NGL Energy Partners (NYSE:NGL) Trading 6.4% Higher – Here’s Why

NGL Energy Partners LP (NYSE:NGL) shares shot up 6.4% during mid-day trading on Monday . The company traded as high as $15.45 and last traded at $15.4750. Approximately 43,799 shares were traded during trading, a decline of 86% from the average session volume of 315,871 shares. The stock had previously closed at $14.55.

Wall Street Analyst Weigh In

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

NGL Energy Partners Stock Up 7.2%

The company has a market capitalization of $1.95 billion, a price-to-earnings ratio of -4.76 and a beta of 0.60. The business has a fifty day simple moving average of $16.32 and a two-hundred day simple moving average of $13.36.

NGL Energy Partners (NYSE:NGL) last issued its 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 company had revenue of $949.51 million during 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%. As a group, equities analysts predict 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 share repurchase plan on Thursday, April 9th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 6.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in NGL. Bank of America Corp DE boosted its stake in shares of NGL Energy Partners by 18.7% in the 3rd quarter. Bank of America Corp DE now owns 11,728,872 shares of the oil and gas company’s stock valued at $70,373,000 after purchasing an additional 1,843,849 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in NGL Energy Partners by 9.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 7,522,370 shares of the oil and gas company’s stock valued at $75,224,000 after purchasing an additional 651,779 shares during the last quarter. ING Groep NV lifted its holdings in NGL Energy Partners by 4.9% during the 4th quarter. ING Groep NV now owns 5,174,803 shares of the oil and gas company’s stock valued at $51,748,000 after purchasing an additional 243,000 shares during the last quarter. JPMorgan Chase & Co. boosted its position in NGL Energy Partners by 0.9% in the fourth quarter. JPMorgan Chase & Co. now owns 3,069,571 shares of the oil and gas company’s stock valued at $30,696,000 after buying an additional 28,659 shares in the last quarter. Finally, Angelo Gordon & CO. L.P. increased its holdings in shares of NGL Energy Partners by 291.7% during the third quarter. Angelo Gordon & CO. L.P. now owns 2,504,447 shares of the oil and gas company’s stock worth $15,027,000 after buying an additional 1,865,003 shares in the last quarter. 40.62% of the stock is owned by institutional investors.

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.