NGL Energy Partners (NYSE:NGL) Shares Gap Down – Here’s Why

NGL Energy Partners LP (NYSE:NGL) shares gapped down prior to trading on Friday . The stock had previously closed at $15.80, but opened at $15.28. NGL Energy Partners shares last traded at $15.05, with a volume of 22,642 shares.

Wall Street Analyst Weigh In

Several research analysts have issued reports on NGL shares. Zacks Research raised NGL Energy Partners from a “strong sell” rating to a “hold” rating in a research report on Friday, April 10th. Weiss Ratings cut shares of NGL Energy Partners from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, June 4th. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, NGL Energy Partners presently has a consensus rating of “Hold”.

NGL Energy Partners Stock Performance

The firm has a market capitalization of $1.88 billion, a PE ratio of -4.64 and a beta of 0.60. The business’s fifty day simple moving average is $16.35 and its 200-day simple moving average is $13.32.

NGL Energy Partners (NYSE:NGL) last posted its earnings results on Thursday, May 28th. The oil and gas company reported ($0.71) EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.89). The firm had revenue of $949.51 million during the quarter, compared to analysts’ expectations of $941.52 million. NGL Energy Partners had a negative return on equity of 47.64% and a negative net margin of 4.51%. Sell-side analysts expect that NGL Energy Partners LP will post 0.82 earnings per share for the current fiscal year.

NGL Energy Partners announced that its Board of Directors has authorized a stock buyback plan on Thursday, April 9th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the oil and gas company to buy 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.

Hedge Funds Weigh In On NGL Energy Partners

A number of large investors have recently bought and sold shares of NGL. Quartz Partners LLC increased its stake in NGL Energy Partners by 6.8% in the 1st quarter. Quartz Partners LLC now owns 16,504 shares of the oil and gas company’s stock worth $203,000 after buying an additional 1,052 shares during the period. Everpar Advisors LLC boosted its position in NGL Energy Partners by 6.5% in the 4th quarter. Everpar Advisors LLC now owns 24,500 shares of the oil and gas company’s stock valued at $245,000 after buying an additional 1,500 shares during the period. Wells Fargo & Company MN grew its stake in NGL Energy Partners by 9.4% in the 4th quarter. Wells Fargo & Company MN now owns 34,800 shares of the oil and gas company’s stock worth $348,000 after acquiring an additional 3,000 shares in the last quarter. XTX Topco Ltd grew its stake in NGL Energy Partners by 9.0% in the 4th quarter. XTX Topco Ltd now owns 37,579 shares of the oil and gas company’s stock worth $376,000 after acquiring an additional 3,103 shares in the last quarter. Finally, 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 acquiring an additional 5,295 shares during the period. Hedge funds and other institutional investors own 40.62% of the company’s stock.

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.