31 and a beta of 0.63.

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.